Lode Resources (ASX:LDR) has extended mineralisation to 150m depth at the company’s Webbs Consol Silver-Base Metal Project in eastern New South Wales.
The company reports that phase one drilling at the project continues to deliver thick ‘high-grade’ sulphide intercepts and is ‘transforming’ its understanding of Webbs Consol’s prospectivity.
Its share price was up 11.76% as of 9am AWST.
Lode said drillhole WCS028 at the Main Shaft prospect has intersected 42m of sulphide mineralisation from 138.4m containing an estimated 6% sphalerite ((Zn,Fe)S), 1% galena (PbS) and 0.5% chalcopyrite (CuFeS2). Significant silver is also anticipated in pending assays.
The company reports that the WCS028 intercept demonstrates widening of lode mineralisation at depth and extends the lode to 150m vertically from surface, 90m below the deepest historical mine workings.
This has depth potential implications for other mineralised lodes discovered at Webbs Consol, Lode announced.
To date, phase one drilling has discovered five thick mineralised lodes rich in Ag, Pb, and Zn
To date, phase one drilling has discovered five thick mineralised lodes rich in Ag, Pb, and Zn with lesser Cu and Au. This together with more than 3km north-south strike and the latest deeper drill intercepts demonstrates the ‘significant’ but previously unrecognised prospectivity of the Webbs Consol mineral system.
Located 16km west-south-west of Emmaville, Webbs Consol was discovered in 1890 with intermittent mining up to the mid-1950s.
The Webbs Consol Project (EL8933) contains several small, but ‘high-grade’, silver-lead-zinc-gold deposits hosted by the Webbs Consol Leucogranite which has intruded the Late Permian Emmaville Volcanics and undifferentiated Early Permian sediments.
Several mine shafts were worked for the high-grade galena and silver content only with ‘high-grade’ zinc mineralisation discarded. Mineral concentration was via basic Chilean milling techniques and sluicing.
Some subsequent rough flotation of galena was carried out with no attempt to recover sphalerite. Ore mineralogy includes galena, sphalerite, marmatite, arsenopyrite, pyrite, chalcopyrite, minor bismuth, and gold.
Images: Lode Resources Ltd
