Lodestar Minerals Limited (ASX:LSR) Completes Due Diligence at Darwin Project
Project Overview
Lodestar Minerals Limited (ASX:LSR) has successfully completed due diligence on its high-grade Iron Oxide-Copper-Gold (IOCG) project known as the Darwin project in Chile. The company issued 25 million fully paid ordinary shares to Aeramentum Resources under the terms of the Option Agreement for the prospective 3,100-hectare project.
Exceptional Sampling Results
The Darwin project boasts impressive rock chip sampling results, revealing significant mineralisation. Gold grades include outstanding values of 247 g/t, 229 g/t, and copper grades reaching up to 8.09%. The project also demonstrates extensive iron ore mineralisation surpassing 66% Fe in outcrops.
Drilling Plans
With the recent due diligence completion, the Darwin project is now drill ready. Lodestar Minerals plans to initiate a systematic exploration program, with drilling scheduled for early 2025. This move aims to potentially enhance the project’s value in the near term.
Industry Context
The Darwin project is strategically located within one of the world’s largest IOCG belts. This region is known for major copper and gold deposits, which include the significant Candelaria deposit and other notable deposits like Carola and Atacama Kozan.
Company Commitment
Lodestar Minerals continues to focus on advancing its exploration projects, which also include properties in Western Australia. The company remains committed to identifying high-value opportunities in the global mining sector, as indicated by Ed Turner, Managing Director of Lodestar Minerals.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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