Lode Resources can’t stop finding silver at Webbs Consol project

Tue 31 May 22, 2:16pm (AEST)
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Key Points

  • Company has hit high grade silver intercepts in latest first-pass Phase I drill run at NSW silver & base metals project
  • Lode Resources acquiring further drill permits for separate Uralla Gold Project
  • Company to launch Phase II activities later this year

Lode Resources (ASX:LDR) has hit strong high grade silver alongside lead and zinc in its latest drilling results at the company's 100% owned Webbs Consol Silver-Base Metals Project in eastern NSW. 

Targeting a priority area "below Mt Galena," the company has received results reflecting 13.1m @ 312 grams per tonne of a mix of metals (silver, lead, zinc and copper notarised as "AgEq") from 48m and 9.4m @ 394g/t AgEq. 

The Mt Galena shaft targeted in the most recent drill run is located some 220m south of the Main Shaft where previous intercepts have returned strong evidence of mineralisation. The company is proceeding to further drill the newly identified highly prospective Tangoa West target, 2km along strike from the Webbs Main Shaft.

(Source: Lode Resources) A map locating the company's project in relation to Newmont Gold's existing acreage
(Source: Lode Resources) A map locating the company's project in relation to Newmont Gold's existing acreage

Phase II drilling set for H2 CY22

The drilling activity so far represents the company's planned 'Phase I' drilling program with a second phase to kick off later this year. Results reported today were returned from drill hole WCS012. 

The intercepts, Lode Resources' geos believe, represent shallow mineralisation with the Webbs Consol mineral system extending over a 3km north-south strike. 

While the company is aware of lead, zinc, and even gold on-site, it notes that "silver is the only metal consistently present at significant grades in all zones so it is now considered to be the appropriate metal for metal equivalent calculations going forward." 

Tangoa West; Urulla Project on the exploration schedule

Meanwhile, the Tangoa West target 2km away has been identified following the results of surface sampling; the company notes there is no guarantee the same body of mineralisation extends to Tangoa West.

At Lode's separate Uralla Gold Project, located in the New England Fold Belt of NSW, first pass drilling has discovered mineralisation at the Hudsons Prospect which the company believes extends over an area of 1km x 500m and noted for possible gold mineralisation. 

Lode is seeking additional drilling approvals for the Uralla project to test below and adjacent the most promising Phase I drilling intercepts as well as as-of-yet untested targets. 

The Uralla Gold Project is covered by permits EL8980 and EL9087, collectively covering some 300 square kilometres and nearby the well-known Bonanza Dyke mineral system. 

Lode's charts compared to the materials index
Lode's charts compared to the materials index


Written By

Jonathon Davidson


Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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