Darwin Project Drilling Complete—Assay Results Could Define Next Growth Phase

Maiden Drilling Program Completed

Lodestar Minerals Limited (ASX: LSR) has successfully completed its maiden reverse circulation (RC) drilling program at the Darwin IOCG (Iron Oxide Copper Gold) project in northern Chile. The campaign comprised 16 holes totaling 2,026 meters, marking a significant milestone for the company’s exploration efforts in one of the world’s most prolific copper-gold belts.

The program was initially designed to test three primary targets identified through geophysical surveys and historical data. However, during drilling, the team discovered additional quartz-calcite veins exhibiting visible copper and iron oxide mineralisation. This prompted an expansion of the program to include two extra holes aimed at these newly identified veins, which appear to link the southern and central targets, extending the known mineralised corridor to over one kilometer in strike length.

Encouraging Geological Context

The Darwin project lies within a 3,100-hectare tenure approximately 75 kilometers from Copiapó, Chile, situated in a world-class IOCG belt that hosts major deposits such as Candelaria, Carola, and Atacama Kozan. Historical surface sampling at Darwin has revealed exceptionally high-grade gold assays reaching up to 247 grams per tonne and copper grades exceeding 8%, alongside iron ore outcrops with over 66% Fe content.

These grades underscore the potential for significant mineralisation at depth and continuity along the structural corridor. The presence of calcite-quartz veins, which have historically been associated with mineralisation in the region, further supports the prospectivity of the project.

Assays and Next Steps

All drill samples have been dispatched to the ALS laboratory in Chile, with selected intervals submitted for expedited assay turnaround. These intervals were chosen based on geological logging that identified quartz and calcite veins with the highest likelihood of mineralisation. Managing Director Ed Turner expressed optimism about the forthcoming results, which are expected within weeks and will provide critical insights into the project's economic potential.

Following assay receipt, Lodestar plans to undertake detailed geological interpretation and consider resource estimation updates if warranted. The company’s broader portfolio includes projects in Western Australia and exposure to lithium through its stake in Future Battery Minerals, indicating a diversified approach to mineral exploration.

Strategic Positioning in a Competitive Region

Darwin’s location within a globally significant IOCG belt places Lodestar in a competitive yet opportunity-rich environment. The proximity to large-scale deposits and the discovery of high-grade mineralisation at surface provide a compelling case for continued investment and exploration. Market participants will be watching closely as assay results emerge, potentially reshaping the valuation and strategic outlook for the company.