Lodestar Minerals Limited

Published : July 14th, 2016

June 2016 Quarterly Activities Report

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Australia | Gold Discovery | K Street | Mines | Target |

June 2016 Quarterly Activities Report

Microsoft Word - LSR June 16 quarterly report FINAL

ASX ANNOUNCEMENT

COMPANY SNAPSHOT

LODESTAR MINERALS LIMITED ABN: 32 127 026 528

CONTACT DETAILS

Bill Clayton, Managing Director

+61 8 9423 3200

Registered and Principal OfficeLevel 2, 55 Carrington Street Nedlands, WA 6009

PO Box 985

Nedlands, WA, 6909 [email protected]com.au www.lodestarminerals.com.au

CAPITAL STRUCTURE

Shares on Issue:

386,224,233 (LSR)

Options on Issue:

43,550,127 (unlisted)

ASX Code: LSR

PROJECTS

Peak Hill - Doolgunna: Camel Hills - gold Ned's Creek - gold Marymia - gold

Imbin - gold and base metals

14 July 2016 Electronic lodgement

JUNE 2016 QUARTERLY ACTIVITIES REPORT

HIGHLIGHTS

NED'S CREEK - CONTESSA

  • Gradient array IP and aeromagnetic surveys completed in May.

  • Strong IP anomaly identified over a distance of 150m and in close proximity to supergene gold mineralisation.

  • Four hole RC drill program completed in early July successfully tested the target zone to depths of up to 249 metres.

  • Alteration and sulphide mineralisation intersected in all four holes confirms IP anomaly and first assay results expected by the end of week commencing 18th July.

    NED'S CREEK - BRUMBY

  • Detailed geological mapping and review completed in conjunction with independent geological consultant.

  • Review identified multiple intrusive phases at Brumby and will develop understanding of controls on gold mineralisation.

  • One RC hole completed following the completion of drill program at Contessa.

    NED'S CREEK - WEST PINNYRINY

  • Detailed aeromagnetic survey completed in May.

  • Detailed soil sampling program underway to assess gold and base metal potential and assist future drill targeting.

    CAMEL HILLS - BIG SKY

  • Final results from 22 hole RC drill program returned with best intersection of 4 metres at 3g/t gold from 52 metres in LCC017.

  • Results of follow‐up screen fire assaying of selected RC drill samples are awaited.

  • Geochemical sampling along the structural contact extending 6km southwest of Big Sky is planned.

NED'S CREEK (LSR 100%)

CONTESSA (E52/2456)

Detailed aeromagnetic and gradient array IP surveys1 were completed at the Contessa gold target in May with the aim of identifying bedrock gold mineralisation beneath the extensive supergene gold mineralisation intersected by Lodestar's previous drilling.

The IP survey was carried out to detect concentrations of sulphides associated with gold mineralisation in the bedrock, as chargeability anomalies. The survey covered the granite margin and diorite body in detail over a distance of 3km, including the sheared margins that are potential targets for lode style gold mineralisation. The aeromagnetic survey was carried out over the same area to improve the interpretation of the main structural features and geological units to further refine the drill targets generated by the IP survey.

A clear drill target was identified by this work (see Figure 1). The anomaly extends for a distance of 150m and lies at a depth of 150m to 200m. It is situated below and to the south‐east of Lodestar's previous drilling which identified a large area of supergene gold mineralisation. The interpreted target had the potential to be an area of bedrock gold mineralisation adjacent to a significant supergene dispersion anomaly. The proximity of the supergene gold and bedrock IP anomalies, together with the observed association of pyrite alteration and gold mineralisation in first phase RC drilling, warranted immediate follow‐up drill testing.

Figure 1: Gradient Array IP image overlying detailed 1VD magnetic image. Strong chargeability zone outlined in black, pole-dipole traverses shown as red lines and drill collars greater than 25m depth shown in white.

1 Refer Lodestar ASX releases dated 9 May 2016 and 2 June 2016.

In June, Ausdrill Northwest was contracted to complete a four‐hole RC drill program at Contessa to test this anomaly. The program was successfully completed in early July ahead of a large rain event.

