Webbs Consol Gold project

Lode Resources surges on ‘most significant’ drill intercepts to date at Webbs Consol Silver-Base Metal Project

Lode Resources (ASX:LDR) reports its Webbs Consol Silver-Base Metal Project has returned the best intercepts so far including the first hole drilled which intersected 50m grading 284 grams per tonne silver equivalent.

The WCS023 intercept is from the first drillhole at the Castlereagh prospect, intersecting ‘significant’, shallow, ‘high-grade’ silver-base metal mineralisation and exhibits the strongest mineral endowment of all intercepts to date.

It is the fifth thick, silver-base metal lode discovered at Webbs Consol.

The company’s share price was up 45% as of 1.30pm AWST on the back of the announcement.

The WCS023 intercept at the Castlereagh prospect is located 0.5km south of the Main Shaft prospect and 1.5km north of the recent discovery at the Tangoa West prospect.

Hole WCS023 at the prospect has intersected 50m grading 284 g/t silver equivalent from 17m, as well as 38.1m @ 370 g/t Ag-Eq from 24.6m, and includes 15m @ 582g/t Ag-Eq from 38.1m, and 1.1m @ 1,001 g/t Ag-Eq from 49.9m.

The WCS023 intercept is a strong indication of the mineral endowment of the Webbs Consol mineral system

The company reports while the true thickness of the Castlereagh lode is yet to be confirmed the WCS023 intercept is a strong indication of the mineral endowment of the Webbs Consol mineral system.

The Castlereagh prospect was discovered though the mapping of geomorphological and geochemical surface characteristics similar to that observed at the Tangoa West prospect.

Lode Resources notes that 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.

In addition to Castlereagh other silver-base metal lodes with mineralised drill intercepts include the Main Shaft, Mt Galena, Tangoa West and Lucky Lucy North prospects.

Webbs Consol is located 16km west-south-west of Emmaville, a town on the Northern Tablelands in the New England region of New South Wales, and was discovered in 1890 with intermittent mining up to the mid-1950s.

The project contains ‘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.

Historically several mine shafts were worked for the ‘high-grade’ galena and silver content only with ‘high-grade’ zinc mineralisation discarded.

Recent drilling by Lode Resources has shown mineralisation to be much more widespread and the mineralised lodes to be of much larger scale than previously thought.

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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.