LODE RESOURCES LTD — Regulatory Filings 2021

Oct 4, 2021

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5 October 2021

DroneMag and Augur Survey Enhance Drill Targets at Uralla Gold Pr0ject

Highlights

• Initial high-density augur survey extends Drill Target 2 substantially at the Hudson’s Prospect. Soils up to 1.30 g/t Au

• High resolution DroneMag survey defines additional structures at the Hudson’s Prospect

• Drilling on multiple targets to commence shortly at Uralla Gold Project, in addition to current drilling at Webbs Consol Silver Project

Lode Resources Ltd (ASX: LDR or ‘Lode’ or ‘the Company’) is pleased to announce the successful completion of an initial high-density augur soil survey and DroneMag survey with both yielding exciting results.

Uralla Gold Project Initial High-Density Augur Survey

An initial high-density augur survey has been successful in expanding Drill Target 2 at the Hudson’s prospect, one of several gold prospects within the Uralla Gold Project.

Soils up to 1.30 g/t Au[2 ] show a strong anomalous trend to the North East and remains open in that direction. This is an exciting result as approximately 30% of total survey area was found to contain anomalous gold in soils. See Figure 1.

Lode previously reported 19 chip samples at Drill Target 2 that graded >1 g/t, averaged 3.41 g/t Au (up to 7.58 g/t Au)[1] and together with the gold in soil anomaly now defines a drill target area of 200m x 60m.

The significant area of anomalous gold in soils, as defined in this initial high-density augur survey, may suggest disseminated gold mineralisation is more widespread than previously thought and/or there are multiple mineralised structures with varied orientations hidden below soil cover.

2 Refer Appendix Table 1 of this announcement

1Refer LDR announcement 29 July 2021,

Lode Resources Ltd ACN 637 512 415 Level 30, 264 George St Sydney NSW 2000 I www.loderesources.com

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Figure 1: Hudson’s Prospect Drill Target 2 - rock chip and augur assays[1,2]

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Early Drill Target - 2
- gold in outcrop
Sample ID Au g/t
S29(6) 7.58
R40 6.31
R39 5.06
R153 4.64
R124 4.54
R55 4.29
R154 3.77
R152 3.76
R69 3.22
R111 3.10
R36 2.73
R65 2.69
R155 2.45
R156 2.17
R110 2.10
R37 2.03 1.15 g/t in soil
R91 1.96
R57 1.34
R151 1.08 1.30 g/t in soil
0.84 g/t in soil
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Photo 1: Exploration Manager Mitch Tarrant augur drilling at the Uralla Gold Project

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Deep soil (C horizon) samples were collected at 10m spacing on a 90m x 100m grid covering an area where outcrop, with no clear orientation of mineralising structures, returned multiple high-grade gold values.

Of the 110 augur soil samples collected 46 graded >20 ppb Au (42% anomalous), 16 samples graded >100 ppb Au (15% very anomalous) and 5 samples were >300 ppb Au (4% highly anomalous).

Overall, 56 chip sample gold assays grading > 1 g/t and averaging 3.29 g/t (up to 8.03 g/t) have now been received for the Hudson’s Prospect area of interest which is approximately 1,000m long and up to 500m wide. See Figure 2.

1Refer LDR announcement 29 July 2021, 2 Refer Appendix Table 1 of this announcement

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Post the impending initial 2,000m RC drill programme, further augur surveying is likely to be used to enhance other targets at Hudson’s where mapping and sampling of gold bearing outcrop is limited by soil cover and to test potentially mineralised splay structures associated with the “Bonanza Dyke” structure as interpreted by magnetics (see section on DroneMag is this announcement). See Figure 2

The recent discovery of geographically extensive occurrences of disseminated highgrade gold in relatively unweathered outcrop as well as widespread and pervasive alteration indicates that gold mineralisation is not restricted to thin quartz veins as was previously interpreted and this has strong implications for the Project’s bulk tonnage potential.

Visual observations and petrological study of thin sections has confirmed that this mineralisation can be classified as disseminated as it is hosted within moderate-tohighly altered (silica/sericite/potassic), predominantly siltstone, sedimentary rock (Sandon Beds) with a moderate amount of quartz stockwork veining and disseminated sulphides.

Uralla Gold Project DroneMag Survey

Lode has completed a high-resolution drone borne magnetic (DroneMag) survey at the Hudson’s prospect, one of several gold prospects within the Uralla Gold Project. This survey was flown on 10m line spacing and on low altitude flight path (generally 50m) so as to generate high resolution magnetic imagery. See Figure 2.

