Lodestar Minerals : Exploration Update - Ned's Creek JV

ASX ANNOUNCEMENT

22 November 2021

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Exploration update - Ned's Creek JV

HIGHLIGHTS

• RC drill program managed by Lodestar completed at Ned's Creek Joint Venture
• Drilling results will contribute towards a Mineral Resource estimate over a zone of shallow supergene gold mineralisation to support a potential future open pit mine
• 14 holes completed over a 600m zone targeting the Contessa granite contact as the potential source of supergene mineralisation at Contessa intersected an extensive hydrothermal system which remains open.

Lodestar Minerals Limited ("Lodestar" or "the Company", ASX:LSR) advises that the RC drilling program at the Contessa gold prospect located on the Ned's Creek Joint Venture (Vango Mining (ASX:VAN) earing 51%) is completed and all samples have been dispatched to the laboratory for assay.

The program comprised 29 holes in total for 3715m (see Table 1) and consisted of two phases.

• a series of 12 vertical RC holes, drilled to a set depth of 90m over an area of 120m by 140m, to verify significant supergene gold intersected in previous aircore drilling and support a maiden resource estimate for the supergene hosted mineralisation;
• 14 holes targeting the Contessa granite contact as a potential source of the widespread supergene and nugget-related gold discovered in the Contessa area; and
• 3 additional RC holes were completed on the contact zone 1500m southwest of Contessa, at the Central Park prospect (Figure 1).

Previous aircore drilling at Contessa intersected extensive supergene gold mineralisation1 prior to RC drilling programs that targeted deeper primary mineralisation. Significant intercepts from earlier aircore drilling include:

• 15m at 3.1g/t Au from 40m in LNR546
• 21m at 3.01g/t Au from 40m in LNR656
• 20m at 1.61g/t Au from 48m in LNR796
• 12m at 1.3g/t Au from 48m in LNR800
• 8m at 3.35g/t Au from 48m in LNR810
• 16m at 2.16g/t Au from 84m in VCTRC0003, including 4m at 9.63g/t Au.

Results from the recently completed program will support a maiden resource estimate for a potential open pit operation at Contessa.

1 See Lodestar's ASX releases dated 18th March 2013, 4th June 2013, 1st December 2016 and 10th February 2020.

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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Figure 1 Prospect location plan, background magnetic image.

Exploration drilling also targeted the granite contact at Contessa for the first time, testing a strike distance of over 600m, with holes angled to the southeast at regularly spaced intervals of 100m (see Figure 2).

The key observations of the drilling relate to visual confirmation of an extensive hydrothermal alteration system developed on the granite contact.

• Hydrothermal alteration identified within a granodiorite intrusive extends over a distance of at least 400m.
• The hydrothermal alteration consists of strong silica and/or sericite alteration with associated disseminated pyrite. Accessory molybdenite and fluorite observed within the alteration zone are consistent with the extensive Bi-Mo geochemical anomaly that first identified the Contessa exploration target (see Lodestar's ASX announcement dated 18th December 2012). The alteration is pervasive and interpreted to be associated with the intrusion of a fluid-rich, undeformed late granitic phase.
• Hole LNRC097, the most south westerly hole in the Contessa program, also intersected silica alteration with disseminated pyrite in schistose rocks adjacent to the contact (the contact itself was not intersected).
• Previous aircore drilling completed between the Contessa and Central Park prospects (1500m along strike to the south west) does not extend over the contact intersected in this program.

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Figure 2 Location of RC drill hole collars, showing interpreted position of Contessa granite contact at surface (MGA94 Zone 50).

Lodestar Managing Director, Bill Clayton commented "Although the outcome of the drilling will not be known until assay results are received, the identification of an extensive hydrothermal alteration system associated with the granite contact has confirmed the conceptual model and shown that it is of significant scale. We await results with great anticipation."

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Table 1 Drill hole information (grid GDA94 datum).

