Market Herald logo


Be the first with the news that moves the market
  • Gold explorer Lodestar will kick off its next round of drilling at Ned’s Creek within two weeks
  • The company will drill 1500 metres at the Contessa prospect on behalf of Vango Mining
  • Vango is busy earning a majority interest in Ned Creek by funding $5 million of exploration
  • Lodestar shares remained steady over the trading day, consistently worth 0.9 cents each

Lodestar Minerals has finished all the prep-work necessary for its next bout of drilling at its Ned’s Creek Project in WA.

This means the gold exploration company is set to start its 1500-metre reverse circulation (RC) drilling program at the Contessa prospect within two weeks.

The drilling will be done on behalf of fellow ASX-listed Vango Mining under the terms of a farm-in agreement signed in early May this year.

Vango is in the process of earning a 51 per cent interest in Ned Creek by spending $5 million on exploration work within three years. Lodestar is operating the project in the meantime.

This latest bout of drilling is designed to test the potential for high-grade gold near two holes in the area that recorded strong results.

These results include: four metres at 78.1 grams per tone gold from 140 metres, including three metres at 102.5 grams per tonne gold; and 5.1 metres at 28.1 grams per tonne gold from 143 metres, including 1m at 134 grams per tonne gold.

On top of this, the drilling will also test nearby mineralisation from aircore drilling in the area.

Lodestar said it will update the market when drilling officially kicks off.

Ned’s Creek is Lodestar’s primary focus, with strong discoveries made to date at the Contessa and Gidgee Flat prospects so far.

The company also operates the Camel Hills project also in Western Australia.

Lodestar shares remained steady over the trading day, consistently worth 0.9 cents each in a $6.74 million market cap,

Vango Mining, however, saw shares dip a slight 3.12 per cent to be worth 16 cents each at market close.

LSR by the numbers
More From The Market Herald
Champion Iron (ASX:CIA) - CEO, David Cataford

" Champion Iron (ASX:CIA) achieves record net income in June quarter

Champion Iron (ASX:CIA) has achieved a record net income of C$75.6 million (roughly A$78.9 million) during…
Champion Iron (ASX:CIA) - CEO, David Cataford

" Champion Iron (ASX:CIA) to return to full production at Bloom Lake

As of April 15, mining services have been deemed a "priority service", so Champion can ramp…
Champion Iron (ASX:CIA) - CEO, David Cataford

" Champion Iron (ASX:CIA) winds down mining at Bloom Lake

Mining company Champion Iron (CIA) will decrease operations at its Bloom Lake mine in Canada, per a government directive.

" A recommissioned mine pushes Champion Iron over a significant milestone

Canadian based mining explorer Champion Iron reached its ten-millionth shipped tonne of iron ore today, thanks…