Lodestar Minerals Confirms IOCG System Across 1.6 km at Three Saints

Lodestar Minerals (ASX: LSR) has now received final assay results from the second diamond drill hole at its Three Saints project, located in Chile’s Atacama region, with results pointing to a concealed hydrothermal system displaying characteristics consistent with an Iron Oxide Copper Gold (IOCG) deposit model. The drill programme at Three Saints has now advanced from geophysical interpretation to verified ground truth, with assay data from L3SDD004, completed to a total depth of 611.10 metres, recording copper mineralisation at several downhole intervals and sulphide mineralisation across a substantial zone between 219 m and 510 m depth.

The confirmation matters because Three Saints has now crossed from geophysical anomaly to verified system on the ground. Two holes have established a footprint exceeding 1.6 km, and the system remains open in all directions. That is a genuine proof-of-concept result for a concealed target beneath Atacama cover.

Here is what the assay numbers show, how the geology compares to the broader Chilean IOCG belt, and what the next concrete exploration steps look like for LSR across both its Three Saints and Los Loros projects.

What the second drill hole found beneath the Atacama cover

L3SDD004 cut through copper-bearing mineralisation at multiple depths, with two principal intervals standing out from the broader sulphide zone.

The upper copper interval sits at 333 metres, where a 4.30-metre zone graded 0.12% CuEq, with a higher-grade portion of 1.42 metres at 0.25% CuEq within the same intercept. Further down the hole, a second interval of 14.82 metres at 0.10% CuEq began at 404.40 metres, hosting a tighter higher-grade section of 1.0 metre at 0.43% CuEq from 407.0 metres.

The JORC Code reporting standards govern how ASX-listed exploration companies must disclose assay results and mineralisation intervals, requiring competent person sign-off and transparent reporting of all material exploration data released to the market.

Geological logging across the broader 219 m to 510 m zone recorded visible mineralisation including:

• Native copper
• Chalcopyrite (a copper-iron sulphide mineral and common ore mineral in copper deposits)
• Pyrrhotite (an iron sulphide)
• Magnetite (an iron oxide mineral characteristic of IOCG systems)
• Pyrite

These grades sit below economic thresholds at this stage. The significance is not the grade itself but what the mineralisation assemblage confirms: a real hydrothermal system is present beneath the Atacama cover, and the alteration signature matches what geologists expect from an IOCG target. Skarn-type alteration, a style of mineral replacement that forms when hot fluids interact with surrounding rocks, was identified alongside cobalt mineralisation. Lodestar characterised this combination as a directional geological signal suggesting that more favourable host rocks may lie in proximity, giving the next drill programme a meaningful target vector.

How the geology at Three Saints compares to the first hole and the broader IOCG belt

What the first and second holes reveal together

The first hole at Three Saints (L3SRD003) returned peak grades of up to 0.77% Cu, 0.38 g/t Au, 449 ppm Co, and 190 ppm Mo, confirming a multi-element system with copper, gold, cobalt, and molybdenum all anomalous. The second hole reinforced the copper and cobalt signatures and added skarn-type alteration as a new geological constraint.

The first hole at Three Saints (L3SRD003) returned peak grades of up to 0.77% Cu, 0.38 g/t Au, 449 ppm Co, and 190 ppm Mo, with the maiden drill hole results establishing the multi-element character of the system before the second hole extended that footprint to more than 1.6 km.

Together, the two holes define a system that spans more than 1.6 km and remains open laterally and at depth. The first hole delivered the higher peak copper grades and broader metal suite. The second hole confirmed that the alteration and sulphide assemblage persists at distance, which tells you the system has genuine scale rather than being an isolated pocket of mineralisation.

Where Three Saints sits in the Chilean IOCG landscape

Three Saints sits within Chile’s Coastal Cordillera IOCG belt, a geological corridor that hosts major copper systems including the Candelaria-Punta del Cobre district. That regional context does not imply equivalence in scale or grade, but it does confirm that the alteration and mineralisation styles observed at Three Saints are consistent with what the belt produces.

