Lode Resources follows up silver with gold

Special Report: Hot on the heels of intercepting significant silver and zinc mineralisation at it Webbs Consol North prospect, Lode Resources has completed an auger drilling program at the Uralla Gold Project in NSW to better understand its intrusive related gold system (IRGS) potential.

Among the highlights from earlier drilling programs followed up on are 26m @ 2.8g/t gold, including 14m @ 4.8g/t and 18m @ 3.5g/t, including 7m @ 7.47g/t.

Lode Resources (ASX:LDR) is already planning more drilling at Uralla via an auger program across the 1.6km2 Hudson group of prospects in the June quarter.

While the design of an extension and infill drilling program for Webbs Consol – including Tangoa West and other silver and zinc targets – is finalised, the company is looking to keep the pace going across the rest of its portfolio in NSW’s highly prospective New England Fold Belt.

“We have previously had excellent drilling results at Uralla with our first pass program,” LDR managing director Ted Leschke says.

“Given Uralla’s extensive area, this auger drill program has been designed to most cost effectively identify targets for our upcoming programs, including deeper drilling at the best prospects.

“Progressive exploration success and the understanding of IRGS mineralisation at the Hudson group of prospects has strong implications for the entire Uralla goldfield which is almost entirely covered by Lode’s exploration licences.

“The auger drilling results will be incorporated into drill programs planned for the coming months, and we are fully funded for drilling at both Uralla gold and Webbs silver.”

Uralla was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850s.

Despite this long history, the mineralisation style was only recently recognised as being an IRGS, which has strong implications for the Uralla project’s discovery potential.

LDR’s holdings cover more than 300km2 at Uralla, which is almost the entire historic goldfield.

Across its seven 100% owned projects, the company has more than 1,800km2 under exploration.

Less than a month ago, LDR announced it had intersected significant silver and zinc mineralisation in several drill holes at the Webbs Consol North prospect within its 100% owned Webbs Consol silver Project.

A follow-up program is now being designed to infill drill spacing and test mineralisation at depth at Webbs Consol North and other lodes discovered to date, including Tangoa West. Other targets of known mineralisation are also under consideration.

“The Webbs Consol North prospect is shaping up to be a significant addition to the portfolio of mineralised lodes discovered to date at the Webbs Consol silver project,” Leschke says.

“Lode remains well funded for the further exploration work at both the Webbs Consol silver and Uralla gold projects.”

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.