Photos 2: DroneMag survey in action

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The areas covered includes the Hudson’s Prospect (including Drill Targets 1,2 & 3), where multiple chip samples have previously returned high grade gold values, and Martin’s Shaft prospect where previous drilling returned multiple high-grade gold intercepts[1] .

Interpretations of imagery generated by the DroneMag survey is helping to develop a preliminary genesis model for gold mineralisation at the Uralla Gold Project and potentially could assist in enhancing existing targets as wells as delineating new targets. Previously it had become apparent that gold mineralisation sampled in outcrops is spatially related to the “Bonanza Dyke” structure, a prominent regional magnetic feature that strikes southwest-northeast for several kilometres.

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Figure 2: Hudson’s Prospect Drill – DroneMag (TMI) with structural interpretations and rock chip assays[1 ]

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Early Drill Target - 1
- gold in outcrop
Early Drill Target - 2
Sample ID Au g/t - gold in outcrop
S26A 4.74 Sample ID Au g/t
H6 3.78
S29(6) 7.58
S26D 2.92
R40 6.31
S26B 3.30
R39 5.06
R35 2.84
R153 4.64
S26C 1.16
R124 4.54
S344 1.14
R55 4.29
S345 1.11
R154 3.77
R152 3.76
R69 3.22
R111 3.10
Early Drill Target - Other
R36 2.73
- gold in outcrop
R65 2.69
Sample ID Au g/t R155 2.45
R148 7.46 R156 2.17
R121 4.72 R110 2.10
R87 3.54 R37 2.03
R99 3.20 R91 1.96
R102 2.09 R57 1.34
R106 1.86 R151 1.08
R147 1.76
R123 1.56
R109 1.36 Strong chargeability response
R105 1.33 coincides with easterly
R107 1.22
extrapolation of Drill Target 3
R149 1.00
mineralisation. See Figure 3.
Early Drill Target - 3
- gold in outcrop
Sample ID Au g/t
Interpreted splay structure
R28 8.03
R7 7.09
R52 6.38
R96 5.67
Newly interpreted splay structures R71 5.53
– potentially mineralised R4 5.29
R98 4.59
R54 4.12
R77 3.85
R80 3.51
R70 2.90
R73 2.47
R141 1.69
Blind Pluton
R140 1.61
R139 1.55
R138 1.48
R97 1.29
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Preliminary interpretation suggests that gold mineralisation is related to structures that splay off the “Bonanza Dyke” structure. These structures are subtly defined by moderate magnetic corridors situated between areas of magnetic destruction likely to reflect alteration, all encompassed within a moderately magnetic hallow that bounds the highly magnetic “Bonanza Dyke” structure.

This preliminary model indicates that other similar potentially gold bearing splay structures may exist below soil cover and provide additional exploration targets for further hand auger testing and eventual drilling.

1Refer LDR announcement 29 July 2021

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Uralla Gold Project Drilling

Lode’s initial drilling strategy for the Uralla Gold Project is to first scout test a variety of targets using a RC drill rig and then to follow-up on the best targets with a campaign of diamond drilling.

A minimum 2,000 metre RC drill program is set to commence this month with an allweather tracked RC drill rig contracted to arrive around 25 October. This rig will test outcropping high-grade gold mineralisation at the Hudson’s prospect, areas defined by anomalous soils as covered in this announcement, IP anomalies (see Figure 3) including those associated with known mineralisation and previously defined Au/As geochem anomalies.

The RC program will be followed with a further 2,000 metre of diamond drilling using an all-weather tracked diamond drill rig. This rig is currently drilling at Lode’s Webbs Consol Silver Project.

The Company plans to have drill samples assayed at ALS Labs in Brisbane which should allow for significantly faster turnaround of assay results versus reliance on labs in Orange, to the south.

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Figure 3 & 4: Hudson’s & McCrossin’s Prospects - Stacked IP pseudosections looking north
Strong chargeability
response coincides with
easterly extrapolation of
Strongest chargeability
Drill Target 3 mineralisation.
anomaly detected to date
See Figure 2 .
at the Uralla Gold Project
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Uralla Gold Project Overview

Located 8km west of the Uralla township Lode’s Uralla Gold Project is covered by EL8980 and EL9087. These two exploration licences cover over 300 km[2 ] which is almost the entire historic Uralla Gold field which was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s.

