Lodestar Minerals : Nepean Exploration Update

ASX ANNOUNCEMENT

17 November 2021

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NEPEAN EXPLORATION UPDATE

Lodestar Minerals Limited ("LSR" or "Lodestar" or "the Company") is pleased to advise that joint venture partner Auroch Minerals (ASX: AOU) ("Auroch") has today provided an exploration update regarding the Nepean Project.

Lodestar holds a 20% interest in the Nepean Nickel Project and Auroch hold the remaining 80% and are operators of the project.

Nepean comprises 13 tenements located 25km south of Coolgardie, Western Australia and contains the historic high-grade Nepean nickel sulphide mine (1970-1987), the second producing nickel mine in Western Australia. Little systematic exploration occurred on the project following the mine closure in 1987, this presents enormous opportunity for new nickel discoveries through systematic exploration and the application of high-powered geophysical surveys.

This announcement has been authorised by the Board.

Contacts

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

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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About Lodestar

Lodestar Minerals is an active Western Australian gold and base metal explorer with a prospective tenement package spanning 1,560km2 at the edge of the Pilbara and Yilgarn Cratons. Lodestar's projects comprise the Nepean Nickel Project, the Earaheedy-Imbin Base Metal Project, The Ned's Creek JV and the Camel Hills, Jubilee Well and Bulong Gold Projects.

Lodestar's primary focus to 2019 was the Ned's Creek Gold Project where it identified syenite intrusion-related gold mineralisation within a craton margin setting and made greenfields gold discoveries at the Contessa, Central Park and Gidgee Flat prospects. The Ned's Creek project is subject to a Farm-In and Joint Venture with Vango Mining Limited whereby Vango are earning a 51% interest by expenditure of $5M over 3 years.

The Earaheedy-Imbin project represents a significant land holding in the emerging Earaheedy metallogenic province, site of Rumble Resource's recent major Zn-Pb 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 up to 20km of strike of the Zn-Pb mineralised Yelma-Frere unconformity.

Bulong and Jubilee Well are recent acquisitions in highly endowed Eastern Goldfields district, first- pass drill programs are being planned.

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.

Page 2

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ASX ANNOUNCEMENT

17th November 2021

GROUND IP SURVEY UNDERWAY AT NEPEAN

Highlights

• A ground dipole-dipole induced polarisation (IP) survey has commenced over the northern part of the Nepean Nickel Project where a recent geochemistry review highlighted the prospectivity of the ultramafic sequences for nickel sulphide mineralisation
• The survey will take approximately three weeks, with ongoing results to be assessed for potential anomalies
• NPDD013, the second drill-hole into the Nepean Deeps target area, is currently at ~450m depth down-hole and is on schedule to intersect the 1A/1B electromagnetic (EM) target next week

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to announce it has commenced a ground dipole-dipole IP geophysical survey at the Nepean Nickel Project in Western Australia (Auroch Minerals 80%).

The ground IP survey will cover approximately 5.1km2 over the five northern tenements of the Nepean Project (Figure 1, Table 1) after results from a detailed review of drill-hole geochemistry highlighted the prospectivity of the ultramafic sequences in this area for nickel sulphide mineralisation.

The ultramafics in this area have high nickel to chrome (Ni:Cr) ratios indicating lava pathways, elevated Ni:MgO ratios and platinum group elements (PGEs) which indicate potential mineralised systems and proximity to primary sulphide mineralisation, and elevated Kambalda ratios (Ni/Cr x Cu/Zn), all of which highlight the potential of these ultramafic units to host significant nickel sulphide mineralisation.

Furthermore, the northern area of the Nepean Project is located directly along strike from the historic Nepean nickel mine to the south and the Miriam nickel sulphide deposit to the north, and yet remains very underexplored with minimal historic drilling.

