Lodestar Minerals (ASX:LSR) has raised $275,000 through a placement of 21,153,846 shares at $0.013 each to professional and sophisticated investors.
The company is also conducting a 1:3 entitlements issue on the same terms to raise up to $1,050,000.
Both include the 1 free attaching option exercisable at $0.03 with an 18 month expiry for every 3 shares subscribed.
Funds raised will be used to progress the company’s base metal and gold projects in the Doolgunna region, Western Australia, including the Imbin and Camel Hills terranes identified by Lodestar’s recent review of the northern Yilgarn margin.
The exploration focus will be drilling the advanced targets at Ned’s Creek, including the Contessa Gold targets, and commencement of fieldwork at the Imbin and Camel Hills projects.
Drilling within the eastern margin of the Thaduna Copper Province will target strike extensions to the large copper oxide blanket identified at the Enigma Prospect on Sipa Resource’s adjacent tenement.
The initial program will include field assessment of the geological setting to be followed by drilling programs.
The company has a unique regional perspective and geological interpretation, focused on identifying large base and precious metal systems on tectonic basin margins within the Peak Hill and Doolgunna region of Western Australia.
The wider Bryah Basin is underexplored, particularly in the context of modern exploration methods, with discoveries including Sandfire Resources' DeGrussa deposit, and Sipa Resources' (ASX:SRI) Enigma deposit.
Lodestar had recently entered discussions with a number of parties with the aim of accelerating copper exploration on Ned’s Creek.
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