Second Diamond Hole Underway as Lodestar Chases Scale at Chile IOCG Target

Why It Matters

If the assays confirm a sizable IOCG system, Lodestar could quickly move from exploration to a market‑ready copper asset, attracting major miners and boosting its valuation in a tight copper market.

Key Takeaways

• Second hole drills 190‑600m depth, testing mineralisation continuity
• First hole intersected chalcopyrite, pyrite, magnetite, molybdenite
• Los Loros IP/MT surveys target porphyry copper‑molybdenum
• Assay results due Q2 2026 will guide further drilling
• Project lies near world‑class Candelaria IOCG district

Pulse Analysis

The rapid follow‑up at Three Saints underscores how junior explorers are capitalising on Chile’s world‑class IOCG belt. The initial hole revealed a continuous string of chalcopyrite, pyrite, magnetite and molybdenite, suggesting a vertically extensive copper‑sulphide system that deepens with depth. By drilling a second, straight‑down core, Lodestar aims to delineate the true thickness and lateral extent of the mineralised envelope, data that are essential for resource modelling and for convincing investors that the project can scale to a multi‑million‑tonne deposit. Such early‑stage depth continuity is rare and often signals a robust, open‑pit potential.

At the same time, Lodestar is building a geophysical picture of its Los Loros porphyry copper‑molybdenum prospect. Induced‑polarisation (IP) lines are mapping subsurface sulphide conductors, while magnetotelluric (MT) surveys extend the depth of investigation to several kilometres. The combined data set, together with upcoming drone‑borne magnetometry, will sharpen target selection for the May drilling window and help differentiate high‑grade porphyry cores from peripheral alteration zones. This integrated approach mirrors best‑practice exploration workflows used by major mining companies in Chile’s prolific copper districts. The survey results are also being cross‑checked with historic drilling data to validate anomaly continuity.

Chile’s copper market remains tight, with prices above US$4 lb and major producers scrambling for new supply. In this environment, a confirmed IOCG discovery at Three Saints could position Lodestar as an acquisition target for larger miners seeking to augment their reserve base. The proximity of the project to the Candelaria‑Punta del Cobre district—home to multi‑billion‑tonne deposits—adds strategic credibility. Successful assays in Q2 2026 and subsequent drilling will therefore be pivotal in translating early mineralisation into a market‑grade resource and unlocking financing. If the resource estimate reaches several hundred million tonnes, Lodestar could justify a joint‑venture with a Tier‑1 partner.