Lode believes the goldfield is host to Intrusive Related Gold System (IRGS) style mineralisation. The Uralla goldfield Uralla Granodiorite and other intrusives, which intrude Yarrowyck Granodiorite and Sandon Beds, are believed to be responsible for gold mineralisation in the Uralla Goldfield. The Uralla Project consists of several key drill targets, including the Hudson’s Prospect which has demonstrated gold mineralisation at surface and the Martin’s Shaft Prospect with high grade historical Au intercepts. See Figure 4.

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Lode has already conducted an extensive reconnaissance work at Uralla. This work includes extensive mapping and sampling which has revealed extensive disseminated gold mineralisation at surface and a strong association between gold mineralisation and sulphides. The Hudson’s prospect discovery was achieved though methodical field work over an area where limited soil and rock sampling by previous explorers indicated anomalous gold and arsenic values. Several other significant soil anomalies have also been defined at Uralla including McCrossin’s, Fraser’s Find, Bannawerra Discovery and Goldsworth prospects.

Each anomaly is defined by either enriched Au in soils, enriched As in soils, or both. In addition, the underlying geology is different for each anomaly indicating that gold mineralisation styles are likely to vary. Arsenic is known to be a path finder metal for gold mineralisation however this may vary with mineralisation styles. Lode intends to carry out additional mapping and sampling with a primary focus on areas adjacent to the “Bonanza Dyke” structure gold mineralisation appears to be spatially related to this significant regional feature. Aeromagnetics reveal that this well-known regional structure extends for several kilometres with a northeast-southwest orientation

In addition, a large IP survey has yielded multiple IP chargeability anomalies. The strong association between gold mineralisation and sulphide means the chargeability anomalies, as revealed in the recent extensive IP programme carried out by Lode, will also be tested by drilling.

Photos 2: Exploration Manager Mitch Tarrant (left) with IP geophysics crew

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Figure 4: The Uralla Gold Project – Gold soil assays plotted on geology and magnetics (TMI RTP 2VD) plus prospects with summary of rock chip and drilling assays previously reported[1]

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Goldsworth Prospect “Bonanza Dyke”
Elevated Au in soil samples, up to
2.58ppm
Historical drilling focus on
workings/narrow vein, not gold
anomaly
“Bonanza Dyke”
Frazer’s Find
Up to 76.90 g/t Au
and 1,110 g/t Ag in
waste dumps
Hudson’s Prospect Discovery – See Figures 1 & 2 Very poor recoveries
in previous shallow
Elevated Au (up to 1.30 ppm) and As in soil
drilling
Disseminated gold mineralisation discovery by Lode
IP chargeability
56 chip samples avg 3.29 g/t Au, up to 8.03 g/t Au
Approx. area 1,000m x 500m No soil anomaly detected on
single line detected
sampling
down dip
Bannawerra Discovery
Discrete soil anomaly with
elevated Au, As, Pb & Sb in soils
1.5km long structure
Chip samples up to 2.3 g/t Au
Shallow drill intercepts include: '
Martin s Shaft
13.9m @ 1.45 g/t Au
Broad intercepts with high grade core ’
4.9m @ 2.75 g/t Au McCrossin s Prospect
14.0m @ 4.83 g/t Au
Elevated As, Ba, Pb values
11.0m @ 5.38 g/t Au
Significant radiometrics
18.5m @ 2.41 g/t Au
Untested by drilling
8.0m @ 5.40 g/t Au
Strong IP chargeability anomaly
Remains open down dip and west
1Refer LDR announcement 29 July 2021 IP chargeability anomaly detected
down dip
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Figure 4: Lode’s Project Locations (yellow polygons)

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Mt Carrington
Twin Hills Gold & Silver
Gold &
Silver
Webbs Consol
Silver
Webbs
Silver Timbarra
Gold &
Silver
NSW
Elsinore
Thor
Copper
Gold Tea Tree
Gold
Uralla
Gold Hillgrove
Gold &
Rocky River Antinomy
Gold
Okapi Resources
Enmore Gold Discovery
Newmont Fender
Gold Copper
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This announcement has been approved and authorised by Lode Resource Ltd’s Managing Director, Ted Leschke.

Competent Person’s Statement

The information in this Report that relates to Exploration Results is based on information compiled by Mr Mitchell Tarrant, who is a Member of the Australian Institute of Geoscientists. Mr Tarrant, who is the Project Manager for Lode Resources, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Tarrant consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.

