Lodestar Minerals Limited (LSMLF) Visible Copper Sulphides in Maiden Drill Hole at Three Saints, Chile
Lodestar Minerals Limited (ASX:LSR) (OTCMKTS:LSMLF) announced that visible copper mineralisation has been observed in maiden diamond drill hole L3SRD003 at the Three Saints Copper Project in the Coastal Cordillera of Chile. This maiden drill hole was designed to test an undercover geophysical anomaly and has intersected chalcopyrite (Cu sulphide) and magnetite (Fe) over multiple intervals. No laboratory assay results have been received for L3SRD003 at this time. The drilling program remains ongoing with a second diamond hole planned. First assays from L3SRD003 are scheduled for Q2 2026.
HIGHLIGHTS
- Visible chalcopyrite, magnetite, pyrite and molybdenite observed in maiden diamond drill hole? Chalcopyrite visually identified in L3SRD003 within multiple intervals from 190m until end of hole (600m) - mineralisation remains open at depth
- Visible increase in the concentration of mineralisation with depth
- Drill core currently being transported to La Serena for detailed logging, cutting and assay results expected Q2 2026
- A second and step out diamond drill hole targeting the extensions to the mineralised system has been planned and will commence shortly
- Project is located in the Coastal Cordillera of Chile, an area of well-established infrastructure, at an altitude of 250m, 35km from the coast and 20km from the main highway, Ruta 5 (Pan American Highway)
Commenting on the intersected mineralisation, Lodestar Executive Director and Head of Exploration Coraline Blaud said: "The observation of chalcopyrite and magnetite in our maiden drill hole at Three Saints is a very encouraging indication that this first hole has intersected a potential economic system. The alteration and sulphide assemblages identified are consistent with IOCG-style (Iron Oxide Copper Gold) mineralisation recognised elsewhere in this highly prospective belt (Candelaria Mine, Lundin Mining's Largest Operation, ~65km away). This initial program was designed as a two-hole RC campaign to a depth of approximately 350 metres per hole. During drilling, ground conditions and geological observations led us to transition to diamond drilling, which provided improved geological logging, clear identification of sulphide mineralisation and testing of the target at greater depth to 600m.
Observing visible chalcopyrite in the first drill hole provides confidence in the geological model and supports the decision to continue drilling the target with a second diamond hole. It is important to note that these observations are qualitative in nature and laboratory assays will be required to determine the copper grade and significance of the mineralisation. The drill core will be assayed for multielement analysis as well as for gold and silver.
The Three Saints Project is located within the same regional metallogenic belt that hosts the Candelaria Mine - IOCG deposit. While the alteration and mineralisation styles observed in the core show similarities to IOCG systems in the region, the Company cautions that this comparison is conceptual only and there is no assurance that mineralisation encountered at Three Saints will be comparable in scale, grade or economic characteristics to other deposits in the district."
Visual mineralisation
Geological logging of diamond core has identified chalcopyrite (copper sulphide), molybdenite (molybdenum sulphide) and magnetite (Iron oxide) within multiple intervals between 190m and 600m end of hole (EOH) associated with alteration assemblages including chlorite-actinolite, biotite-magnetite quartz veining and K-feldspar and albite (Appendix 1*). The mineralisation is present in recuring intervals through the hole as:
- Fine grained disseminated chalcopyrite
- Chalcopyrite, pyrite and molybdenite within quartz veins and breccias
- Chalcopyrite and pyrite associated with magnetite in veinlets, disseminated and as hydrothermal breccias
There is a visible increase in the concentration of mineralisation with depth. Mineralisation scales with veinlets rich in chalcopyrite and pyrite from 190m (Figure 1 and 2*) to a large increase in the proportion of magnetite from 594m linked to an increase in the hydrothermal fluid's activity.
The core has been photographed and is being systematically logged for lithology, alteration and mineralisation. The core is being transported to La Serena for detailed logging, cutting and assay.
Drilling was completed using RC (no recovery) and PQ diamond drilling as pre-collar to drill through the overburden. HQ diamond core was used from top of bedrock until end of hole. Core recovery, sampling methodology, QA/QC procedures and additional technical information are detailed in Appendix 2*.
Geological summary
The Three Saints project is a blind prospect, the target is undercover fully obscured by sand and gravel of the Atacama region. L3SRD003 is the first historically recorded drill hole completed in the area. This hole targeted an annular-shape magnetic "negative" anomaly or demagnetisation zone. This type of magnetic response has been associated to both porphyry copper and IOCG style mineralisation, the feature is attributed to the destruction of the original magmatic magnetite (homogeneously distributed in granitoid bodies) due intense hydrothermal alteration. The magnetite is still present as a mineral, but its magnetic properties have been altered. The exploration team integrated the geophysical results with the main structural trends of the district to design the maiden drill campaign at Three Saints.
L3SRD003 drilled 183.50m (down hole depth) of overburden before reaching bedrock, a tonalite coarsegrained intrusive (Figure 2, 4 & 5*) which is the main geological unit present until the end of the hole at 600 m depth. The tonalite is sporadically intruded by andesitic dikes (Figure 2C) with variable textures, from aphanitic to porphyritic. In general, the andesite dikes are less prone to hydrothermal alteration but can still exhibit mineralisation (Figure 2C*). So far, all mentioned units are considered host-rock for the hydrothermal alteration and mineralisation identified down the hole.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/7W43ALPY
Coraline Blaud Executive Director - Head of Exploration info@lodestarminerals.com.au +61 8 9435 320
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