Lodestar Minerals secures option to acquire high-grade iron oxide-copper-gold project in Chile

Lodestar Minerals Limited, a prominent Australian mining company, has taken a significant step forward by securing an option to acquire a high-grade iron oxide-copper-gold (IOCG) project in Chile. The Darwin project, located in the renowned IOCG belt of northern Chile, promises to be a game-changer for the company, which has already confirmed rock chip assays with extraordinary results, including gold grades up to 247 g/t, copper up to 8%, and iron at levels above 66%.

This project, which sits in one of the world’s largest and most productive IOCG belts, offers immense potential for high-grade mineralisation, with the company looking to leverage its strategic acquisition to unlock substantial value. The Darwin project’s combination of gold, copper, and iron mineralisation at surface levels has generated significant excitement within the mining industry. The project has already revealed promising surface rock chip samples, and it remains vastly underexplored, presenting an exciting opportunity for systematic exploration, including drilling operations scheduled for early 2025.

The Darwin project’s location, approximately 75 km southwest of Copiapó in Region III of northern Chile, is highly prospective. It lies within the prolific IOCG belt, which is home to several world-class copper and gold deposits. According to experts, the high-grade rock chip assays from the Darwin project are consistent with those found in other major IOCG deposits in the region, which increases the likelihood that this project could represent a significant economic discovery.

Why the Darwin project is attracting attention

One of the key reasons why the Darwin project is drawing attention is the very high-grade mineralisation observed in surface rock chip samples. The assays indicate gold values as high as 247 g/t and copper concentrations reaching 8%, far exceeding typical levels seen in many mining operations globally. The iron content also stands out, with assays revealing up to 66% Fe in certain samples, placing it in the top tier of IOCG projects globally.

The project’s potential is amplified by the fact that it is largely unexplored, with numerous historical workings across the area that have never been drilled or sampled. This presents a unique opportunity for Lodestar to conduct new exploration activities, including drilling, which could uncover additional high-grade mineralisation at depth.

Lodestar’s Managing Director, Ed Turner, expressed confidence in the project, stating that the exceptional gold grades and the associated copper and iron mineralisation provide a strong indication that an economic and significant IOCG deposit may be present. “The high-grade mineralisation and underexplored nature of the Darwin project offer us an immediate opportunity to add considerable value in the near term,” Turner said. “With a favourable mining jurisdiction and a comprehensive exploration program already planned, we are excited about the potential of this project.”

What’s next for Lodestar Minerals?

The binding agreement to acquire the option on the Darwin project has placed Lodestar in a strong position to advance its exploration efforts in Chile. With drilling expected to commence in early 2025, the company is planning a systematic exploration program designed to confirm the presence of high-grade mineralisation at depth. Early-stage drilling will focus on areas identified through rock chip sampling and magnetic surveys, with the goal of defining the scope of the mineralised system further.

In terms of financial commitment, the terms of the agreement are favourable, with non-cash contingent consideration based on performance milestones. These milestones include drilling the Darwin prospect and reporting high gold or gold-equivalent results, with additional milestones tied to share issuances based on the achievement of certain exploration and market conditions.

As Lodestar prepares to move forward with this exciting project, it remains focused on funding its ongoing operations, with a capital raising planned to support both its Australian and Chilean assets. This project marks a pivotal moment in Lodestar’s growth strategy, and its potential to deliver significant value is already gaining attention from investors and analysts alike.

Lodestar Minerals has secured a promising opportunity with its option to acquire the Darwin project in Chile, a high-grade iron oxide-copper-gold (IOCG) deposit. With exceptional surface assays, favourable acquisition terms, and a vast underexplored area, the project has the potential to significantly boost Lodestar’s portfolio and establish the company as a key player in the global mining sector. As exploration advances and drilling begins in early 2025, all eyes will be on Lodestar to see if this project can live up to its substantial promise.