Drilling was successful in intersecting the zone identified by the IP and aeromagnetic survey results2. Encouragingly, the material logged from drilling was consistent with Lodestar's expectations and displayed similar visual characteristics to the material logged in Lodestar's last RC drill program in 2014. Alteration and sulphide mineralisation within diorite host rocks was logged in all four holes and assays to determine gold content are currently awaited.

Due to the rain event following the completion of drilling, at this time it has only been possible to transport approximately half of the assays to Perth for assaying. It is expected the results of the initial assays will be available by the end of the week commencing 18th July. The timing of the remaining assays remains subject to weather conditions, however Lodestar is hopeful of returning these results by early August.

Contessa was a greenfield gold discovery made by Lodestar in 2013. An initial surface sampling program identified a 6km gold and Bi‐Mo anomaly overlying granite‐greenstone. Subsequent aircore drilling over a 700m strike (within the 6km anomaly) intersected widespread alteration and supergene gold mineralisation, confirming the presence of a large gold system.

A five‐hole program of wide‐spaced RC drilling was then conducted in late 2014 and was successful in intersecting significant supergene and primary gold intercepts over a strike length of 400m. Significant intersections from this program included 5m at 9.33 g/t gold from 64m and 1m at 6.13 g/t gold from 195m3.

These early results suggested good potential for more strongly developed bedrock mineralisation in the Contessa area. Lodestar then applied IP and aeromagnetic surveys to further refine this area and more effectively and economically target bedrock gold mineralisation.

BRUMBY (E52/2456)

Following completion of the four holes at Contessa, the Ausdrill Northwest RC rig was mobilised to Brumby to complete a single drill hole. The decision was opportunistic and meant the additional hole had a significantly lower overall marginal cost compared to mobilising the rig at a later date.

During the quarter Lodestar and its independent geological consultant Walter Witt completed a detailed on‐the‐ground geological review.

Initial field inspection indicated that the granite in the Brumby prospect area bears compositional similarities with "mafic" granites associated with significant gold mineralisation in the Eastern Goldfields Province of Western Australia. Detailed geological mapping of the Contessa/Brumby granite followed and a review of detailed surface lag geochemistry completed by Lodestar in 2013 is underway to determine relationships between granite composition, structure and geochemical zonation and identify targets for future drilling.

2 Refer Lodestar ASX release dated 5 July 2016.

3 Refer Lodestar ASX release dated 29 December 2014 for full results.

A detailed update of the outcomes of this review will be provided on completion.

The recently completed RC drill hole targeted an area where an intersection of 3m at 8.2g/t gold from 13m in LNR5984 was achieved in previous shallow RAB drilling. The objective of the RC holes is to test the depth extent of mineralisation and alteration and the possibility that structurally controlled, flat‐lying mineralised vein systems occurring within the granite body would not be intersected by shallow drilling.

WEST PINNYRINY (E52/2493)

During the quarter Lodestar's independent geological consultant Walter Witt conducted an on‐the‐ ground visit to the West Pinnyriny gold target. The geological interpretation of this area is on‐going and will complement the detailed aeromagnetic survey completed in April to provide critical information on structural and stratigraphic relationships in the area where regional lag sampling has defined a large Cu‐As‐Sb geochemical anomaly. Historic RAB drilling has reported anomalous gold from the same area5 and Lodestar's surface sampling subsequently confirmed anomalous gold in rock chip samples collected from the vicinity of historic anomalous drill holes6.

A detailed surface sampling program is planned to in‐fill the area covered by the aeromagnetic survey to define discrete geochemical anomalies for drill testing. The sampling program commenced in July and although delayed by recent widespread heavy rainfall in the region, is expected to be completed next quarter.

CAMEL HILLS (LSR 100%)

BIG SKY (E09/2099)

The assay results from the final 14 holes from a 22 hole RC drill program completed at Big Sky were returned early in the June quarter. The program was designed to test an auger‐generated gold anomaly on close spacing. The best result from the final 14 holes was 4m at 3.0 g/t gold from 52 metres in LCC0177 The results for follow‐up screen fire assay analysis of selected RC drill samples are awaited.

