Lode Resources (ASX:LDR) has reported discovering a second mineralisation system at its Montezuma Silver and Antimony Project in Tasmania, potentially expanding the existing 8.2-million-ounce silver equivalent resource.
Drill hole MZS42 intercepted 6.40m @ 6.20% zinc, 1.50% lead, 0.10% antimony, 43 grams per tonne silver, and 0.10g/t gold from 267.0m to 273.4m.
The company notes that the grades are comparable to those at the nearby Rosebery and Hercules mines in Tasmania’s West Coast Mining Province.
The discovery comprises replacement-style silver-zinc mineralisation within the Maestries carbonate conglomerate unit, which is distinct from the existing silver-antimony fault system.
Lode says the mineral genesis characteristics are similar to the nearby Renison and Mt Bishoff tin deposits, where most resource mineralisation results from carbonate replacement.
“The discovery … sitting right alongside our existing 8.2Moz resource is the kind of result that can change the scale of a project,” Managing Director Keith Mayes says.
“When we drill from the east, we’ll be able to test both the Montezuma silver and antimony lode and the newly discovered silver-zinc lode in a single hole — that’s a significant improvement in drilling efficiency.”
Replacement mineralisation typically increases in intensity towards the source of mineralising fluids. Consequently, the company now considers the entire 40m‑wide Maestries carbonate conglomerate unit a ‘drill target at depth’.
Lode recently announced an inaugural JORC Mineral Resource Estimate of 480,000 tonnes @ 533g/t silver equivalent for 8.2 million ounces silver equivalent at Montezuma, commencing work on a Scoping Study and Prefeasibility Study (PFS).
The existing Montezuma lode remains open in all directions, with drill-defined mineralisation extending over 250m strike length and 200m down dip.
The discovery of the adjacent silver-zinc system could support a resource upgrade, with further drilling planned to define the extent of both systems.
Write to JC Villarba at Mining.com.au
Images: Lode Resources
