The hits keep coming for Lode Resources at its Webbs Consol project in north-east NSW after its latest drill hole at the company’s Tangoa West prospect found significant mineralisation pointing to silver.
The most recent hole intersected 31.1m of sulphide mineralisation with an estimated 7 per cent galena, 5 per cent sphalerite and 1 per cent chalcopyrite from 31m.
The company expects significant silver mineralisation from assays because the metal is strongly associated with both sphalerite and galena at Webbs Consol.
The intercept is Lode’s widest at Tangoa West so far, with mineralisation open at depth in addition to the north and south.
It is the second hole to hit significant mineralisation at the project after the company this week reported 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.
Lode says the two most recent holes show how underexplored the Webbs Consol project is and highlights the potential for further discoveries.
Tangoa West had not been mined or drilled before the latest exploration despite the prospect being exposed at surface.
Drilling at the site is continuing to test other recently recognised near-surface targets at Webbs Consol with 10-15 holes remaining.
The Webbs Consol mineral system now extends over a 3km north-south strike that incorporates Tangoa West to the south and Lucky Lucy North.
Downhole and fixed-loop electromagnetic geophysical surveys are underway to test mineralisation at prospective targets Shaft 1, Lucky Lucy North and now including Tangoa West ahead of deeper phase 2 drilling.
Webbs Consol was discovered in 1890, with intermittent mining up to the mid-1950s.
The US Geological Survey says world production of silver in last year was 771.6 million ounces, with about 42 million attributed to Australia.
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