Lodestar Resources Secures $2.6M Option for Los Loros Copper-Gold Project in Chile
Lodestar Resources has entered a four-year option agreement to acquire the Los Loros copper-gold project in Chile, focusing on its copper-molybdenum porphyry system. The deal, involving a $30,000 annual payment and a $2.6 million option fee, grants access to eight mining concessions, with exploration activities including surface sampling and drilling planned for April. Despite the promising historical drilling results, Lodestar's shares fell by 8.3% following the announcement.
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Lodestar Resources has signed a four-year option agreement to acquire the Los Loros Project in Chile, focusing on its copper-molybdenum porphyry system. The agreement, finalized on January 30, grants Lodestar's subsidiary Tesoro Andes access to eight mining concessions.
Lodestar will pay $30,000 over four years and $2.6 million upon exercising the option, with a 1.5% net smelter royalty to the vendor. Historical drilling has shown significant results, including 20 meters at 3.67 grams per tonne gold and 136 meters at 0.2% copper equivalent.
The exploration phase includes surface sampling and geophysical surveys starting this month, with drilling planned for April. Despite the acquisition, Lodestar's shares fell by 8.3%.
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