Lodestar Minerals : Lithium Mineralisation Confirmed in Nepean Drilling

ASX ANNOUNCEMENT

7 April 2022

LITHIUM MINERALISATION CONFIRMED IN NEPEAN DRILLING

Lodestar Minerals Limited ("LSR" or "Lodestar" or "the Company") (ASX:LSR) is pleased to advise that joint venture partner Auroch Minerals (ASX:AOU) ("Auroch") has today announced positive results from re-assaying pegmatites intersected in previous RC drilling in the northern tenements of the Nepean Nickel Project. Auroch owns an 80% interest and is the operator of the Nepean Project (see Auroch's announcement dated 7th April 2022, attached to and forming part of this announcement).

• • NPRC051 reported 1m at 0.88% Li2O from 78m within 4m at 0.35% Li2O from 78m.

Drill holes located proximal to previously reported rock chip samples containing elevated lithium (up to 2.26% Li2O and 0.14% Cs1) were re-assayed for lithium-caesium-tantalum (LCT) suite elements with results from NPRC051 indicative of fractionated, lithium-bearing pegmatites. It should be noted that the pegmatite was intersected incidentally as drilling was originally targeting nickel mineralisation. There has been no systematic targeting of pegmatite LCT mineralisation at Nepean and this latest confirmation of lithium potential will provide a focus for further work, with Auroch planning follow up exploration programs targeting the LCT pegmatite potential in parallel with on-going nickel exploration.

Contacts

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

1 See Auroch's ASX announcement dated 8th December 2021.

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

www.lodestarminerals.com.au

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, Bulong and Coolgardie West projects.

The Imbin Project is a major strategic land holding in the emerging Earaheedy Province, site of Rumble Resource's recent and potentially world-class Zinc-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 Coolgardie West and Jubilee Well are recent acquisitions in highly endowed gold districts; first-pass drill programs are planned.

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www.lodestarminerals.com.au

DRILLING INTERSECTS LITHIUM MINERALISATION AT

NEPEAN

Highlights

• • Re-assaying of pegmatite intersections in reverse-circulation (RC) drill-holes NPRC051, NPRC057, NPRC058 and NPRC066 has further confirmed the presence of lithium mineralisation in the northern area of the Nepean Nickel Project (Nepean), with results including:

  • o 1m @ 0.88% Li2O from 78m within broader mineralised zone of 4m @ 0.35% Li2O from 78m (NPRC051) 1

• • Results are in addition to surface rock-chip samples of up to 2.26% Li2O taken from the same area2, and demonstrate the potential for significant LCT mineralisation at Nepean, with planning underway for follow-up exploration programmes

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to announce intersections of lithium mineralisation in RC drill-hole samples at the Nepean Nickel Project in Western Australia (Auroch Minerals Ltd 80%, Lodestar Minerals Ltd 20%).

Following on from field investigations in December 2021 where rock chip pegmatite samples returned anomalous lithium and caesium results of up to 2.26% Li2O and 0.14% Cs, respectively (NGRC003; Figure 1), the Company re-submitted sample pulps from all pegmatite intersections in four nearby RC drill-holes for extended elemental suite assays to test for any significant lithium, caesium and tantalum (LCT) mineralisation.

Results received for the extended elemental assays have returned lithium mineralisation within several broader LCT-enriched zones in two of the four drill-holes, including 1m @ 0.88% Li2O from 78m within broader mineralised zone of 4m @ 0.35% Li2O from 78m (NPRC051).1

Auroch Managing Director Aidan Platel commented:

"We are encouraged by these assay results from the pegmatite intersections in the four drill-holes in the northern area of the Nepean tenure. The drill results follow on from impressive first-pass results from the field rock-chip samples taken last year and not only do they confirm the presence of LCT-enriched pegmatites throughout this northern area, but also show the potential for these pegmatites to host lithium mineralisation.

This growing potential for significant lithium mineralisation compliments the Company's primary focus on its high-grade nickel sulphide projects in Western Australia, as the Company looks to leverage the ever-increasing demand for critical minerals for the renewable energy sector.

The technical team is currently planning follow-up exploration, including drill programmes, to delineate further LCT mineralisation in the area. Parallel to this, the team is also preparing for a diamond drill programme at the Leinster Nickel Project to test high-potential nickel sulphide targets at the Woodwind and Brass Prospects."

• 1 Intersections are reported as down-hole widths, see Table 2 for full table of results

• 2 Refer to 8 December 2021 ASX Announcement -LITHIUM MINERALISATION CONFIRMED AT NEPEAN

Laboratory prepared pulps were submitted from selected pegmatite only intersections. These samples had not been previously analysed for LCT mineralisation and were instead analysed under a geochemical suite utilised for nickel and gold exploration. A whole rock method consisting of fused Na2O2 and ICP analysis is considered the industry standard for detection of LCT mineralisation and has been carried out by Nagrom Laboratories Pty Ltd.

Drill-holes NPRC057 and NPRC066 did not return any significant results; however, the presence of lithium mineralisation within LCT-enriched zones in holes NPRC051 and NPRC058 confirms the multi-commodity potential of Nepean. All four drill-holes are within relatively close proximity to the historic lithium deposits of Londonderry and Lepidolite Hill (Figure 1), suggesting that economic lithium mineralisation could potentially continue into the northern tenure of Nepean, and hence warrants further follow-up exploration.

Upcoming Work Programmes

Work programmes that are planned for the next four to six weeks include:

• • Saints Nickel Project: further assay results are expected from the recently-completed diamond drill programme. Metallurgical testwork will commence on composite drill core samples, and environmental base-line studies will continue, all of which will provide necessary information for the ongoing Scoping Study update;

• • Leinster Nickel Project: preparation is currently underway for a diamond drill programme to commence in late April;

• • Nepean Nickel Project:

  • o awaiting approvals and permitting for a RC drill programme to test ground IP anomalies, nickel and gold targets and potentially LCT targets;

  • o metallurgical testwork on the shallow near-mine nickel sulphide potential to be completed in the next two weeks; and

• • Arden Zinc-Copper Project: planning and budgeting underway for systematic exploration programmes for zinc, copper, lithium and rare earth minerals.

Figure 1 - Nepean LCT pegmatite initial field investigation including rock-chip and drill-hole sample locations and historic lithium mines/deposits