LSR to start 10,000m gold drilling in WA

Our Investment Lodestar Minerals (ASX: LSR) has secured a drill rig for a 10,000m RC drilling program at its 100% owned Ned's Creek Gold Project in WA.

(source)

In December, LSR put out an Exploration Target for its WA gold project of 250,000-300,000 oz gold across those three prospects.

(source)

Now, LSR’s secured a rig to run a 10,000m drill program which will go toward drilling out that target.

LSR confirmed today that drilling is expected to start in “late March”, subject to site access, clearing and weather.

At the same time, LSR will continue with drilling at its copper project in Chile (which we covered in our last note here) AND mineralogical work on its US heavy rare earths exploration project.

Where Ned's Creek fits in the LSR story

We are mainly Invested in LSR for the heavy rare earths project in Arizona, USA.

But we have always seen Ned's Creek as a sort of "free kick" gold asset sitting in the background.

It's 100% owned by LSR and sits in the same neighbourhood in WA as $1.8BN Catalyst Metals' Plutonic Gold Mine.

(source)

IF LSR can define a meaningful gold resource here, it adds another layer to the LSR story beyond just the rare earths exposure.

(no guarantees on this - it's still early stage exploration and there are plenty of things that could go wrong)

What's next for LSR?

🔄 RC drilling at Ned's Creek Gold Project (10,000m)

LSR has executed the drilling contract with Westdrill for ~10,000m of RC at Ned's Creek.

Drilling is expected to commence late March and will target the three main prospects - Gidgee Flat, Contessa and Central Park.

The results from this will feed into a maiden Mineral Resource Estimate targeted for completion in CY2026.

🔲 Drilling commenced

🔲 First assay results received

🔲 All results received and MRE underway

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

LSR confirmed that drilling at Ned's Creek will be running simultaneously with copper focused drilling in Chile.

We are also looking forward to seeing results from this program, which we covered here.

Here is the latest video of LSR technical advisor on site with the drill rig in the background.

🔄 US rare earths project - follow up exploration

The main reason we Invested in LSR is for the heavy rare earths project in Arizona.

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

We are waiting for the mineralogical study results (expected around now) and then a follow up exploration program to test the broader ~5km interpreted trend.

✅ Acquisition completed

✅ Mapping and sampling

🔄 Mineralogical study results (expected March)

🔲 Geophysics

🔲 Follow up drill program