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Webbs Consol drilling amplifies NSW silver targets for Lode

Lode Resources continues to expand its Webbs Consol silver-base metal project in NSW after drilling extended the depth of two mineralised ore bodies at its Main Shaft and Lucky Lucy North prospects.

The latest drill hole at Main Shaft intersected 42m of sulphide mineralisation from 138.4m that contained an estimated 6 per cent sphalerite, 1 per cent galena and 0.5 per cent chalcopyrite.

The company says the intercept, a 30m vertical extension from a previous drill hole, shows a widening of lode mineralisation at depth.

A drill hole at Lucky Lucy North hit a 30.5m section of sulphide mineralisation from 47.4m that contains an estimated 4 per cent sphalerite, 1 per cent galena and 0.5 per cent chalcopyrite.

Lode says the intercept shows a transition to base metal mineralisation with depth.

A previous drill hole with a higher intercept showed elevated levels of gold and silver although it held little base metal values.

The company also expects significant silver results from both of the recently completed holes at Lucky Lucy North and Main Shaft.

Lode says phase 1 drilling at the project so far has discovered five thick mineralised lodes with high levels of silver, lead and zinc in addition to lower levels of copper and gold.

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

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

Last week the company’s share price surged more than 50 per cent after results from the first hole drilled at Castlereagh contained a 50m intersection going 284 grams per tonne silver equivalent from 17m.

Lode says the results at Castlereagh show the strongest mineral endowment of all intercepts so far at Webbs Consol.

The Webbs Consol mineral system extends over a 3km north-south strike incorporating Tangoa West to the south and Lucky Lucy North.

Surface 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.

The company says Tangoa West is of particular interest as a highly prospective drill target.

Whilst recent exploration for Lode has focussed on Webbs Consol, the company has a range of projects in the New England Fold Belt.

Lode says the belt holds considerable potential for economic mineralisation, despite only one operating gold mine being currently active in the region.

Phase 1 drilling has been completed at its Uralla gold project and confirmed the discovery of mineralisation at the Hudsons prospect.

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

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