Lodestar Minerals Completes Due Diligence at Chile’s Darwin Project

2 min read | January 06, 2025 02:10 PM AEDT | By Team Kalkine Media

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Lodestar Minerals Completes Due Diligence at Chile’s Darwin Project — Image source: shutterstock

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Highlights

Lodestar Minerals completes due diligence at Darwin project in Chile.

Rock chip assays reveal significant gold, copper, and iron grades.

Systematic exploration program planned for early this year.

Lodestar Minerals (ASX:LSR) has finalized legal and technical due diligence for the Darwin Iron Oxide Copper-Gold (IOCG) Project, situated in northern Chile's Iron Belt. The project spans approximately 3,100 hectares and is positioned in a mineral-rich area that also hosts the renowned Candelaria deposit. To acquire the drill-ready property, Lodestar has issued 25 million shares to Aeramentum Resources, an unlisted Australian company.

The Iron Belt, where Darwin is located, has gained recognition for hosting significant mineral deposits. Notably, the nearby Candelaria deposit, jointly owned by Lundin Mining (TSX:LUN) and Sumitomo (TYO:8053), holds a resource estimate of 1.2 billion tonnes grading 0.6% copper, 0.13 grams per tonne gold, and 2 grams per tonne silver.

Lodestar has already conducted surface rock chip sampling and drone-based aeromagnetic surveys, which have identified multiple high-potential targets at the project site. The company plans to initiate a systematic exploration program, including drilling, early this year. Initial rock chip assay results from the site have returned impressive grades, with samples showing up to 247 grams per tonne of gold, 8.09% copper, and 66% iron in outcrops.

A second site visit by Lodestar’s technical team in December further expanded the project’s potential. The team identified additional areas of interest, including multiple historical workings along a mineralized trend exceeding one kilometer. Magnetic anomalies in the eastern region of the project were also identified, with surface elements suggesting the presence of IOCG mineralization and potential gold targets.

The scale of historical workings, coupled with high-grade sampling results, underscores the potential of the Darwin project. Lodestar has noted that several of these areas may present opportunities for small-scale mining, pending further detailed exploration. The company aims to assess these prospects alongside its broader exploration activities.

Lodestar’s exploration program will focus on unlocking the full potential of this promising site, which may serve as a strategic addition to Chile’s mining-rich Iron Belt. With a comprehensive plan in place and promising assay results, the Darwin project remains a focal point for Lodestar's resource development efforts in the region.

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