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Lode Resources (ASX:LDR) up 43% on best drill intercepts yet at Webbs Consol Silver-Base Metal Project
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Lode Resources’ Webbs Consol Silver-Base Metal Project has returned the best intercepts to date: One is from the first hole drilled at the newly discovered Castlereagh prospect which intersected 50m grading 284 grams per tonne of silver equivalent (g/t) from only 17m.
It is the fifth thick, silver-base metal lode discovered at Webbs Consol in a streak of recent success and another pointer to the project’s highly prospective but under-explored mineral system.
The news also put a rocket under Lode Resources’ (ASX:LDR) share price, which rose 33% in early trade on Monday and is now up 43%.
The Castlereagh intercept is from 0.5km south of the Main Shaft prospect and 1.5km north of the “game-changing” Tangoa West prospect, which last month returned hits including a massive aggregate of 5.9m at1,074 g/t silver equivalent from two very high-grade intercepts.
The Castlereagh prospect was discovered through mapping of diagnostic surface characteristics that are similar to the Tangoa West prospect.
A silver key
Tangoa West has therefore given Lode a diagnostic example of the features of the Webbs Consol lode style mineralisation.
Managing director Ted Leschke told Stockhead that Lode now had a key to exploration across the project in the mineral-rich but underexplored New England Fold Belt in New South Wales.
“While the true thickness of the Castlereagh lode is yet to be confirmed the intercept is a strong indication of the mineral endowment of the Webbs Consol mineral system,” he said.
“The Castlereagh prospect was discovered through the mapping of geomorphological and geochemical surface characteristics similar to that observed at the Tangoa West prospect.
“It is a great example of how under-explored the Webbs Consol project is and the potential for further discoveries, through the drilling of mapped surface targets as well as extension and/or blind targets generated through geophysics.”
‘Game-changing’ streak continues
Meanwhile the potential of the Tangoa West prospect, which has never been mined or drilled despite being exposed at surface, has been further confirmed by two new intercepts. One hole in the Phase 1 campaign intersected 31m at 224g/t silver equivalent from only 30.6m and another hit 26.7m at 399g/t silver equivalent from 30.1m.
Both Tangoa West and Castlereagh prospects exhibit the strongest mineral endowment of the five thick silver-base metal lodes discovered to date at Webbs Consol and are open at depth and along strike.
More lodes to go
In addition to Castlereagh and Tangoa West other silver-base metal lodes with mineralised drill intercepts include the Main Shaft, Mt Galena and Lucky Lucy North prospects.
The Webbs Consol mineral system now extends over a 3km north-south strike with the depth extent a key focus of Phase 2 drilling in addition to testing newly mapped surface mineralisation.
Webbs Consol was discovered in 1890 with only intermittent mining up to 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.
