Lode Resources has fired up the drill rig again in the wake of its first successful strike at its Webbs Consol project some 120km north of Uralla in New South Wales.

The next phase of drilling will test depth and strike extensions of previous significant intercepts at the emerging Tangoa West and Castleragh prospects.

Lode caught the eye of market meerkats back in June when it released a clutch of notable hits from its Webbs Consol project including 26.7m running at 399 grams per tonne silver equivalent from 30.1m, including 9.4m at 633 g/t from 31.6m at the Tangoa West prospect.

The 9.4m section included 3m at 1023 g/t silver equivalent — 376 g/t silver, 17.68 per cent lead, 0.28 per cent zinc and 0.64 per cent copper — from 37m.

The company backed this up with more results in July from its maiden run, reporting a massive a 50m intersection going 284 grams per tonne silver equivalent from 17m at the nearby Castlereagh prospect.

The 50m hit contained several impressive sections with a 15m intercept reading 582 g/t silver equivalent from 38.1m including 1.1m going 1001 g/t from 49.9m.

Despite being exposed at the surface, both prospects were previously untouched by the drill bit.

Lode punched out 29 diamond holes for 3165m in its first foray with the rig at the Webbs Consol project with an impressive 22 holes intersecting significant mineralisation.

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

The company says its next phase of drilling will also test a suite of newly identified targets highlighted from surface sampling.

Recent rock chip sampling along strike of the Castlereagh and Lucy North prospects have graded up to 1,135g/t silver, 7.51 per cent lead, 0.58 per cent copper and 0.47 per cent gold providing some enticing targets for future drilling.

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 with zinc mineralisation discarded

The Webbs Consol silver and base metals project is located in New England Fold Belt and neighbours the more infamous Lachlan Fold Belt.

The New England Fold Belt holds considerable potential for economic mineralisation, despite the fact only one operating gold mine is currently active in the region.

With the rig of truth perforating a slew of intriguing shallow prospects at the Webbs Consol project, time will tell if Lode can prove up another valuable resource for the New England district.

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

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