Early-Stage Nevada play shows potential as Lodestar unlocks historic data and modern exploration at Gold Run

By Peter Kennedy

Lodestar Metals Corp. [LSTR-TSXV, SVTNF-OTCQB] offers an investment window on early-stage exploration that aims to uncover the next generation of gold-silver deposits in Nevada, one of the world’s top regions for precious metals mining.

The company recently launched a maiden drill project on its flagship Gold Run project, which lies on a highly prospective mineral belt west of the infamous Carlin trend, which has already produced hundreds of millions of ounces of gold. The property lies just 12 kilometres south of Turquoise Ridge mine, part of the Nevada Gold Mines joint venture held by Barrick Mining Corp. [ABX-TSX, B-NYSE], and Newmont Corp. [NGT-TSX, NEM-NYSE].

The 2,680-metre (16 hole) maiden drilling program is focused on targeting multiple high-priority gold-silver prospects across the entire Gold Run property.

Based on past results, regional features and the property’s underexplored nature, the company believes the project has the potential to host a significant gold system. A preliminary review suggests at least 500,000 ounces can be outlined from areas tested so far, a scenario that provides a baseline estimate for the project’s potential. Management believes there is meaningful upside beyond this initial estimate as exploration advances.

The move to establish a NI 43-101-compliant resource estimate for the Gold Run project is part of a “Nevada strategy” led by Lodestar President and CEO Lowell Kamin, a highly experienced capital markets professional who has helped to secure funding for a range of Canadian and U.S. mining issuers. His father was a successful real estate entrepreneur, who once owned the infamous Mosport racetrack near Bowmanville, Ont. In an interview with Resource World, Kamin said he recalls selling programs at the racetrack when he was young boy.

In early January, the company strengthened its board with the appointment of David Christie as Chairman. Christie has 39 years of experience in mining exploration and finance. He is currently President and COO of Globex Mining Enterprises Inc. [GMX-TSX, GLBXF-OTCQX, G1MN-Frankfurt], and one of the founders and former CEO of Orford Mining Corp., which was sold to Alamos Gold Inc. [AGI-TSX, NYSE] in April, 2024. After working for many years in association with Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE) as an exploration geologist, he became a mining equity analyst with TD Securities, Scotia Capital and Newcrest Capital. Christie has said he believes Lodestar’s potential has not yet been fully recognized by the market and looks forward to help efficiently guide the board and company towards it goals.

The Gold Run property consists of 75 unpatented mining claims covering approximately 516 hectares. The property is located in Humboldt County, Nevada, within the prolific Getchell Trend and near its intersection with the Battle Mountain-Eureka Trend.  This historically productive area has seen extensive exploration activity dating back to the 1860s and is well positioned for the discovery of significant epithermal and Carlin-style mineralization

The project has an exploration history that features 15 different operators who completed 131 drill holes (totalling 17,823 metres) since the 1960s. Additionally, 454 soil samples and 827 rock samples have been collected. Notably, a 2008 diamond drilling program by Golden Predator Mining Corp.  returned strong gold assay results which have been reviewed and validated by the current operator using original assay certificates. Highlights include Hole GPA0272, which returned 80-110 ft @ 27.41 g/t, 83 g/t silver, including 80-95 ft at 53.1 g/t silver and 143 g/t gold.

Historic drill results at Gold Run returned high-grade intercepts such as 18.3 metres at 4.3 g/t (including 1.5 metres at 37.8 g/t). Moving forward Lodestar’s exploration efforts will focus on identifying epithermal-style gold mineralization, with additional potential for Carlin-style mineralization. The company also sees the potential for skarn or porphyry-style systems associated with nearby intrusive bodies.

Optimism is based in part on the fact that Lodestar is the first to deploy modern exploration techniques at Gold Run. It’s worth noting that if Lodestar can find an economic deposit, it will have easy access to existing infrastructure and third-party processing facilities, which means that offsite processing remains an option if the company chose not to build an on-site processing facility.

“The start of drilling at Gold Run marks a major inflection point for Lodestar,’’ said Kamin. “It’s the culmination of months of data-driven work to define and prioritize the most compelling targets across the property,” he said. “Our technical team has built a strong foundation with robust geochemical, geophysical and historical data all pointing to discovery potential. This drilling program is the next step in learning more about Gold Run and moving Lodestar forward.’’

The initial phase of drilling will test four permitted drill targets established via the integration of historical drill results, muti-element soil geochemistry, UAV magnetic surveys and a recently completed property-wide DDIP geophysical program.

Drilling targets include Robbers Knob an area where most of the past exploration has been focused. It is characterized by widespread jasperoid silica alteration where several historical intersections include 18.3 metres of 4.3 g/t gold (including 1.5 metres of 37.8 g/t gold). The other targets include the Independence Trend, Gomes Prospect and Crown North.

Lodestar is well funded to carry out this program after recently closed a non-brokered private placement by issuing 7.85 million units priced at 20 cents each for gross proceeds of $1.57 million.

Lodestar announced in May, 2025 that it had secured an option to acquire the Gold Run property from vendors William Matlack and Don McDowell by making cash payments of US$450,000, plus milestone payments totalling US$2.5 million following the completion of a preliminary economic assessments and feasibility studies. The optionors have been granted a 2.0% net smelter return royalty on all minerals mined produced or otherwise recovered from Gold Run.

On Thursday, April 23, 2026, the shares were trading at 12 cents in a 52-week range of 25.5 cents and $0.03, leaving Lodestar with a market cap of $6.2 million based on 51.5 million shares outstanding.