LSR final gold assays in ahead of maiden resource due in October

Our exploration Investment Lodestar Minerals (ASX: LSR) has received the final assays from its gold project in WA.

LSR has been drilling a 12,417m program across the project's three prospects, ahead of a maiden resource estimate.

Back in December, LSR set an exploration target of 250,000 to 300,000 ounces of gold for the project.

LSR also confirmed that the results are tracking within that target range.

(source)

The pick of the new assays came from deeper drilling at the Gidgee Flat prospect with 7m at 4.69g/t gold, including 2m at 15.29g/t gold.

Resampling also confirmed the thick, shallow gold at the Central Park prospect, including a longer hit of 26m at 1.57g/t gold.

(source)

LSR also said mineralisation is open along strike and at depth at all three deposits.

(Which means there could be room to grow the resource with future drilling, as always no guarantees in exploration.)

The maiden JORC resource estimate is due in the second half of October 2026.

In parallel, LSR is running environmental, heritage and metallurgical studies to support a Mining Lease application in early 2027.

Ned's Creek sits ~40km from $1.6BN Catalyst Metals' Plutonic gold mine (1,542koz in reserves) and within trucking distance of Westgold's Blue Bird plant near Meekatharra.

That third-party mill option means LSR could have a lower cost pathway into production, IF it can define a big enough resource and then cut a processing deal.

What else is LSR up to?

Here is a quick overview of everything happening on LSR’s assets:

• Three Saints (Chile copper) - assays from the second drill hole are pending, after hole 1 confirmed a large IOCG mineralising system.
• Los Loros (Chile copper) - maiden drilling across the five porphyry targets was to have started but has been delayed due to poor weather so could be about to start very soon. (source).
• Pacifico (Chile copper) - this is the most recent option acquisition, 8,000m of historical drilling with grades up to 1.03% copper equivalent, drilling planned next year (source) 
• Virgin Mountain (US heavy rare earths) - LSR was on site recently and airborne surveys are planned to define drill targets over the newly expanded project area

What we are watching out for next from LSR

🔄 Chile copper drilling

LSR has two projects in Chile, Los Loros and Three Saints.

The first one LSR drilled was Three Saints - here are the milestones we are tracking for that project:

• ✅ Maiden drill hole completed (600m)
• ✅ Assay results from hole 1
• ✅ Assay results from hole 2 (Final assays received today)
• 🔲 Reprocess the geophysics with the drill data from the first 2 holes for followup drilling (source)

The next one to be drilled will be Los Loros - here are the milestones we are tracking for that project:

• 🔲 Drilling date confirmation, drill rig secured (drilling has been delayed by local weather conditions)
• 🔲 Drilling underway (expected within the next week or 2)
• 🔲 Assay results

🔄 10,000m drilling program on WA gold project

Drilling on this asset started a few weeks ago.

We are hoping to see the 250,000 to 300,000 ounce exploration target converted into a maiden resource estimate post drilling.

Here are the milestones we are tracking on that project:

• ✅ Drilling starts
• 🔄 Assay results
• 🔲 Resource estimate

🔄 Target generation on the US rare earths project

We want to see LSR continue to advance its US asset with mineralogical studies and then plan the next round of exploration.

Here are the milestones we are tracking for the US asset:

• ✅ Mapping and sampling (soil and rock chips)
• ✅ Mineralogical studies
• ✅ Geophysics/ follow up field work
• 🔲 Drill targets confirmed