Silver and base metals explorer Lode Resources (ASX:LDR) has made a new ‘high-grade’ discovery through first-pass reverse circulation (RC) at its Webbs Consol Silver Project in New South Wales.
The $8.86 million market capitalisation company says drilling at the Webbs Consol North prospect struck ‘significant’ silver and zinc mineralisation in several holes, expanding the mineralisation footprint in the area.
According to Lode, these intersections are not only similar to the ‘rich mineral endowment’ found at the Tangoa West Lode, but they also span a “considerably larger’ area — potentially representing multiple lodes or a large mineralised body.
Following the Webbs Consol North results, Lode is now gearing up for follow-up infill drilling, with plans to test mineralisation at depth at Webbs Consol North and other lodes in the project area, including Tangoa West.
On top of the ‘high-grade’ results, Lode says it struck numerous low-grade zones in the prospect area.
According to the company, while silver remains prevalent across all zones, the zinc grades reported from this RC work reflect the ‘increasing dominance’ of zinc-rich zones with depth.
Managing Director Ted Leschke says the Webbs Consol North prospect is shaping up to be a ‘significant’ addition to the company’s portfolio of mineralised lodes at the Webbs Consol project.
“LDR remains well funded for the further exploration work at both the Webbs Consol Silver and Uralla Gold Projects.”
Lode’s Webbs Consol Project lies 16km west-southwest of Emmaville in New South Wales, having been first discovered back in 1890 with intermittent mining up to the mid-1950s.
The project is home to several small, ‘high-grade’ silver-lead-zinc-gtold deposits, though mine shafts in the area were historically worked for galena and silver content only, with the zinc mineralisation discarded.
Lode also owns the Uralla Gold Project, an intrusive-related gold system in New South Wales, alongside 4 other zinc, copper, and base metals projects in the area.
According to its latest quarterly report, Lode Resources had around $3.2 million cash at hand at the end of December 2023.
Images: Lode Resources
