Lodestar Minerals (ASX:LSR) has recommenced drilling at the Ned’s Creek Project in Western Australia.
Ned’s Creek is located on the northern margin of the Yilgarn Craton, along the southern margin of the Marymia Inlier, within the Capricorn Orogen, a significant metallogenic province hosting VMS copper-gold deposits including the Plutonic Mine, DeGrussa (13.4 million tonnes at 4.7% copper and 1.9 g/t gold), Horseshoe Lights (73,000 tonnes of copper), Paroo (15 million tonnes at 5.6% lead), Fortnum/Labouchere (1.0 million ounces of gold) and Peak Hill (1.0 million ounces of gold).
It includes a kilometre-scale gold system along the Contessa granite which reflects a major magmatic-hydrothermal system and a distinct intrusion-related style of gold-molybdenum mineralisation.
All gold mineralisation identified to date is located along the Contessa granite with exploration focusing on four main targets: Contessa, Central Park, Gidgee Flat and Brumby. High-grade gold mineralisation has been intersected at depth at Gidgee Flat (14 metres at 2.93 g/t gold from 77 metres and 11 metres at 5.83 g/t gold from 195 metres) and at Contessa (11 metres at 29 g/t gold from 140 metres, including 1.0 metre at 151 g/t gold from 140 metres).
“Ned’s Creek has had limited exploration activity over recent years however previous drilling completed by Lodestar has intersected high grade Au intervals including 11m @ 29 g/t within the ‘Contessa corridor’,” Managing Director, Ed Turner, said.
“These two magnetic bullseye targets have not yet been effectively drill tested although they lie within the corridor and we look forward to seeing the results from this programme.”
A recent review of the geological, structural and mineralization information identified new geophysical and structural target areas for follow-up.
The company believes the Ned’s Creek Project is highly prospective for an intrusion-related style of gold mineralization with the possibility to host significant multiple gold lodes as the Contessa, Central Park, Gidgee Flat and Brumby gold prospects lie along the Contessa granite on the southern margin of the Marymia Inlier adjacent to reactivated crustal-scale faults that are a key feature of world-class gold camps.
The geological environment is comparable with that at the Wallaby gold deposit located 500km southeast in the Yilgarn Craton of Western Australia with a reserve of 2.0 million ounces of gold and total resources of 7.1 million ounces of gold.
This initial limited RC drill programme comprising two holes for 500m will target the two magnetic targets.
