The encouraging news keeps coming for Lode Resources, with results from the restart of drilling at its 100% owned Webbs Consol Silver-Base Metals Project showing significant shallow silver and base metals mineralisation below Mt Galena.

At the same time, drilling is now under way at Lode’s (ASX:LDR) newly identified Tangoa West target, which is 2km along strike from Webbs Main Shaft and has extended the strike length to 3km in total. This is highly encouraging given the number of similar targets yet to be tested in the current drill program at the project in the highly prospective but underexplored New England Fold Belt in New South Wales.

The newly recognised vertical mineralisation and alteration zonation have big implications for current drilling program at Webbs Consol, where historical workings appear to have mined/tested only the upper sections of mineralised lodes.

Some of the latest top results include: 12.1m at 312 grams per tonne (g/t) of silver equivalent (108 g/t silver, 5.49% lead, 0.36% zinc, 0.10% copper) from 48.0m, including 9.4 m at 394 g/t of silver equivalent from 49.6m.

Mt Galena (Shaft 3) is only 220m south of Main Shaft where drilling has previously returned (non-JORC) ‘bonanza’ grades of up to 800g/t silver equivalent or 16.24% zinc equivalent, among other strong results.

Silver is the only metal consistently present at significant grades in all zones at Webbs Consol so it is now considered the appropriate metal for metal equivalent calculations going forward. Metal equivalent grade figures encompass all metals of interest in a single element grade figure for easy comparisons.

At the highly prospective Tangoa West target, surface grab samples have graded up to a very encouraging 745g/t silver, 16.05% lead, 14.00% zinc and 0.50 g/t gold.

Managing Director Ted Leschke commented:

“The Webbs Consol mineral system now extends over a 3km north-south strike and this is highly encouraging given the number of similar targets that are yet to be tested in the current drill program. We now looking forward to seeing the first assays from Tangoa West, as well as starting Phase II drilling at Shaft and Lucky North.”

What’s next

Downhole electromagnetic (DHEM) and fixed-loop electromagnetic (FLEM) programs are on track to start early next month.  These geophysical techniques will test the depth and widths of conductive mineralisation at Shaft 1 and Lucky Lucy North, and possibly other prospects, ahead of deeper Phase II drilling.

Golden time

Just over 100km south of Webbs Consol, at the 100% owned Uralla Gold Project, Lode has completed Phase 1 drilling. This has broadly confirmed the discovery of a new style mineralisation at the Hudsons Prospect, a large mineral system providing bulk tonnage potential.

The newly discovered disseminated gold mineralisation presents significant drill targets for Lode, which it has refined by structural interpretation using a high-resolution drone-borne magnetic survey.

Lode Silver
A cross cection of Shaft 3 (Mt Galena) prospect with drill hole WCS012 mineralised intercept.




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.