Lodestar Minerals (ASX:LSR) has started a maiden drilling program at its Darwin copper-gold project in Chile, focusing on three targets, including those associated with stand-out iron oxide copper-gold (IOCG) mineralisation.
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The company’s planned drilling program comprises up to 15 holes for 2,000 metres, with first assays expected in April.
Located 75 kilometres from Copiapó in northern Chile, Darwin is promising due to the high-grade gold, copper and iron samples that have been found in historical workings across a structural corridor more than one kilometre in length.
In terms of gold grades from the project, these include 247 grams per tonne (g/t), 229g/t, 185 g/t Au and 166 g/t Au. Copper has been measured at grades of 8.09% Cu, 7.78% Cu, 4.75% Cu, 3.43% Cu and 3.34% Cu; iron ore has been discovered outcropping at grades of more than 66%.
Managing director Ed Turner said embarking on the Chile-based program was an important step for Lodestar. “We are very happy to have the drill rigs turning for this important maiden drilling programme in Chile.”
“Our team remains very encouraged by the numerous historic workings with associated high-grade gold and copper values within the project that have never been tested by the drill bit.
“We have high expectations for this programme and future exploration over the whole project.”
LSR last traded at 1.4cps today – a 7.7% rise since market open.
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