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Lodestar Minerals plans extensive drilling at Contessa gold prospect

The company aims to transition the discovery to a resource estimate.
Drill rig
Exploration Incentive Scheme funds will assist in a reverse circulation program

Lodestar Minerals Limited (ASX:LSR) is planning a major drilling program at the Contessa gold prospect in Western Australia.

The extensive reverse circulation program is expected to begin towards the end of the first quarter in 2018.

The aim is to enable Lodestar to transition Contessa from discovery to resource estimate.

Contessa part of Ned’s Creek Gold Project

The Contessa prospect is part of the Ned’s Creek Gold Project, 150 kilometres northeast of Meekatharra.

Lodestar made the decision to expand the drilling after receiving final results from a diamond drilling program.

These included 0.65 metres at 9.7 g/t gold, 0.5 metres at 1.3 g/t, 2 metres at 1.0 g/t and 0.5 metres at 1.3 g/t.

A follow-up reverse circulation hole returned 4 metres at 6.3 g/t from 48 metres and 4 metres at 1.5 g/t from 52 metres.

READ: Lodestar Minerals to raise funds for gold hunt in Western Australia

Lodestar’s planned drill program has been boosted by the awarding of funds under a Western Australian Government program.

The company will receive $90,000 under the Exploration Incentive Scheme.

The drilling will be used to better determine the scale of the emerging discovery.

It will also scope the potential for a resource along a structure that has been effectively tested by only three drill holes.

Aircore drilling at Yowareena project

Lodestar has also carried out aircore drilling at the Boundary Fence and Gidgee Flat prospects of the Yowareena project, which is adjacent to Ned’s Creek.

Results are expected by the end of the year.

Lodestar is earning an 80% interest in this project from Vango Mining (ASX:VAN).

Apart from Ned’s Creek and the Yowareena earn-in, the company also has the Camel Hills project northwest of Meekatharra and the Imbin project east of Ned’s Creek.

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Lodestar Minerals Ltd Timeline

February 01 2016
January 27 2016
December 17 2015

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