Lode Resources’ (ASX:LDR) share price leapt 33% in early trade on Monday after it reported high-grade silver hits at the Webbs Consol Project in New South Wales, Australia.
Highlights:
- The first hole drilled at the newly discovered Castlereagh prospect intersected 50m grading 284 grams per tonne of silver equivalent (g/t) from only 17m.
- It is the fifth thick, silver-base metal lode discovered at Webbs Consol in a streak of recent success and another pointer to the project’s highly prospective but under-explored mineral system in the mineral-rich but underexplored New England Fold Belt in New South Wales.
- The Castlereagh prospect was discovered through the mapping of geomorphological and geochemical surface characteristics similar to that observed at the “game-changing” Tangoa West prospect
- The latest intercept is a great example of how under-explored the Webbs Consol project is and thepotential for further discoveries.
WCS023 Silver-Base Metal Intercept Assays at Castlereagh Drill hole WCS023 has intersected 50.0m grading 284 g/t silver equivalent1 at the newly discovered Castlereagh prospect.
The WCS023 intercept is from the first drill hole at the Castlereagh prospect, intersecting significant, shallow, high-grade silver-base metal mineralisation and exhibits the strongest mineral endowment of all intercepts to date. It is the fifth thick, silver-base metal lode discovered at Webbs Consol.
The WCS023 intercept at the Castlereagh prospect is located 0.5km south of the Main Shaft prospect and 1.5km north of the recent discovery at the Tangoa West prospect.
Intercept details are as follows: 0.0m @ 284 g/t AgEq1 (95 g/t Ag, 2.87% Pb, 1.79% Zn, 0.08% Cu) from 17.0m including: 38.1m @ 370 g/t AgEq1 (124 g/t Ag, 3.74% Pb, 2.30% Zn, 0.11% Cu) from 24.6m including: 15.0m @ 582 g/t AgEq1 (242 g/t Ag, 6.17% Pb, 2.46% Zn, 0.19% Cu) from 38.1m including: 1.1m @ 1,001 g/t AgEq1 (310 g/t Ag, 20.90% Pb, 0.48% Zn, 0.04% Cu) from 49.9m and: 0.6m @ 1,362 g/t AgEq1 (711 g/t Ag, 1.20% Pb, 12.10% Zn, 0.17% Cu) from 52.5m
Whist the true thickness of the Castlereagh lode is yet to be confirmed the WCS023 intercept is a strong indication of the mineral endowment of the Webbs Consol mineral system.
The Castlereagh prospect was discovered though the mapping of geomorphological and geochemical surface characteristics similar to that observed at the Tangoa West prospect.
It is a great example of how under-explored the Webbs Consol project is and the potential for further discoveries through the drilling of mapped surface targets as well as extension and/or blind targets generated through geophysics. In addition to Castlereagh other silver-base metal lodes with mineralised drill intercepts include the Main Shaft, Mt Galena, Tangoa West and Lucky Lucy North prospects.
Webbs Consol Project Overview
Located 16km west-south-west of Emmaville, Webbs Consol was discovered in 1890 with intermittent mining up to the mid-1950s. The Webbs Consol Project (EL8933) contains high grade, silver-lead-zinc-gold deposits hosted by the Webbs Consol Leucogranite which has intruded the Late Permian Emmaville Volcanics and undifferentiated Early Permian sediments.
Historically several mine shafts were worked for the high-grade galena and silver content only with high-grade zinc mineralisation discarded. Recent drilling by Lode Resources has shown mineralisation to be much more widespread and the mineralised lodes to be of much larger scale than previously thought.
For further information please visit: https://loderesources.com/
