Lodestar Minerals (ASX:LSR) raises $2.78 million for exploration – The Market Herald

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  • Western Australian gold explorer Lodestar Minerals (LSR) raises $2.78m via oversubscribed placement
  • A total of 347.5 million fully paid common shares were placed primarily with professional and sophisticated investor clients of Canaccord Genuity and Euroz Hartley at 0.8 cents
  • Lodestar will use the money to advance exploration, drilling and development programs at its gold, battery and base metal projects
  • The primary focus will be on the Earaheedy-Imbin project, with a subsequent focus on the Nepean and Coolgardie West projects
  • Lodestar ends the day 11.1% in the green with shares trading at one cent

West Australian gold explorer Lodestar Minerals (LSR) raised $2.78 million via an oversubscribed placement.

A total of 347.5 million fully paid common shares were placed primarily with professional and sophisticated investor clients of Canaccord Genuity and Euroz Hartley at 0.8 cents.

On Feb. 17, Lodestar halted trading activities with respect to the placement, but did not specify how much it intended to raise or what it would use the funds for.

Lodestar will use the money to advance exploration, drilling and development programs at its gold, battery and base metal projects.

Several base metal exploration targets will be accelerated at the Earaheedy-Imbin project with the goal of rapidly drilling priority targets.

Pre-project drilling intersected up to 4.65% copper, 17.5 grams per tonne (g/t) silver and 0.12 g/t gold.

Planned exploration includes extension and infill soil geochemistry across the Frere unconformity, definition of three late conductors, drilling of late priority conductors, and soil geochemistry on all remaining conductors.

Exploration and metallurgical testwork is underway at the Nepean Nickel project with the aim of conducting a scoping study for the resumption of mining.

Finally, Lodestar will re-confirm lithium potential at the Coolgardie West project after 194 parts per million of lithium was identified.

“Today’s grossly oversubscribed placement of $2.78 million fully funds this year’s aggressive exploration and development program,” commented Chairman Ross Taylor.

“Our flagship project Earaheedy will be our primary focus, where we will prioritize over 30 drill targets generated from our electromagnetic program undertaken in 2021.”

“It will fund the continuation of exploration and scoping studies being undertaken at the historic Nepean nickel mine where we hold a 20% interest and our lithium drilling programs at our Coolgardie West project and drilling at our Jubillee Well and Bulong Gold projects. .”

Lodestar ended the day 11.1% in the green with shares trading down one cent in a market cap of $12.51 million.

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