- Lode Resources (LDR) has hit 50 metres of 284 g/t silver equivalent at the Castlereagh prospect within the Webbs Consol silver-base metal project in NSW
- Hole WCS023 was the first hole drilled at the prospect and, within the 50-metre interval, intersected up to 1362 g/t silver equivalent
- The Tangoa West Prospect also returned a high-grade result of 31 metres at 224 g/t silver equivalent which, when combined with Castlereigh results, exhibit the “strongest mineral endowment” of the five lodes discovered so far at the Webbs Consol Project
- The Webbs Consol Project’s mineral system now extends over three kilometres of strike which will be tested in phase two drilling
- Company shares are up 33.3 per cent to trade at 20 cents at market close
Lode Resources (LDR) has reportedly received the “most significant” drill intercepts to date at the Webbs Consol silver-base metal project in New South Wales.
The company received some results from phase one drilling at the Castlereagh, Main Shaft, Mt Galena, Tangoa West and Lucky Lucy North prospects.
Hole WCS023 was the first drill hole at the Castlereagh prospect, located 500 metres south of the Main Shaft prospect and 1.5 kilometres north of the Tangoa West prospect.
The drillhole intersected 50 metres of 284 grams per tonne (g/t) silver equivalent (silver, lead, zinc and copper) from 17 metres.
Within this interval were several higher-grade zones of silver including 15 metres at 582 g/t silver equivalent from 38.1 metres and 0.6 metres at 1362 g/t silver equivalent from 52.5 metres.
Whist the true thickness of the Castlereagh lode is yet to be confirmed, the company said the WCS023 intercept strongly indicates the “mineral endowment” of the Webbs Consol mineral system.
Over at Tangoa West, hole WCS020 intersected 31 metres of 224 g/t silver equivalent from 30.6 metres including 7.5 metres at 482 g/t silver equivalent from 45.2 metres and 0.6 metres at 1051 g/t silver equivalent from 50.4 metres.
According to Lode, this is the second consecutive drillhole to intersect significant, shallow sulphide mineralisation at the Tangoa West prospect.
Based on the results, the company concluded that both the Tangoa West and Castlereagh prospects exhibit the “strongest mineral endowment” of the five silver-base metal lodes discovered so far at the Webbs Consol Project.
The Webbs Consol Project’s mineral system now extends over three kilometres of strike.
In the phase two drilling program, the focus will be to test the depth extent of the mineralisation as well as test newly mapped surface mineralisation.
Company shares were up 33.3 per cent to trade at 20 cents at market close.