Lodestone Exploration Limited Exploring Central Queensland mineral fields with modern techniques Lodestone Exploration Limited GPO Box 762 Brisbane QLD 4001 Australia Lodestone earns into Karinya Zinc Project, South Australia
• in resurgent Kanmantoo Trough metals hot spot
Lodestone Exploration Limited (Lodestone) has acquired an option over a majority interest in the Karinya Zinc Project in the resurgent base and precious metals region of Kanmantoo in South Australia.
Karinya is situated 80 km north-east of Adelaide in an area with well-developed infrastructure. There is a railhead nearby and the major lead-zinc smelter refinery at Port Pirie is 200 km away by rail.
The Kanmantoo Trough, Australia’s oldest mining province, is now a base and precious metals hot spot where new and revived mines are currently being planned and exploration activity increased.
Terramin’s Angas zinc-lead-silver-gold deposit is scheduled for production next year, and the reopening of Hillgrove’s historic Kanmantoo copper-gold open cut mine is in pre- feasibility study together with an expanded underground operation.
Exploration by the South Australian Government has established the presence of zinc, lead and silver at Karinya as part of the widespread lead-zinc mineralisation within the Lower Kanmantoo Group in which the Karinya Shale is located.
Previous exploration in the Karinya Shale resulted in zinc-lead gossans assaying up to 17% zinc; follow up drill holes yielded intersections of two metres at 8.1% zinc, 2.37% lead and 33 ppm silver and 12 metres at 1.53% zinc and 0.45% lead.
Sedex Minerals Pty Ltd (“Sedex”) has identified attractive zinc targets in the same prospective belt. Sedex’s Karinya Project contains abundant pyritic black shales, stratigraphic gossans with anomalous geochemistry, complex structures, and other features indicative of a classical shale hosted lead-zinc environment similar to that of the major zinc- lead deposits of Mount Isa, Sullivan (Canada) and Red Dog (Alaska).”
Lodestone will issue two million one year five cent options, and may issue an additional 7.5 million shares, or 5 million shares plus $250,000, and spend $500,000 on the project over two years to earn 70% equity in Sedex Minerals Pty Ltd whose sole asset is the Karinya project.
Regards, Snake13.
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