ASX-listed Lode Resources’ shares more than doubled on the back of high-grade silver-lead-zinc-copper hits at its previously undrilled Tangoa West prospect in north-east NSW.
Lode’s shares opened at 31c today before reaching a high of 34c during the day’s trading after closing the previous day at 15c.
Tangoa West is a highly prospective target that forms part of Lode’s Webbs Consol silver base metals project.
The latest drill results are headlined by a 26.7m intercept going 399 grams per tonne silver equivalent from 30.1m, including 9.4m at 633 g/t silver equivalent from 31.6m.
The 9.4m section included a higher grade 3m hit from 37m going 376 g/t silver, 17.68 per cent lead, 0.28 per cent zinc and 0.64 per cent copper for a silver equivalent value of 1023 g/t.
The same hole also saw hits of 6.2m going 587 g/t from 50m including 2.9m at 344 g/t silver, 19.62 per cent lead, 1.54 per cent zinc and 0.82 per cent copper from 53.3m for a silver equivalent value of 1126 g/t.
We are very excited about the high-grade silver-base metal discovery at Tangoa West as it extends the high-grade Webbs Consol mineral system to 3kms. In addition, the newly recognised vertical mineralisation and alteration zonation identified in drilling to date has strong implications for mineralisation at depth at Webbs more broadly.
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 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.
Last month Lode reported significant early results at its Mt Galena prospect that show one 12.1m hole grading 312 grams per tonne silver equivalent from 48m including 9.4m at 394 g/t from 49.6m.
Lode says the intercept represents shallow mineralisation below Mt Galena, 220m south of the Shaft 1 prospect that previously reported intercepts of 27.5m at 468 g/t silver equivalent from 104.6m and 24.2m at 374 g/t from 122.9m.
The Webbs Consol mineral system now extends over a 3km north-south strike that incorporates Tangoa West to the south and Lucky Lucy North.
Down-hole and fixed loop electromagnetic geophysical surveys are underway to test mineralisation at prospective targets Shaft 1, Lucky Lucy North and now including Tangoa West.
The surveys will be completed ahead of deeper drilling scheduled for the company’s phase 2 program.
Lode’s latest share price surge to 34c more than triples its year-to-date low of 11c. Its peak price during the past eight months was 43.5c.
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