Exploration completed at the Big Sky prospect has demonstrated an extensive low‐level (and locally high grade) gold anomaly associated with an east northeast trending structural contact within the strongly deformed Camel Hill Metamorphics. This contact can be traced for 6km southwest of Big Sky in the aeromagnetic data and historic drainage sampling has identified several areas anomalous in gold. The results at Big Sky have confirmed that this structure is a significant regional gold target with relatively little systematic sampling along its length. Lodestar plans to complete first‐pass surface sampling in areas reporting historic gold anomalies next quarter.

4 Refer Lodestar ASX release dated 30 April 2013.

5 Resolute Resources Limited's Report on the Marymia Gold project, E52/322. Open file report no. A32637, Department of

Mines and Petroleum, Western Australia.

6 Refer Lodestar's ASX release dated 28 April 2016.

7 Refer Lodestar's ASX releases dated 31 March 2016 and 20 April 2016

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Lodestar Minerals Limited

CODE : LSR.AX
ISIN : AU000000LSR6
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Lodestar Minerals is a exploration company based in Australia.

Lodestar Minerals holds various exploration projects in Australia.

Its main exploration property is PENFOLDS NICKEL in Australia.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate news of Lodestar Minerals Limited
7/14/2016Amended Appendix 3Y Ross Taylor - 6 July 2016
7/14/2016June 2016 Quarterly Activities Report
5/10/2016Contessa IP Survey Commences
3/31/2016Big Sky Initial RC Drilling Results
3/29/2016Options Conversions
3/29/2016RC Drilling Underway at Big Sky
2/2/2016Auger Sampling Extends Big Sky Gold Target
2/2/2016Marymia Drilling Results
12/22/2015Appendix 3B Options Conversion - 21 Dec 2015
12/22/2015Notice Under Section 708A - 22 Dec 2015
11/25/2015Lodestar AGM Presentation 2015
11/17/2015Partial Underwriting of March 2016 Options
11/5/2015Sept 2015 Quarterly Activities & Cash Flow Report
10/22/2015Dispatch of 2015 Annual Report and Notice of AGM
10/7/2015Marymia Exploration Update
9/30/2015Appendix 3B Options Conversion - 30 Sep 15
9/29/2015Completion of RC Drilling at Big Sky
9/22/2015Drilling to Commence at Big Sky Gold Target
9/22/2015New Priority Gold Target at Marymia
9/16/20152015 Annual Financial Report
9/16/2015Notice under Section 708A(5)(e) of the Corporations Act
9/16/2015Placement to Fund RC Drilling at Big Sky
9/16/2015Appendix 3B Placement - 11 September 2015
9/3/2015Trenching Results Define New Gold Target at Big Sky
9/1/2015First Pass Drill Results from Big Sky Gold Prospect
8/13/2015First-Pass RAB Drilling Completed at Big Sky
8/3/2015Drilling Commences at Big Sky Gold Target - Camel Hills Proj...
8/3/2015June 2015 Quarterly Activities and Cash Flow Report
6/16/2015Appendix 3Y Ross Taylor - 2 June 2015
6/16/2015Australian Mines Increases Marymia Ground Holding
2/26/2015Interim Financial Report to 31 December 2014
1/30/2015December 2014 Quarterly Activities and Cash Flow Report
1/29/2015Appendix 3B Options Conversion - 28 Jan-15
11/25/2014Appendix 3Y David McArthur - 25 November 2014
11/25/2014Results of Annual General Meeting
10/20/2014Entitlements Issue
4/28/2008Detailed EM survey to continue over Abattoir prospect
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AUSTRALIA (LSR.AX)OTHER OTC (LSMLF)
0.001+0.00%0.0000.00%
AUSTRALIA
AU$ 0.001
09/18 16:42 -
0%
Prev close Open
0.001 0.001
Low High
0.001 0.001
Year l/h YTD var.
- -  0.002 -
52 week l/h 52 week var.
- -  0.010 -83.33%
Volume 1 month var.
1,820,147 -%
24hGold TrendPower© : -31
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2024∞%0.000.00
2023-100.00%0.010.00
2022-55.56%0.020.00
2021-30.77%0.020.01
202062.50%0.020.00
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.07+0.28%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.