LSR commences 10,000m gold drilling at Ned's Creek

Our Investment Lodestar Minerals (ASX: LSR) has kicked off its 10,000m RC drilling program at its 100% owned Gold Project in WA.

LSR’s project is ~40km from $1.7BN Catalyst Metals' Plutonic Gold Mine (1,542 koz in reserves) AND within trucking distance of the Bluebird Mill near Meekatharra.

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A few months ago LSR announced a gold exploration target for the project of ~250,000-300,000 ounces.

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Now we get to see LSR drill out the project - aiming for a maiden resource estimate on the project later this year.

LSR says drilling is expected to run for approximately two months, with first assay results anticipated from late May.

And that the maiden resource is being targeted for completion this calendar year.

Here is where the drilling is targeting:

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We watch gold and silver prices pretty closely, and for some reason it feels like gold wants to go on another run after what looks like it could be a short term bottom set in March.

With the benefit of hindsight, that March bottom did feel a bit like it was war induced panic selling (of course we wont know, those sellers could have timed their exit to perfection too):

Fingers crossed gold does keep running and it coincides with strong results from LSR’s gold project.

In the meantime, we are closely watching LSR for results from its copper drilling in Chile which we think will be the biggest catalyst for LSR’s share price in the short term.

For context - LSR hit ~410m of visible copper sulphides from its last hole on that project, with assays due for that this quarter.

LSR’s share price went from 1.2c to 1.6c post that hit and combined with a positive update on the rare earths project, got as high as 2.5c around 2 weeks later.

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And now LSR is drilling a second hole into the “main target zone” for that project.

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IF this next hole comes in, then we think it could be game on for LSR making a big copper-gold porphyry discovery in Chile (porphyry elephant country).

Check out our deep dive on the Chile asset here: LSR’s “blind” moonshot copper drilling - 1st hole: visible copper sulphides from 190m to 600m, ending in mineralisation.

What's next for LSR?

🔄 RC drilling at WA Gold Project (10,000m)

LSR’s 10,00m RC drill program started today.

Drilling is expected to run for ~2 months with first results in late-May.

All results will feed into a maiden MRE targeted for CY2026.

Here are the milestones we are tracking for this asset:

• ✅ Drilling commenced
• 🔲 First assay results received (~late May)
• 🔲 All results received and MRE underway

🔄 Copper drilling in Chile (Three Saints and Los Loros)

As mentioned earlier, we are especially interested in seeing what comes from that second hole at Three Saints - going into the main target zone for that project.

That next hole will make or break the project from a discovery perspective.

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🔄 US rare earths project - follow up exploration

This one is the primary reason we first Invested in LSR - for the heavy rare earths in Arizona.

LSR recently sampled grades up to 3.73% TREO with 64% being heavy rare earths - well above previous results.

The follow up exploration program got underway recently to further test the extent of the broader ~5km interpreted trend.

• 🔄 Geophysics/follow up exploration (Field activities began a couple of days ago with LSR’s US rare earth expert exploration team on the ground)
• 🔲 Follow up drill program

You can see our recent coverage on this asset here: LSR: Dysprosium, terbium and lutetium in xenotime... huh? The market liked it.