Lode Resources Ltd (ASX: LDR), an Australian mining exploration firm focused on polymetallic deposits within Tasmania’s West Coast Mining Province, has announced a significant new discovery at its Montezuma Silver & Antimony Project. Deep drilling intercepted a previously unrecognised silver-zinc mineralisation system adjacent to the existing resource, materially expanding the project’s growth potential. This opens an entirely new exploration front, complementing the project’s recently announced maiden JORC (2012) Mineral Resource Estimate of 8.2 million ounces of silver equivalent (AgEq).
Drill hole MZS42 returned an impressive 6.40 metres at 6.2% zinc, 1.5% lead, 0.1% antimony, 43g/t silver, and 0.1g/t gold. These high grades are comparable to world-class operations in Tasmania’s West Coast, such as the nearby Rosebery and Hercules mines. The mineral genesis of this replacement-style silver-zinc intercept is akin to the Renison and Mt Bishoff tin deposits, where carbonate replacement drives much of the mineralisation. This suggests the entire 40-metre-wide Maestries carbonate conglomerate unit could be a substantial drill target at depth.
Lode’s Managing Director, Keith Mayes, noted the transformative potential, stating, “The discovery of a replacement style silver-zinc mineralisation system sitting right alongside our existing 8.2Moz resource is the kind of result that can change the scale of a project.” This new prospect, immediately adjacent to the Montezuma fault silver-antimony mineralisation, creates conditions for a meaningful resource upgrade. The existing Montezuma lode remains open in all directions, with future drilling to efficiently test both systems.
Planned drilling will define the extent of both systems. Lode Resources is also advancing multiple funded drill programs across other high-grade prospects, including Fahlore, Silver Cliffs, and Persic. The company anticipates drilling at the Granville tin project in June, further building a pipeline of near-term catalysts across its district-scale position.
