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Lode gets better look at Uralla’s IRGS potential as it targets gold in the style of +30Moz Donlin Creek
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Special Report: Lode Resources has continued its geological detective work at the Uralla Gold Project, defining new targets while boosting its understanding of the project’s intrusive related gold system potential.
All assays from Lode’s (ASX:LDR) 1159 auger drill holes across approximately 1.6km2 at the Hudson’s group of prospects have now been received, with gold and pathfinder metals gridded, imaged and/or contoured. And the picture is promising.
A highlight from the results is the Dyke/Gracie lode area gold anomalies appearing to form a circular feature, potentially representing an intrusive pluton and large mineralisation system at depth.
There were also numerous gold anomaly highs among the results, with assays up to 1300 parts per billion of gold, and each representing a prospective drill target.
Approximately half of the defined gold anomalies have no hard rock outcrop, potentially indicating blind gold mineralisation. Pathfinder element anomalies also potentially represent mineralised lodes which are not obvious near surface, while other gold anomalies are enhancing Lode’s previous surface work.
More drilling has now been planned at Uralla to follow up on previous high-grade, near-surface results and geological insights suggesting the presence of an IRGS.
“We are very pleased with the results of the auger drilling as they indicate a number of new drill targets prospective for gold mineralisation including a circular cluster in the Dyke/Gracie area potentially representing a large mineral system at depth,” Lode managing director Ted Leschke said.
“Work is ongoing at Uralla with results contributing to planning for the upcoming drill program.”
The IRGS payoff
IRGS deposits occur in specific tectonic belts around the world and can host millions of ounces of gold.
“One of the largest IRGS deposits is the undeveloped Donlin Creek deposit in the prolific Tintina Gold Belt in Alaska, which hosts +30 Moz,” Leschke said.
Uralla was one of the earlier goldfields discovered in NSW’s New England Fold Belt and a significant gold producer in the 1850s.
But despite historical production of gold, silver and base metals, the belt has so far had modest drilling in recent times compared to the better known Lachlan Fold Belt to the south.
Lode’s savvy strategy led to it realising what previous explorers hadn’t – the gold mineralisation at Uralla isn’t restricted to thin quartz veins but also occurs as disseminated high-grade gold in relatively unweathered siltstone. This significantly increases the chances of defining a bulk tonnage gold deposit.
Lode has built a dominant position in the New England Fold Belt, with the company’s total landholding extending across 1700km2. Key among its assets is the Webbs Consol silver and base metals project, where mining giants Fortescue and Newmont Corporation have recently settled in as neighbours.
This article was developed in collaboration with Lode Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
