Lode Resources (ASX:LDR) hits put more silver in its sights
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Lode Resources Webbs Consol Silver-Base Metals Project is continuing its streak of success after the discovery of two additional mineralised lodes close to surface from new targets.
With a total of five mineralised lodes drill tested to date and the Webbs Consol mineral system extending over a 3km north-south strike, there’s strong potential for the discovery of more shallow mineralised lodes both along strike and within the area currently being explored.
One of two latest holes Lode Resources (ASX:LDR) tested in early scout drilling intersected 50m of shallow sulphide mineralisation – the widest mineralised intercept to date at Webbs Consol.
It contains an estimated 3% sphalerite ((Zinc, Iron) Sulphur) 2% galena (Lead Sulphur), 0.5% chalcopyrite (Copper Iron Sulphur) from only 17m at the Castlereagh prospect.
Significant silver mineralisation is anticipated in assays as silver is known to be strongly associated with sulphides at Webbs Consol.
Another drill hole intersected 26.1m of shallow sulphide mineralisation containing an estimated 1% sphalerite, 1% galena and 0.5% chalcopyrite from just 32.5m at the Lucky Lucy North prospect.
As well as significant silver mineralisation, gold mineralisation is also anticipated as elevated levels of the yellow metal were encountered in a shallower drill hole at Lucky Lucy.
Both drill intercepts are believed to represent the upper levels of mineralised lodes and a transition to higher levels of mineralisation is anticipated at depth. They also demonstrate the existence of significant lodes with wide widths.
“The Castlereagh and Lucky Lucy North targets were previously undrilled and unmined, and are further examples of formerly unrecognised prospectivity at Webbs, first highlighted by our recent success at Tangoa West,” managing director Ted Leschke told Stockhead.
Lode announced eyewatering hits including 2.9m at 1,126g/t silver equivalent from Tangoa West last month.
Leschke described the intersection as “game changing” because it has not only unlocked the secret to the geology of the Webbs Consol project, but it also points to potential economies of scale.
Tangoa West is 2km south of Webbs Consol ‘Main Shaft’ where drilling has returned an intercept of 27.5m at 468g/t silver eq from 104.6m.
“We are gaining a much better understanding of the highly prospective nature Webbs Consol thanks to drilling to date and observation of dump material from various infilled shafts and historical records,” Leschke said.
“It is now understood that the mineralised lodes show vertical mineralisation and alteration zonation, with the dominant mineralisation grading into the next with depth.
“Silver is present in all zones but is particularly rich in the galena zone as would be anticipated.
“We’re now eargerly anticipating assay results then looking forward to exploring below the mineralised zones we have drilled so far.”
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.