Lode Resources was already onto a game changing find at its Webbs Consol project, now it has hit it out of the park with a massive 1,000g/t silver equivalent intersection close to surface at the Tangoa West prospect.

Lode Resources (ASX:LDR) is quickly proving that the silver-lead-zinc mineralisation at its Webbs Consol project is not just confined to below old workings after finding thick and extremely high-grade silver starting around just 30m from surface.

A top hit of 2.9m at 1,126 grams per tonne (g/t) silver equivalent was returned from a broader 6.2m at 587g/t starting at 50m at the Tangoa West prospect. This was accompanied by an intercept of 3m at 1,023g/t from within a thicker 26.7m at 399g/t that started at 30.1m from surface.

The combination of those two intercepts equates to a hit of 5.9m at 1,074g/t.

These latest assays resulted from the drilling of mapped surface targets with no history of past mining and demonstrate just how underexplored the Webbs Consol project is.

There is strong potential for further discoveries through the drilling of mapped surface targets as well as extension and/or blind targets generated through geophysics, Lode says.

“We are very excited about the high-grade silver-base metal discovery at Tangoa West as it extends the high-grade Webbs Consol mineral system to 3 kilometres,” managing director Ted Leschke said.

“In addition, the newly recognised vertical mineralisation and alteration zonation identified in drilling to date has strong implications for mineralisation at depth at Webbs more broadly.”

Lode’s Webbs Consol looks to have all the right ingredients for success with the right geology and potential economies of scale.

Tangoa West is located 2km south of the Webbs Consol Main Shaft, where drilling previously returned a high-grade intercept of 27.5m at 468g/t silver equivalent from 104.6m among other strong results.

Leschke previously described Tangoa West as a game changer for Lode Resources because of the fact it has volume potential and high grades – two key things every explorer hopes to find.

The view is that there are multiple deposits within the Webbs Consol project that should extend at depth. Tangoa West is one of a number of targets currently being drill tested at the Webbs Consol project.

The project is located in the mineral-rich but underexplored New England Fold Belt in New South Wales.

The current in situ resource value of the New England Fold Belt is estimated to be just 2 per cent of the entire state due to a lack of exploration. Despite historical production of gold, silver and base metals, it has seen very modest drilling compared to the well picked-over Lachlan Fold Belt to the south.

Down Hole Electromagnetic (DHEM) and Fixed Loop Electromagnetic (FLEM) geophysical surveys are currently underway targeting the most prospective mineralisation encountered in drilling so far at the Shaft 1, Lucky Lucy North and Tangoa West prospects ahead of deeper phase II drilling.




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.