LSR - drill results from first copper hole in Chile

Our exploration Investment Lodestar Minerals (ASX: LSR) just announced assay results from its first hole on its copper project in Chile.

LSR started drilling a completely “blind” copper target at its project in Chile back in February.

By “blind” we mean, LSR had no previous target generation work done on the project and the project had never been drilled before.

LSR put 2 holes into the project and before today had:

• Hole 1 hit visible chalcopyrite over ~410m from 190m to 600m.
• Hole 2 hit visible sulphides over 121.9m to 510m before stopping at the rig's depth limit.

Today, we got the assay results back from that first hole with several 1-2m intercepts with copper grades between 0.1-0.2%.

(source)

No big discovery hole yet… but LSR does now have a ~1.6km target area defined with enough mineralisation to say LSR could be in the right area (but not quite in the right rocks just yet).

LSR confirmed in today’s announcement that the next step would be to re-process an old geophysical magnetic survey using the newly acquired drilling data to then work out where the main target area on the project really sits.

LSR also confirmed assay results from hole #2 are expected “within the next month”. (source)

The big win for that second hole would be a discovery hole BUT given LSR has already confirmed it couldn't hit the main target area for the project - we are expecting similar results to the ones announced today.

LSR put out a presentation during the week, you can check that out here to see what it is up to following the recent capital raise: Copper | Gold | REE Tier-1 Mining Jurisdictions - PRESENTATION JUNE 2026

What’s next from LSR?

🔄 Chile copper drilling (Three Saints Project)

This is the project that LSR announced assay results from today.

Here are the milestones we are tracking:

• ✅ Maiden drill hole completed (600m)
• ✅ Visible copper mineralisation identified (visible copper from 190m to 600m)
• ✅ Second diamond drill hole underway (TODAY, complete at 611m, assays pending)
• ✅ Second hole visual results
• ✅ Assay results from hole 1
• 🔄 Assay results from hole 2 (Assays expected “within the next month”) (source)

🔄 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 (starting in April)
• 🔲 Drill targets confirmed

🔲 LSR also has a second copper project in Chile (Los Loros)

Beyond Three Saints, LSR also has an option to acquire a second copper project that was previously drilled by the United Nations and supermajor $78BN Anglo American.

(source)

Since 1969 no one has done any modern geophysics on that project - so there could be more to come on this front too.

LSR has permits pending on this project right now with drilling planned for this month across the 5 IP targets (IP1-IP5) defined by the May 2026 geophysics. (source)

This includes IP1 next to the historic Anglo American hole that hit 136m @ 0.20% copper equivalent.

(source)