For further information, please contact: Investor Enquiries

Ted Leschke Managing Director Ted@loderesources.com

About Lode Resources

Lode Resources is an ASX-listed explorer focused on the highly prospective but underexploited New England Fold Belt in north eastern NSW. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by demonstrated high grade mineralisation and/or potential for large mineral occurrences

For more information on Lode Resources and to subscribe for our regular updates, please visit our website at www.loderesources.com

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JORC Code, 2012 Edition - Table 1.

Section 1 Sampling Techniques and Data

(Criteria	in this section apply to all succeeding sections.)
Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• Samples were collected by a qualified geologist. • 110 deep soil (C horizon) samples were collected at 10m spacing on a 90m x 100m grid using a hand- held petrol-powered auger. • Soil samples are sieved to 1000 microns with the fine fraction submitted for analysis. • Submitted sample weights ranged from 60-170 grams • All soils samples were assayed. • Sample locations were surveyed with a handheld GPS (+- 5m) and recorded.
Drilling techniques	• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so,bywhat method,etc).	• A hand-held petrol-powered auger was used to drill holes vertical holes down to soil C horizon, • Hole depth range from 0.2m to 1.4m.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Assay results should be seen as semi-quantitative as soils sampled from bottom of augur holes usually results in some dilution from shallower soil horizons.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	• No logging

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		• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.
Sub- sampling techniques and sample preparation		• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material beingsampled.					• Samples were sieved in the field. • Sample sizes are considered appropriate.
Quality of assay data and laboratory tests		• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.					• Samples are stored in a secure location and transported to the ALS laboratory in Brisbane QLD via a certified courier. Sample preparation comprised drying (DRY-21), weighed and pulverised (PUL-31). • The assay methods used were ME-MS41L (refer to ALS assay codes). ME-MS41L is aqua regia digest with ICP-MS analysis with various detection limits. This analysis provides extremely low detection limits. • Only internal laboratory checks were used for QACQ.
Verification of sampling and assaying		• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.					• Laboratory results have been reviewed by Project Manager. • Laboratory CSV files are merged with GPS Location data files using unique sample numbers as the key. • No adjustments made to assay data.
Location of data points		• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.					• Sample points were recorded using a handheld GPS (+- 5m). • Sampling points are recorded as x and y coordinates. • Accuracy is assumed to be +/-5m • Grid system used is GDA94 UTM zone 56
SampleID	Easting		Northing	Depth(m)	Auppm
S493	347740		6611490	0.3	0.0159
S494	347740		6611480	0.8	0.267
S495	347740		6611470	0.6	0.0106

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S496	347740	6611460	0.5	0.009
S497	347740	6611450	0.2	0.0046
S498	347740	6611440	0.5	0.022
S499	347740	6611430	1.1	0.0228
S500	347740	6611420	0.9	0.0446
S501	347740	6611410	0.7	0.0045
S502	347740	6611400	0.6	0.0033
S503	347740	6611390	1.2	0.0055
S504	347750	6611490	0.5	0.0057
S505	347750	6611480	1	0.0123
S506	347750	6611470	1	0.02
S507	347750	6611460	0.7	0.0091
S508	347750	6611450	0.7	0.0068
S509	347750	6611440	1.4	0.0085
S510	347750	6611430	0.6	0.0192
S511	347750	6611420	0.3	0.136
S512	347750	6611410	1.2	0.0028
S513	347750	6611400	0.8	0.0051
S514	347750	6611390	0.7	0.0107
S515	347760	6611490	0.6	0.0056
S516	347760	6611480	0.7	0.0128
S517	347760	6611470	0.8	0.0177
S518	347760	6611460	1	0.0132
S519	347760	6611450	0.8	0.0182
S520	347760	6611440	0.8	0.0341
S521	347760	6611430	0.3	0.0303
S522	347760	6611420	0.3	0.0495
S523	347760	6611410	1	0.0078
S524	347760	6611400	0.4	0.0064
S525	347760	6611390	1.1	0.0015
S526	347770	6611490	0.8	0.0437
S527	347770	6611480	0.3	0.0092
S528	347770	6611470	1.2	0.0534
S529	347770	6611460	1.2	0.0321
S530	347770	6611450	0.6	0.178
S531	347770	6611440	0.8	0.0166
S532	347770	6611430	0.3	0.0125
S533	347767	6611422	0.5	0.034
S534	347768	6611411	0.6	0.0143
S535	347770	6611400	1	0.0027
S536	347770	6611390	0.9	0.0017
S537	347780	6611490	0.8	0.0392
S538	347780	6611480	0.7	0.0184
S539	347780	6611470	1	0.0457
S540	347780	6611460	1	0.0407
S541	347780	6611450	0.8	0.156

