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Lode primed for second drill campaign at NSW silver project

With an array of targets and 19 holes planned across 2350m, Lode Resources is set to embark on phase 2 of its drilling campaign at the company’s Webbs Consol silver-base metals project in NSW.

The upcoming drilling will target a combination of extensional drilling of previously discovered lodes as well as testing surface mineralisation identified from the phase 1 program, including the Tangoa West and Castlereagh prospects.

A previous drill hole at Tangoa West recorded a 26.7m hit going 399 grams per tonne silver equivalent from 31m.

A second hole at Tangoa West recorded a 31m intercept grading 224 g/t silver equivalent with a 7.5m intersection going 482 g/t from 45.2m.

Assays from drilling at the Castlereagh prospect returned a 50m intersect going 284 g/t silver equivalent from 17m that has also been identified for a potential extension.

The 50m hit contained several impressive sections with a 15m intercept reading 582 g/t silver equivalent from 38.1m including 1.1m going 1001 g/t from 49.9m.

The 1.1m section included a higher grade 0.6m hit from 52.5m going 711 g/t silver, 1.2 per cent lead, 12.1 per cent zinc and 0.17 per cent copper for a silver equivalent value at a whopping 1362 g/t.

Lode says drilling will test downdip extensions to more than 100m vertically below surface as well as strike extensions for both prospects.

The result was from Lode’s first hole at Castlereagh. The company says the results show the strongest mineral endowment of all intercepts so far at Webbs Consol.

Additional drill targets with high-grade surface mineralisation have been recently discovered 300m to 850m south-east of the Castlereagh prospect.

Surface chip samples from the site have been graded up to 1135 g/t silver, 7.51 per cent lead, 0.58 per cent copper and 0.47 g/t gold.

Previous grab samples at Tangoa West graded up to 745 g/t silver, 16.50 per cent lead, 14 per cent zinc and 0.50 g/t gold.

Webbs Consol was discovered in 1890, with intermittent mining up to the mid-1950s. Several mine shafts were worked for high-grade galena and silver content only, with zinc mineralisation discarded.

Lode says the previously unmined and undrilled Tangoa West prospect gives the company a diagnostic-type example of how the Webbs Consol lode mineralisation looked before the previous mining and remediation and will aid in exploration for similar occurrences.

In addition to the Castlereagh and Tango West targets, Lode has also recorded mineralised intercepts at its Main Shaft, Mt Galena and Lucky Lucy North prospects.

With nearly 42 million ounces of silver attributed to Australia in 2021 according to the US Geological Survey, the market will be keeping a close eye on what Lode Resources’ phase 2 drill program can unearth at Webbs Consol.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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