Lodestar Minerals (ASX:LSR) has entered a binding heads of agreement to acquire a 75% interest in Consultoría y Servicios Mineros’ Nicanor Project in Chile. The Nicanor Project, situated along the Atacama Fault System, has shown promising results, including rock chip samples grading up to 7.5% copper, 7.2 grams per tonne gold, 68% iron, and 791 parts per million cobalt. Lodestar Minerals is an active base metals and gold explorer with assets in Western Australia and Chile. The company’s Chilean portfolio already includes the Darwin and Three Saints projects.
Under the staged agreement, Lodestar can earn an initial 25% stake by investing a minimum of US$200,000 (A$305,254) in exploration over the next 12 months. To increase its interest to 51%, Lodestar will need to spend a further US$400,000 on drilling and resource estimation within 18 months. The company can then earn the full 75% interest by delivering a Scoping Study or spending an additional US$750,000 within two years of completing stage two.
Upon earning the 75% interest, Lodestar will have operatorship on the design and execution of the exploration plan. The current project owner retains the right to sell their remaining stake to Lodestar at an agreed price or valuation determined by an independent consultant. Should Lodestar not wholly own Nicanor, a joint venture will be formed on a 75:25 basis.
Lodestar’s Head of Exploration, Coraline Blaud, noted the project’s potential for multiple mineralisation types and its strategic location. “This project adds to our presence in Chile in the Coastal Iron-Oxide Copper-Gold Belt, a tier one jurisdiction,” Blaud said. “The closeness between our existing projects and Nicanor will allow us to include this new project in our ongoing exploration programs in the region.”
