Lode hits put more high-grade targets in its sights
Lode Resources is continuing is streak of positive news, with highly encouraging results from the restart of first-phase drilling at its 100% owned Webbs Consol Silver-Base Metals Project.
The latest drilling has intersected 12.1m of significant sulphide mineralisation, containing an estimated 3% galena – the natural mineral form of lead sulphide – from only 48m below the Mt Galena prospect. Mt Galena is 220m south of Main Shaft within the Webbs Consol mineral system, which extends over a 3km strike.
This results have big implications for Lode Resource (ASX:LDR) given the number of similar targets yet to be tested in the current 1,100m drill program in an area where historical workings appear to have mined or tested only the upper portions of mineralised lodes.
Significant silver mineralisation is also expected in assays because silver and galena have a strong association generally and this has already been seen in previous assays from Webbs Consol.
For example, the mineralised intercepts in another hole averaged 0.77% lead and a significant 118 grams per tonne (g/t) of silver. Another averaged a notable 0.49% lead and 63g/t silver.
Assays from the latest mineralised samples are anticipated in five weeks.
Lode Resources has now booked electromagnetic programs for next month to test the depth and widths of Webbs Consol and Lucky Lucy North mineralisation before deeper Phase II drilling gets under way.
Initial first-phase drilling at Webbs Consol returned substantial widths of extremely high-grade silver, zinc and lead hits and evidence the project can economically deliver very high recoveries.
Additionally, a new drill target with high grade surface mineralisation has been identified 2km south of the Webbs Consol Main Shaft. Surface grab samples have graded up to 745g/t silver 16.05% lead, 14% zinc and 0.50g/t gold.
The latest results follow February’s news of significant widths of gold mineralisation close to surface during drilling at the Hudson’s Prospect, indicating the bulk tonnage potential of its large Uralla gold project.
In the same month Lode uncovered high-grade copper and zinc, also close to surface at the historic Trough Gully copper mine.
Webbs Consol project is in the highly prospective but underexplored New England Fold Belt in New South Wales, where the current resource value is estimated to be just 2 per cent of the entire state because of lack of exploration.
Lode’s total landholding in the New England Fold Belt, including Uralla and Trough Gully, extends for 1,700sqkm.
Silver was the main target of historical mining of the Main Shaft prospect and other adjacent mines Webbs Consol. However zinc was the dominant metal encountered in just two drill holes into the same prospect by Lode.
It was discovered in 1890 with intermittent mining carried out until the mid-1950s.
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.