Chilean copper mining continues to attract junior exploration capital precisely because the Coastal Cordillera belt hosts a proven sequence of world-class IOCG systems, creating a geological context that supports the significance of blind targets like Three Saints.

“The mineralisation and alteration patterns are consistent with the regional geological setting and with alteration styles recognised in IOCG systems elsewhere along Chile’s Coastal Cordillera IOCG belt,” said Coraline Blaud, Chief Executive Officer of Lodestar Minerals.

The fact that Three Saints is a blind target, fully concealed beneath Atacama cover, is both the opportunity and the challenge. It is consistent with how deposits form in this belt, but it means the geometry and grade distribution of the system can only be resolved through further drilling guided by well-calibrated geophysics.

Reprocessing the geophysics and the Los Loros delay: what comes next for LSR

The two near-term catalysts for LSR sit in different categories, and understanding which is which matters for setting realistic expectations.

At Three Saints, the next step is entirely technical and within the company’s control. The company intends to work through its existing geophysical datasets, including magnetics and related surveys, applying the alteration and mineralisation signatures established by both completed drill holes to recalibrate and refine the subsurface model. The objective is to refine the concealed system model, identify the controls on mineralisation, and target the higher-grade core of the IOCG system for the next drilling campaign.

Atacama region exploration activity has intensified across multiple operators in 2026, with both majors and juniors advancing projects through a regulatory and environmental approval sequence that typically precedes any transition from drilling to development-scale commitments.

The quality of that reprocessing will determine how accurately the next drill holes can vector into the system’s core, making it the single most consequential technical decision ahead for the Three Saints project.

• Three Saints reprocessing: Systematic re-evaluation of existing geophysical data, anchored by the alteration and mineralisation signatures from both drill holes, with the aim of pinpointing the higher-grade core of the IOCG system ahead of the next drill campaign
• Los Loros drilling resumption: On hold pending weather normalisation; five defined targets ready when conditions allow

Los Loros: five targets defined, drilling on hold

The Los Loros porphyry project (targeting copper, molybdenum, and gold mineralisation) had been progressing toward a maiden drill programme at the Águila prospect, where IP and magnetics surveys identified five new copper and gold targets at depths ranging from 150 m to 800 m. Drilling was originally planned for Q2 2026.

Recent severe El Niño weather conditions across northern Chile brought flooding and disruption to access routes and site infrastructure, forcing the programme to be postponed. As of 28 August 2026, no revised timetable has been confirmed. Resumption depends on weather normalisation and restored site access, factors entirely outside Lodestar’s control.

Where the Three Saints confirmation leaves Lodestar Minerals

The two-hole programme at Three Saints has cleared the first test: the system is real. A confirmed IOCG-style hydrothermal system with a 1.6 km footprint, characteristic alteration, and anomalous copper, cobalt, and gold has been established beneath Atacama cover. What remains undefined is the system’s geometry, continuity, and grade distribution.

Lodestar’s Chilean drilling results across both the Three Saints and Los Loros project areas have progressively built the geological case for a multi-element hydrothermal system operating at scale beneath the Atacama cover.

The geophysical reprocessing outcome is now the most important near-term decision point. How well the company integrates alteration data, cobalt vectors, and magnetics will determine whether follow-up drilling can accurately target the system’s higher-grade core. That is the difference between confirming a system exists and locating where it concentrates its value.

Across both projects, Lodestar Minerals (ASX: LSR) sits at a clear inflection: Three Saints is moving into technical reprocessing, while Los Loros remains on hold with five drill-ready targets awaiting weather normalisation. The next phase of value creation depends on the precision of the geophysics at Three Saints and the timing of conditions at Los Loros.

This article is for informational purposes only and should not be considered financial advice. Investors should conduct their own research and consult with financial professionals before making investment decisions. These statements regarding future exploration outcomes are speculative and subject to change based on geological results and operational conditions.