- Lode Resources up +150% on an outstanding silver drill hit –116.1m at 1003g/t silver equivalent from 90m — at the historic Webbs Consol project
- A drilling program at Meteoric’s Caldeira REE project is about to kick off, ahead of a maiden resource in the June quarter
- Up on no news: Golden State Mining, Volt Resources
Here are the biggest small cap resources winners in early trade, Wednesday February 1.
LODE RESOURCES (ASX:LDR)
LDR surged +150% on an outstanding silver drill hit – 116.1m at 1003g/t silver equivalent from 90m, including 3.1m at 3325g/t silver from 201m – at the historic Webbs Consol project in NSW.
That’s not true width but still very thick, very high grade, and not too deep, three basic criteria punters should look at when evaluating drill results.
LDR also uses silver equivalent numbers for simplicity, but the actual intercept contains lead, zinc, copper, and gold.
This hit from the so-called Tangoa West lode – one of six at the project — represents the highest endowment of all drill intercepts received to date, the company says.
It also doubles Tangoa West mineralisation to a depth of 200m vertically “and the lode width appears to increase with depth”.
Multiple follow-up drill holes have been designed to test Tangoa West up to a depth of 450m vertically, in addition to depth testing other lodes discovered by earlier drilling.
This drilling will kick off “imminently”.
“The exceptionally rich WCS045 drill intercept demonstrates strong vertical continuity of the Tangoa West Lode mineralisation and rapidly increasing mineral endowment with depth,” LDR managing director Ted Leschke says.
“This has depth potential implications for all six lodes discovered to date as well as the overall prospectivity and potential scale of Webbs Consol silver project.”
The tightly held $15m capped stock listed mid-2021 with three main projects – Uralla (gold), Fender (base metals) and Webbs Consol (silver, zinc) — in the underexplored New England Fold Belt of NSW, north of the better-known Lachlan Fold.
Webb Consol is now the clear focus, with 97% of spending in the December half funnelled towards the project. The explorer had ~$2m left in the bank at the end of December.