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S542	347780	6611440	0.8	0.291
S543	347777	6611428	0.7	0.0274
S544	347780	6611420	1.1	0.0121
S545	347780	6611410	0.3	0.0036
S546	347780	6611400	0.7	0.0022
S547	347780	6611390	0.8	0.0048
S548	347790	6611490	0.6	0.012
S549	347790	6611480	0.7	0.022
S550	347790	6611470	0.7	0.0261
S551	347790	6611460	1	0.289
S552	347790	6611450	0.7	0.0165
S553	347790	6611440	1	0.309
S554	347790	6611430	0.3	0.002
S555	347790	6611420	0.9	0.0093
S556	347790	6611410	1	0.181
S557	347790	6611400	1	0.0048
S558	347790	6611390	0.8	0.0036
S559	347800	6611490	1	0.0099
S560	347800	6611480	1	0.0345
S561	347800	6611470	0.9	0.0351
S562	347800	6611460	1	0.0248
S563	347800	6611450	0.7	0.114
S564	347800	6611440	0.5	0.0096
S565	347800	6611430	0.8	0.0141
S566	347800	6611420	1	0.844
S567	347800	6611407	0.3	0.0029
S568	347800	6611400	0.3	0.0215
S569	347800	6611390	0.3	0.0008
S570	347810	6611490	1.3	0.0155
S571	347810	6611480	1.2	0.0183
S572	347810	6611470	1.2	0.0509
S573	347810	6611460	0.6	0.105
S574	347810	6611450	0.4	0.089
S575	347810	6611440	1.3	1.15
S576	347810	6611430	0.6	0.0169
S577	347810	6611420	0.7	0.0132
S578	347810	6611410	0.4	0.0012
S579	347810	6611400	0.3	0.0109
S580	347810	6611390	0.4	0.0009
S581	347820	6611490	0.7	0.011
S582	347820	6611480	0.5	0.0405
S583	347820	6611470	1	0.312
S584	347820	6611460	0.5	0.0323
S585	347820	6611450	0.3	0.0515
S586	347820	6611440	1.2	0.132
S587	347820	6611430	1	1.3

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S588		347820	6611420	0.7	0.012
S589		347820	6611410	0.9	0.0371
S590		347820	6611400	0.6	0.0023
S591		347820	6611390	0.7	0.0037
S592		347830	6611490	0.6	0.0194
S593		347830	6611480	0.6	0.222
S594		347830	6611470	0.7	0.0686
S595		347830	6611460	1.3	0.0358
S596		347830	6611450	0.5	0.072
S597		347830	6611440	0.6	0.0115
S598		347830	6611430	0.5	0.0051
S599		347830	6611420	0.6	0.0038
S600		347830	6611410	0.5	0.0013
S601		347830	6611400	0.4	0.0006
S602		347830	6611390	0.3	0.0005
Data spacing and distribution		• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.					• Results will not be used for resource estimation. • Sampling consisted 110 soil samples. • No composting has been applied.
Orientation of data in relation to geological structure		• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.					• No drilling results have been reported.
Sample security		• The measures taken to ensure sample security.					• Samples have been overseen by the Project Manager during transport from site to the assay laboratories.
Audits or reviews		• The results of any audits or reviews of sampling techniques and data.					• No audits or reviews have been carried out at this point.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The sampling was conducted on EL8980 • EL8980 is 100% held by Lode Resources Ltd. • Native title does not exist over EL8980 • All leases/tenements are in good standing
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Historic rock sampling and drilling Sovereign Gold
Geology	• Deposit type, geological setting and style of mineralisation.	• EL8980 falls within the southern portion of the New England Orogen (NEO). EL8980 contains in-situ Au and base metal occurrences. These occurrences may be intrusion or orogenic related.
Drill holeInformation	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes, including, easting and northing, elevation or RL, dip and azimuth, down hole length, interception depth and hole length. • If the exclusion of this information is justified the Competent Person should clearly explain why this is the case.	• No drilling results have been reported.

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Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high- grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearlystated.	• No drilling results have been reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• No drilling results have been reported.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plans and sections.	• Refer to plans and sections within report
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is considered to represent a balanced report.

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Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported.	• All meaningful and material data is reported.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	• Sampling and mapping activities are ongoing. • RC and Diamond drilling is planned to commence in the coming months.

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