Lodestar Minerals Strikes High-Grade Gold Beyond Ned’s Creek Exploration Target

High-Grade Gold Beyond the Boundary: Lodestar Minerals Drills Outside Its Own Exploration Target at Ned's Creek

Lodestar Minerals Limited (ASX: LSR) has reported initial assay results from the first 13 holes of its completed 106-hole, 12,344-metre RC drilling program at the Ned's Creek Gold Project in Western Australia. Results indicate both continuity within the existing mineralised zone and new gold mineralisation beyond the current Exploration Target — a development that could meaningfully influence the project's forthcoming resource estimate.

The standout intercept, 6m at 7.16 g/t Au from 140m including 1m at 35.34 g/t Au from 142m in LNRC125, was reported outside the limits of the company's December 2025 Exploration Target model at Gidgee Flat. According to the ASX announcement, that hole appears to have identified a new parallel lode — a separate mineralised zone running alongside the known trend — which may increase the project footprint considered in future resource work.

The Numbers From the First Assay Batch

Lodestar has received 578 assay samples from holes LNRC109 to LNRC125, with approximately 5,200 samples from the broader program still pending. The results released so far are concentrated at Gidgee Flat, where drilling targeted infill sections and the edges of the Exploration Target.

The most material intercepts from the initial batch are summarised below:

The announcement also referred to shallow oxide mineralisation in LNRC112 and LNRC113a, both within 40m of surface. Oxide mineralisation is gold occurring in weathered rock near surface and is often simpler to mine and process than unweathered fresh rock, although project economics depend on a range of additional factors.

"What's more exciting with this first set of results is confirmation of high-grade gold beyond the limits of the Exploration Target zone, suggesting running room for growth in the scale of the project as further drilling is complete," said Coraline Blaud, CEO and Executive Director.

"With an extensive drilling database now in place, Lodestar is well positioned to advance towards a maiden Mineral Resource Estimate in 2026 and unlock the project's broader development potential."

Why Drilling Beyond an Exploration Target Matters

A central feature of this update is not just the grade of individual intercepts, but where some of those intercepts sit relative to Lodestar's existing geological model. In December 2025, Lodestar outlined an Exploration Target of 250,000 to 300,000 ounces of gold, within 5 to 7 million tonnes grading 1.0 to 1.7 g/t Au, across Gidgee Flat, Contessa and Central Park.

An Exploration Target is a conceptual estimate based on available drilling and geological information. It is not a JORC Mineral Resource and does not yet carry the same level of confidence or classification. For investors, this distinction is important. An Exploration Target helps frame scale potential, but it still requires more drilling, modelling and verification before it can be converted into a formal JORC Mineral Resource Estimate (MRE).

When new drilling returns meaningful mineralisation outside that target envelope, two implications can follow:

1. The current conceptual range may not fully capture the mineralised system.
2. The future maiden MRE may include zones not previously incorporated into the target model.

That appears to be the case with LNRC125, which identified a new parallel lode at the margin of the model, and LNRC121, which extended mineralisation to the southwest. Furthermore, the ASX announcement stated that Gidgee Flat mineralisation remains open to the northeast — suggesting additional upside potential beyond what has already been drilled.

Key Technical Terms Explained

Several mining terms in the update are important for understanding the significance of the results.

Exploration Target — A projected range of potential tonnes and grade based on current exploration data. It is an estimate of possible scale, not a resource.

JORC Mineral Resource Estimate (MRE) — A formal estimate of the quantity and grade of mineralisation prepared under the JORC Code. It is a higher-confidence and more investable classification than an Exploration Target.

RC Drilling — Reverse Circulation drilling uses compressed air to bring rock chips to surface. It is widely used for gold drilling because it is relatively fast and produces samples suitable for lab analysis.

g/t Au — Grams of gold per tonne of rock. For instance, 1.0 g/t Au means one gram of gold is contained in each tonne of material.

Oxide Mineralisation — Gold hosted in weathered near-surface rock. This material can behave differently from fresh rock during mining and processing.

Apparent Thickness — The length reported in the drill hole. It may be wider than the true geological width if the hole cuts mineralisation at an angle.

Program Scale Supports the 2026 Resource Objective

The broader drilling campaign is material in size for a junior explorer. Lodestar reported that all 106 RC holes were completed over approximately two months for a total of 12,344m, with no safety or environmental incidents. The metres drilled by prospect were reported as follows:

That scale matters because the company has been explicit about the purpose of the program. According to the update, the drilling was designed to improve confidence in known mineralisation, extend mineralised zones, test priority targets, support geological modelling, and provide samples for metallurgical testwork.

The release also noted that a resource geologist has been commissioned to complete the maiden MRE in CY2026. However, the company noted there is currently insufficient information to determine where within the Exploration Target range the mineralisation will ultimately fall — an important qualifier for investors assessing near-term newsflow.

What Remains Pending From This Drilling Update

This announcement covers only a small portion of the total drill program. The company stated that the release includes assays from the first 13 holes, representing roughly 12% of the 106-hole campaign. In addition, several holes in the current batch also have pending intervals, including LNRC118, LNRC119, LNRC120, LNRC121, LNRC122, LNRC123 and LNRC124.

The near-term workflow outlined in the report is as follows:

This suggests a steady period of assay newsflow ahead. For resource investors, that matters because market interpretation can change materially as additional holes either reinforce or weaken early geological trends.

Location Provides Context, but Not a Processing Agreement

Ned's Creek is located in a known Western Australian gold district near Catalyst Metals' Plutonic Gold Mine and Plant and within trucking distance of Westgold's Blue Bird Plant near Meekatharra. Project location can be relevant because nearby processing plants may affect long-term development options if a project advances sufficiently and if commercial arrangements become available.

However, the ASX announcement did not state that any toll treatment or processing agreement is in place, so any discussion of future processing pathways remains conceptual at this stage. For investors, the practical point is that Ned's Creek sits in an established gold region with existing mining and processing infrastructure nearby — a contextual advantage that may become more relevant in later development studies.

What the Initial Drilling Results Mean for Investors

This drilling update adds weight to Lodestar's plan to convert its December 2025 Exploration Target into a maiden resource in 2026. The early assay set supports continuity within the known shear-hosted gold trend, while also indicating that the current mineralised footprint at Gidgee Flat may not yet be fully defined.

Several features stand out in the report:

• High-grade result outside the model: LNRC125 returned 6m at 7.16 g/t Au, including 1m at 35.34 g/t Au, beyond the current Exploration Target boundary.
• Extension potential at the margins: LNRC121 and LNRC125 both point to mineralisation outside or at the edge of the current model.
• Shallow oxide zones confirmed: Results from LNRC112 and LNRC113a support the presence of near-surface mineralisation.
• Large completed dataset: With 12,344m drilled and a resource geologist engaged, the Ned's Creek Gold Project has moved closer to formal resource estimation.
• Substantial assays still pending: Around 5,200 samples remain to be processed and reported.

The broader investment case still depends on what the remaining assays show across Gidgee Flat, Contessa and Central Park, and whether those results support sufficient continuity for a JORC-compliant resource. Nevertheless, the first batch has already highlighted one of the more meaningful outcomes explorers seek: evidence that mineralisation may continue beyond the boundaries of the current model.

For Lodestar, the next phase is straightforward in sequence, if not in outcome. More assays are due, resampling is ongoing, geological modelling is advancing, and the company is working towards a maiden MRE in CY2026. The update suggests the key question is shifting from whether Ned's Creek can support a maiden resource to how broad that initial resource footprint may ultimately be once all drilling data is incorporated.

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