LSR hits 16m at 3.23g/t gold from WA project - maiden resource due this year

Our exploration Investment Lodestar Minerals (ASX: LSR) hit more gold assays from its Ned's Creek project in WA.

This is the project where LSR has set an exploration target of 250,000 to 300,000 ounces of gold and is drilling toward a maiden resource estimate due before the end of this year.

And today, LSR hit a few solid intercepts right on the margins of its exploration target:

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There was also a deeper 6m @ 7.16g/t gold hit, which included a 1m slice going 35.34g/t.

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The rest of the results were the continuation of what we were expecting to see, shallow, consistent gold that improves confidence in the historic drilling LSR's exploration target was built on.

Now we wait to see the assays from holes outside of the known mineralised zones:

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The drilling here was targeting a shallow, flat-lying oxide gold zone sitting above a mineralised shear and these assays have confirmed it.

The southernmost holes also came back mineralised, meaning the system is still open to the south along strike.

Ned's Creek sits ~40km from $1.5BN capped Catalyst Metals' Plutonic gold mine and plant, so is in a proven gold neighbourhood (and within trucking distance of a second mill near Meekatharra).

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Drilling here is now complete, resource modelling is starting, and there are plenty of assays still at the lab, so more results to come before the maiden resource lands later this year.

What else is LSR up to?

Ned's Creek is one of four projects with things happening now or soon, the others:

Three Saints copper (Chile): assays from hole 2 due this month, after hole 1 confirmed a >1.6km wide IOCG system - we covered those results here.

Los Loros copper (Chile): maiden drilling planned across five new porphyry targets (source).

Drilling should be getting underway here soon, we saw this post last week:

“Drilling at our Los Loros Project in Chile is imminent!”:

Virgin Mountain heavy rare earths (USA): airborne geophysics planned to firm up maiden drill targets along the 5km trend (source).

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 $70BN Anglo American.

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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.

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