Lodestar Minerals (ASX:LSR) has received statutory approval for planned reverse circulation drilling at its Contessa gold discovery in the Doolgunna region of Western Australia.
Site preparation will now proceed for an initial 5 hole, 1000 metre program to test beneath the extensive supergene gold mineralisation in search of a primary gold source.
Drilling will also provide crucial information on the geological setting of the mineralisation to assist future drill targeting.
Aircore drilling will target bedrock mineralisation within gold anomalies identified by recent auger geochemical sampling along the Contessa Trend and will extend auger geochemical sampling over the prospective Archaean host sequence.
Drilling will commence once drill sites have been prepared, with an estimated start during the week commencing 26th October, subject to contractor availability.
Previous exploration had outlined a 2.1 kilometre long, contiguous gold anomaly surrounding the Contessa Prospect, and defined additional gold prospects.
The company recently raised over $1.2 million to fund this and subsequent exploration, and remains lightly valued at $3.4 million.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.