Lodestar Minerals : Nickel Sulphides Intersected in Nepean Deeps Drilling

ASX ANNOUNCEMENT

25 November 2021

For personal use only

NICKEL SULPHIDES INTERSECTED IN NEPEAN DEEPS DRILLING

Lodestar Minerals Limited ("LSR" or "Lodestar" or "the Company") is pleased to advise that joint venture partner Auroch Minerals (ASX:AOU) ("Auroch") has today announced a significant drill intersection from the Nepean Deeps diamond drilling program targeting the 1A/1B DHEM conductor at the Nepean Nickel Project (see AOU release 25th November 2021, attached to and forming part of this announcement). Auroch hold an 80% interest and are the operators of the Nepean Nickel Project.

Diamond drill hole NPDD013 has successfully intersected 12.5m of disseminated to semi-massivesulphides from 576.8m, within a 76.15m intersection of ultramafic extending from 534.65m to 610.8m down-hole. Auroch reports that the sulphides are pyrrhotite-dominant with both pentlandite (nickel sulphide), and chalcopyrite (copper sulphide) observed within the sulphide intersection (a sulphide assemblage typical of nickel sulphide deposits). Auroch interprets the host ultramafic to represent Sill 1 in the mine ultramafic sequence (comprising Sills 1-4), opening the possibility of additional mineralised ultramafic units below and east of the Sill 1 intersection.

The intersected sulphides are interpreted to represent the source of the DHEM anomaly and the hole is continuing to a depth of 800m to test for further ultramafic units below the historic Nepean mine workings. The hole will be cased for DHEM surveying on completion and the mineralised core interval is being prioritised for processing and dispatch to the laboratory for assay.

This exciting discovery, in the first hole testing the uppermost of three DHEM targets, confirms the exploration potential below the historic mine workings. With additional DHEM targets to test and a regional IP geophysical survey underway, Lodestar looks forward to further progress at the Nepean Nickel Project.

Contacts

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

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 and Bulong projects.

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

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

For personal use only

ASX ANNOUNCEMENT

25th November 2021

NICKEL SULPHIDES INTERSECTED IN NEPEAN DEEPS

DRILLING

Highlights

• Second diamond drill-hole NPDD013 at Nepean Deeps intersected a 76m thick ultramafic unit with 12.5m of disseminated and matrix to semi-massive nickel sulphide mineralisation just below the targeted DHEM conductor 1A/1B
• The mineralised intersection will be logged and sampled immediately and sent to the laboratory for assaying
• NPDD013 is currently at approximately 675m down-hole and is planned to drill to 800m
• The ground dipole-dipole induced polarisation (IP) survey over the Nepean North Prospect is progressing well, with five lines completed and preliminary results already identifying strong chargeability anomalies

Auroch Minerals Limited (ASX:AOU) (Auroch or the Company) is pleased to announce an update on exploration activities at the Nepean Project in Western Australia (Auroch Minerals 80%).

The second drill-hole into the Nepean Deeps target area, NPDD013, successfully intersected 12.5m of disseminated and matrix to semi-massive nickel sulphides from 576.8m (Photographs 1 and 2; Table 1), within a 76.15m intersection of ultramafics from 534.65 - 610.80m down-hole,which is interpreted to be the underexplored Sill 1 ultramafic directly west of the mine sequence (Figure 1).

The nickeliferous sulphides were intersected just below the down-hole electromagnetic (DHEM) conductor 1A/1B, and are interpreted to be the cause of the DHEM conductor, the uppermost of three DHEM targets identified by the first Nepean Deeps drill-hole NPDD008 (Figure 1).

The intersected sulphides are pyrrhotite dominant, with both pentlandite (nickel sulphide) and chalcopyrite (copper sulphide) observed in the semi-massive to matrix sulphides. The core is currently being cut and sampled for priority assay submission.

NPDD013 is currently at a down-hole depth of approximately 675m, and is planned to be drilled to a final depth of 800m to test for any further intersections of ultramafic units and potential nickel sulphide mineralisation beneath the historic Nepean mine workings. Upon completion the drill-hole will be cased for DHEM surveying.

Auroch Managing Director Aidan Platel commented:

"We are extremely pleased to have intersected nickel sulphide mineralisation in this second hole into the Nepean Deeps target. The ultramafic unit we've intersected is a lot thicker than the correlating ultramafic intersected in the first hole NPDD008, and really highlights the untested potential of Nepean beneath the historic workings and beneath the level of historic exploration.

Our current interpretation is that this ultramafic is the historically named Sill 1 ultramafic, which until now was thought to be unmineralized, thus opening up a whole new potential for significant nickel sulphide mineralisation at Nepean!

The mineralised drill core will be sampled and rushed to the lab for assaying, and we look forward to announcing those results to the market when they are received. In the meantime, the drilling continues, as does the ground IP survey at the regional Nepean North prospect, which we believe will generate significant new targets for the next drilling campaign."

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

25th November 2021

Regional exploration at Nepean currently comprises the ground dipole-dipole induced polarisation (IP) survey that recently commenced over the Nepean North Prospect of the Nepean Nickel Project (Figure 2), where a recent geochemistry review highlighted the prospectivity of the ultramafic sequences for nickel sulphide mineralisation. To date a total of five lines have been completed, with the survey commencing from the north. Preliminary results have identified some strong chargeability features in fresh-rock associated with both a gabbro/dolerite and the eastern basal contact of the Nepean ultramafic. The survey is expected to be completed in approximately 2 weeks, and finalised results will be used to plan follow-up exploration and drilling.

Photograph 1 - Intersection of NPDD013 from 576.8m to 581.5m showing matrix and heavy disseminated

sulphides (Po-Pn-Cpy)

Photograph 2 - Intersection of NPDD013 at 578.4m showing matrix to semi-massive sulphides (Po- Pn-Cpy)

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

25th November 2021

Table 1 - Sulphide intersections in ultramafic in NPDD013

onlyusepersonalFor

Depth

Depth

Interval

Sulphide Type

Visual Sulphide Assemblages

From

To

(m)

576.81

578.48

1.67

Disseminated

Pyrrhotite ± Chalcopyrite - Pentlandite

578.48

580.57

2.09

Semi Massive; disseminated

Pyrrhotite - Pentlandite - Chalcopyrite

580.57

589.3

8.73

Disseminated

Pyrrhotite ± Chalcopyrite - Pentlandite

Figure 1 - Cross-section showing nickel sulphide intersection of current diamond drill hole NPDD013,

relative to the target 1A/1B DHEM plates and initial drill-hole NPDD008

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

25th November 2021

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Figure 2 - Map showing location and survey lines of the ground IP survey underway in the north of the

Nepean Project. To-date the northern five lines have been surveyed

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.

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