Recent petrophysical testing of drill core samples of high-grade matrix and disseminated nickel sulphide mineralisation from close to the historic Nepean nickel mine showed that such mineralisation provides a good IP response that would be identifiable by an IP survey. In fact, it was the early use of IP surveys that led to the discovery of the Nepean nickel sulphide deposit by Metals Exploration NL in 19681, further validating IP as an excellent method for nickel sulphide exploration in the Nepean area.

Auroch Managing Director Aidan Platel commented:

"We are excited to commence a ground IP survey over the northern area of the Nepean Project. Our recent geochemical review of the few drill-holes in this area has shown the ultramafic units there are highly prospective for nickel sulphide mineralisation, whilst petrophysical test work we completed on drill-holes close to the historic Nepean nickel mine has demonstrated that IP is an excellent method to find high-grade matrix to disseminated nickel sulphide mineralisation.

At Nepean Deeps, the navigational drilling of NPDD013 has successfully put the hole back on the correct orientation, and we eagerly await to see what the hole intersects when it reaches the 1A/1B DHEM target next week!"

The IP survey is being conducted over nineteen east-west lines with a line spacing of 200m and a station spacing of 100m. The data will be reviewed on a line by line basis and infill lines will be added

1 Burt, David. June 2015. "A Personal Account of some Orebody Discoveries 1966 - 2007"

Auroch Minerals Ltd ABN 91 148 966 545	FOLLOW US
Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]
Email: [e-mail] www.aurochminerals.com

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ASX ANNOUNCEMENT

17th November 2021

if deemed necessary to better define any potential anomalies. The survey is being conducted by Vortex Geophysics Pty Ltd and is estimated to take three weeks.

Nepean Deeps Drill Programme

The second drill-hole in the Nepean Deeps programme, NPDD013, is currently at a depth of approximately 450m down-hole. NPDD013 was designed to test the down-hole electromagnetic (DHEM) conductor 1A/1B at approximately 550m, and is on schedule to reach target depth next week.

The 1A/1B plates are the uppermost of three high-priority DHEM targets identified by the first Nepean Deeps drill-hole, and are located west of, and adjacent to, the historic Nepean nickel mine workings making it a compelling target for nickel sulphide mineralisation.

Figure 1 - Map showing location and survey lines of the ground IP survey underway in the north of the

Nepean Project

Auroch Minerals Ltd ABN 91 148 966 545

Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]

Email: [e-mail] www.aurochminerals.com

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ASX ANNOUNCEMENT

17th November 2021

This announcement has been authorised by the Board of Directors of the Company.

-END-

For further information visit www.aurochminerals.comor contact:

Aidan Platel

Managing Director

E: [e-mail]

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled by Mr Matthew McCarthy and represents an accurate representation of the available data. Mr McCarthy (Member of the Australian Institute of Mining and Metallurgy) is the Company's Senior Geological Officer and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ("JORC Code 2012"). Mr McCarthy consents to the disclosure of this information in this report in the form and context in which it appears.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Auroch Minerals Limited's planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may", "potential", "should," and similar expressions are forward-looking statements. Although Auroch Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Table 1 - Ground IP survey parameters

	Survey Line			From (GDA94_51 East)			From (GDA94_51 North)			Distance			Survey
									Sites
60300		316650		317750		1100		12
60100		316600		318200		1600		17
59900		316600		318200		1600		17
59700		316550		318150		1600		17
59500		316500		318100		1600		17
59300		316450		318050		1600		17
59100		316400		318000		1600		17
58900		316350		318050		1700		18
58700		316350		318350		2000		21
58500		316300		318300		2000		21
58300		317350		318250		900		10
58100		317350		318150		800		9
57900		317400		318100		700		8
57700		317400		318000		600		7
57500		316450		317950		1500		16
57300		316450		317850		1400		15
57100		316450		317750		1300		14
56900		316450		317750		1300		14
56700		316450		317350		900		10

Auroch Minerals Ltd ABN 91 148 966 545

Suite 10, 38 Colin St, West Perth WA 6005 Phone: [phone] Fax: [phone]

Email: [e-mail] www.aurochminerals.com

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