HoleID	Easting	Northing	RL	TotalDepth	DrillType	Dip	Azimuth
LNRC073	788168	7192651	574.8	150	RC	-60	130
LNRC074	788120	7192593	575.2	153	RC	-60	130
LNRC075	787998	7192560	575.9	153	RC	-60	130
LNRC076	788035	7192522	575.5	153	RC	-60	130
LNRC077	787935	7192480	576.1	153	RC	-60	130
LNRC078	787896	7192506	576.2	201	RC	-60	130
LNRC079	787871	7192400	576.1	141	RC	-60	130
LNRC080	787832	7192430	576.5	153	RC	-60	130
LNRC081	787769	7192357	576.3	160	RC	-60	130
LNRC082	787733	7192388	576.8	153	RC	-60	130
LNRC083	788048	7192276	574.5	90	RC	-90	0
LNRC084	788101	7192230	573.9	90	RC	-90	0
LNRC085	788082	7192249	574.1	90	RC	-90	0
LNRC086	788112	7192241	573.8	90	RC	-90	0
LNRC087	788129	7192258	573.8	90	RC	-90	0
LNRC088	788149	7192284	574.0	90	RC	-90	0
LNRC089	788164	7192272	574.2	90	RC	-90	0
LNRC090	788141	7192331	573.9	90	RC	-90	0
LNRC091	788163	7192313	574.0	90	RC	-90	0
LNRC092	788188	7192266	574.1	90	RC	-90	0
LNRC093	788204	7192254	573.8	90	RC	-90	0
LNRC094	788150	7192220	574.1	90	RC	-90	0
LNRC095	787705	7192282	575.7	153	RC	-60	130
LNRC096	787687	7192303	576.3	153	RC	-60	130
LNRC097	787649	7192205	575.3	153	RC	-60	130
LNRC098	786569	7191582	582.0	153	RC	-60	130
LNRC099	786575	7191642	581.4	153	RC	-60	130
LNRC100	786599	7191672	581.0	153	RC	-60	130
LNRC101	788053	7192650	575.8	147	RC	-60	130

THIS ANNOUNCEMENT IS AUTHORISED BY THE MANAGING DIRECTOR OF THE COMPANY ON BEHALF OF THE BOARD OF DIRECTORS.

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Contacts

Bill Clayton	Media enquiries
Managing Director	Michael Vaughan, Fivemark Partners
[e-mail]	[e-mail]
[phone]	[phone]

About Lodestar

Lodestar Minerals is an active Western Australian gold and base metal explorer.

Lodestar's projects comprise the advanced Nepean Nickel Project JV, the Ned's Creek JV and the 100% owned Camel Hills, Imbin, Jubilee Well, Coolgardie West and Bulong projects.

The Imbin Project is a major strategic land holding in the emerging Earaheedy Province, site of Rumble Resource's recent and potentially world-classZinc-Lead discoveries. The Imbin Project is located on the northern margin of the prospective basin and is the site of significant historic copper intersections in drilling and approximately 20km of strike of the target Yelma-Frere unconformity

Lodestar discovered multiple zones of syenite intrusion-related gold mineralisation at the Ned's Creek Project on the Yilgarn craton margin, 150km west of Imbin. Vango Mining Limited is earning a 51% interest in the Ned's Creek JV by contributing $5M of expenditure over 3 years.

Bulong and Jubilee Well are recent acquisitions in highly endowed gold districts; first-pass drill programs are being planned. Coolgardie West includes underexplored greenstone prospective for gold, nickel and lithium pegmatites.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by Bill Clayton, Managing Director, who is a Member of the Australasian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Clayton consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

The information in this announcement that relates to previously released exploration results was disclosed under JORC 2012 in the ASX announcements dated

• 18th December 2012 "Exploration Update - Ned's Creek"
• 18th March 2013 "Significant Gold Results from Contessa"
• 4th June 2013 "Significant Gold Discovery at Contessa"
• 1st December 2016 "Contessa - Brumby Aircore Drilling Results"
• 10th February 2020 "High Grade Initial Drilling Intersections from Ned's Creek

These announcements are available to view on the Lodestar website. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

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