Lodestar Minerals : Contessa - Large Target Identified on Granite Contact

ASX ANNOUNCEMENT

14 March 2022

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CONTESSA - LARGE TARGET IDENTIFIED ON GRANITE CONTACT

HIGHLIGHTS

Contact Drilling

• Significant intersections from wide-spaced RC drilling;

1. 20m at 0.69g/t Au from 120m in LNRC097, including
2. • 8m at 1g/t Au from 132m

• 1. 24m at 0.51g/t Au from 116m in LNRC099 o 4m at 2.35g/t Au from 120m in LNRC095
• LNRC097 and LNRC099 are separated by 1200m of strike.
• Results indicative of very extensive contact-related alteration zone with potential for significant mineralisation
• Delays in laboratory processing and notification of lost samples
• Program to be extended, targeting 1200m of granite contact between Central Park and Contessa.

Supergene Drilling

• RC drilling confirms sub-horizontal oxide gold mineralisation: o 12m at 1.46g/t Au from 50m in LNRC083
  o 8m at 1.84g/t Au from 36m in LNRC089 o 7m at 2.99g/t Au from 58m in LNRC092 o 4m at 1.5g/t Au from 36m in LNRC086

Lodestar Mineral Limited ("Lodestar" or "the Company") (ASX:LSR) provides the following update on the RC drilling program completed at Contessa, located on the Ned's Creek JV with Vango Mining Limited (see Figure 1).

CONTACT DRILLING

Exploration drilling targeted the untested granite contact at Contessa and Central Park with 14 holes over a strike of 600m at Contessa, a further 12 vertical holes were completed to verify historic aircore drilling within the Contessa supergene gold mineralisation (see Lodestar's ASX announcement dated 22nd November 2021). Assay results have been received for all holes testing the supergene mineralisation, however the Company was recently and belatedly advised by the laboratory of a batch of samples submitted from the contact-related drilling program that have been reported missing. The affected holes include LNRC073 to LNRC078, located along the north-eastern end of the target zone. The backlog affecting laboratories is evidenced by Lodestar's drill samples submitted in November not being acknowledged for initial processing until February, with a delay in relaying information regarding the missing samples until late last week.

Results have been received for contact exploration holes LNRC079 to LNRC082 and LNRC095 to LNRC101 (see Figures 2, 3 and 4, significant intersections are listed in Table 1). The key result from this program is the confirmation of the granite contact as a priority target. LNRC097 and LNRC099 "bookend" a 1200m contact with no effective drilling between LNRC097 and the Central Park

Lodestar Minerals Limited	PO Box 584	www.lodestarminerals.com.au
1st Floor, 31 Cliff Street	Fremantle, WA 6959
Fremantle, WA 6160	ABN: 32 127 026 528

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prospect. LNRC097 and LNRC099 were both drilled off-contact and the main structure of interest has probably not been tested. All the contact drill holes reported anomalous gold (>0.1g/t Au) and a characteristic multi-element signature within a very large hydrothermal alteration halo developed on the granite contact (maximum values of 12g/t Ag, 111ppm Bi, 0.22% Mo, 0.38% Pb and 0.11% W).

Figure 1 Location plan showing Contessa granite and prospect locations.

Figure 2 Drill collar plan.

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Figure 3 Cross-section interpretation LNRC099, Central Park. Drilling is off-contact, steep north-west dip to mineralisation assumed.

Figure 4 Cross-section interpretation LNRC097. Drill hole is off-contact.

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SUPERGENE ZONE

The supergene drilling program was planned to confirm and better define the limits to the mineralisation (see Figure 2 and Figure 5, significant intersections are listed in Table 1). The results of the drilling program will be evaluated for use in a resource model.

Figure 5 Cross-section interpretation LNRC088 & LNRC089.

Figure 6 Cross-section interpretation LNRC083, LNRC084 & LNRC086.

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NEXT STEPS

• As a priority extend RC drilling along the contact between LNRC097 and Central Park. Lodestar will trial the use of deep ground penetrating radar (DGPR) and/or passive seismic to identify the position of the contact where there is no surface expression.
• Contact drill holes LNRC073 to LNRC078 to be re-sampled as soon as possible. Samples will be expedited for processing once at the laboratory.

Table 1 Significant Intersections >0.5g/t Au (low cut 0.35g/t Au and up to 4m internal dilution). Italicised text - supergene drilling; * = off-contact drill hole (granite contact not intersected on section).

HoleID	Easting	Northing	RL	Total Depth	DrillType	Dip	Azimuth	From		To	Au g/t
LNRC083	788048	7192276	574.5	90		RC	-90	0		50	51	1.24
										51	52	2.67
										52	53	1.25
										54	55	5.15
										56	57	1.8
										57	58	2.07
										59	60	1.58
										60	61	0.587
										61	62	0.767
										73	74	1.63
										89	90	0.633
LNRC084	788101	7192230	573.9	90		RC	-90	0		36	40	0.654
LNRC085	788082	7192249	574.1	90		RC	-90	0		49	50	0.999
LNRC086	788112	7192241	573.8	90		RC	-90	0		36	40	1.5
LNRC088	788149	7192284	574	90		RC	-90	0		32	36	0.954
										49	50	0.528
										57	58	7.05
LNRC089	788164	7192272	574.2	90		RC	-90	0		36	40	1.03
										40	44	2.65
										52	53	1.68
										57	58	1.14
										59	60	0.533
LNRC090	788141	7192331	573.9	90		RC	-90	0		88	89	3.26
LNRC091	788163	7192313	574	90		RC	-90	0		82	83	0.552
										83	84	0.648
										84	85	2.49
										86	87	0.521
										88	89	0.648

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