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Lode Resources Ltd (ASX:LDR) continues to progress exploration activities at its Magwood antimony project in New South Wales, with an upcoming diamond drilling program guided by sampling from mine dumps which have revealed up to 41.7% antimony (Sb) and up to 6.14 grams per tonne (g/t) of gold (Au).
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Magwood antimony mine – located in the New England Fold Belt – was Australia’s largest primary producer of this commodity until the 1970s, with yearly production rates including grades between 4% and 62% Sb.
However, it has never been subjected to drilling work, even though exploration mapping and literature reviews have identified numerous antimony-bearing lodes.
Mine dump grab samples have included: 16.3% Sb, 41.7% Sb, 29.8% Sb and 24.3% Sb. Additionally, one grab sample yielded a grade of 6.14 g/t, showing the potential for gold bearing lodes at depth.
Lode is focusing on four main elements in its planned drilling campaign at Magwood: lode structures which are sub-parallel to mine workings, unmined mineralisation within the mine workings, down dip/plunge extensions of the Magwood mine antimony lode at depth, and a potential dilation zone located 700m northeast of the Magwood deposit.
Managing director Ted Leschke said the mine’s record and historical grades made it site worthy of focus.
“The Magwood antimony mine is a highly attractive drill target given it has not been drilled to date despite a history of significant antimony production,” he said.
“Lode’s second antimony asset is just screaming out to be drilled. The geology of
the Magwood mine draws strong geological analogies with the Hillgrove antimony mine located a short distance to the south.
“The Magwood and Montezuma Antimony Projects together form a formidable antimony division within Lode.”
Montezuma is located in the West Coast Mining Province of Tasmania, and is currently undergoing drilling work.
Lode shares have moved up following the news, and at 11:25 AEST, they were trading at 13.2 cents – a rise of 10.42% since the market opened.
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