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Lode Resources Ltd (ASX:LDR) is acquiring a high-grade polymetallic play in Tasmania – the Montezuma Antimony Project – where surface grab samples revealed up to 25.4% antimony (Sb) and 3,050 grams per tonne (g/t) silver (Ag).
The company signed a heads of agreement to take on 100% of the project located in Tasmania’s West Coast mining province. It’s surrounded by prominent mining centres such as Rosebery (zinc-copper-lead), Renison Bell (antimony), Henty (gold), and Zeehan (lead-silver).
Core samples from drilling at Montezuma have backed up strong grades from grab samples, and included up to 20.3% Sb and 1,990g/t Ag, while development face samples have shown grades as high as 21.4% Sb and 2,478g/t Ag.
Bulk sampling has commenced alongside an exploration drive, with representative bulk sampling grades averaging 4.75% Sb and 239 g/t Ag (for combined mineralisation/waste), while average grades for mineralisation were set at 9.02% Sb and 769 g/t Ag.
Additionally, the project – which is also prospective for lead – boasts advanced metallurgical work, significant mining equipment and beneficiation infrastructure.
Crucially, the metallurgical work has shown that a saleable antimony product is possible, with recoveries of 90% being taken from previous testing.
Research and development (R&D) funding discussions are continuing with institutions both within Tasmania, Australia and other countries.
Lode shares rose on the news, and at 15:16 AEDT, they were trading at 12.5 cents – a rise of 13.64% since the market opened.
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