LODE RESOURCES LTD — Regulatory Filings 2021

Jul 28, 2021

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29 July 2021

Lode Ramps Up Exploration at Uralla Gold Project

Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to announced that, following its recent discovery of disseminated gold mineralisation with bulk tonnage potential at its 100% owned Uralla Gold Project, exploration is to ramp up significantly at the Project, one of three drill ready projects located in the New England Fold Belt in North East NSW.

Highlights

Encouraged by the recent discovery of widespread gold mineralisation at the Hudson’s prospect Lode is ramping up exploration on several fronts, particularly whilst scheduled drilling at Uralla is slightly delayed by wet ground conditions:

1. Mapping and sampling of several significant gold/ arsenic anomalies within the Uralla Gold Project as well as extension areas to the Hudson’s prospect discovery.

2. DroneMag Survey of Hudson’s prospect.

3. Planned Hymap SWIR Survey over Uralla Gold, Thor Gold and Fender Copper projects.

4. Drilling at Uralla using track mounted diamond rig

Details

Lode Resources recently announced the discovery of a new style of gold mineralisation at its Hudson's prospect, one of several prospects at Lode's Uralla Gold Project located in the New England Fold Belt of NSW. To date 56 chip sample gold assays[1,2] grading > 1 g/t averaged 3.29 g/t (up to 8.03 g/t) have now been received from the Hudson’s prospect area of interest, which is approximately 1,000m long and up to 500m wide.

Encouraged by this discovery Lode is ramping up exploration on 3 fronts. We hope to use the weather induced delay to our maximum advantage and collect and utilise as much data as possible in the time available prior to drilling to further refine previously identified drill hole locations at Uralla as well as at our other Projects targeted in future drilling this year.

1 Refer LDR Prospectus 14 April 2021 p139 (IGR p65 Table 12) & LDR Supplementary Prospectus 6 May 2021, 2Refer announcements 5 July 2021 & 20 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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1/ Mapping and Sampling

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. See Figures 1 & 2.

Figure 1: The Uralla Gold Project – Gold soil assays[1] plotted on geology and magnetics (TMI RTP 2VD)

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Goldsworth Prospect “Bonanza” Dyke
Elevated Au in soil samples, up to
2.58ppm [1]
Historical drilling focus on
workings/narrow vein, not gold
anomaly
“Bonanza” Dyke
Frazer’s Find
Up to 76.90 g/t Au [1]
and 1,110 g/t Ag [1 ] in
waste dumps
Hudson’s Prospect Discovery – See Figure 3. Very poor recoveries
in previous shallow
Elevated Au (up to 0.15ppm) and As in soil
drilling
Disseminated gold mineralisation discovery by Lode
IP chargeability
56 chip samples avg 3.29 g/t Au [2] , up to 8.03 g/t Au [2]
No soil anomaly detected on
Approx. area 1,000m x 500m
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 [1]
Shallow drill intercepts include: '
Martin s Shaft
13.9m @ 1.45 g/t Au [1]
Broad intercepts with high grade core ’
4.9m @ 2.75 g/t Au [1] McCrossin s Prospect
14.0m @ 4.83 g/t Au [1]
Elevated As, Ba, Pb values
11.0m @ 5.38 g/t Au [1]
Significant radiometrics
18.5m @ 2.41 g/t Au [1 ]
Untested by drilling
8.0m @ 5.40 g/t Au [1 ]
Strong IP chargeability anomaly
Remains open down dip and west
IP chargeability anomaly detected
down dip
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1 Refer LDR Prospectus 14 April 2021 p45, p139 (IGR p65 Table 12), p157 (IGR p85 Table 15), p199 (IGR p125), p202 (IGR p128 Table 25) & LDR Supplementary Prospectus 6 May 2021

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Figure 2: The Uralla Gold Project – Arsenic soil assays[1] plotted on geology and magnetics (TMI RTP 2VD)

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Goldsworth Prospect
“Bonanza” Dyke
Elevated Au in soil samples, up to
2.58ppm [1]
Historical drilling focus on
workings/narrow vein, not gold
anomaly
1,800m strike length
“Bonanza” Dyke
Frazer’s Find
Up to 76.90 g/t Au [1]
Hudson’s Prospect Discovery – See Figure 3. and 1,110 g/t Ag [1 ] in
waste dumps
Elevated Au (up to 0.15ppm) and As in soil
Very poor recoveries
Disseminated gold mineralisation discovery by Lode
in previous shallow
56 chip samples avg 3.29 g/t Au [2] , up to 8.03 g/t Au [2]
drilling
Approx. area 1,000m x 500m
No soil IP chargeability
sampling anomaly detected on
single line detected
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 [1]
Shallow drill intercepts include:
13.9m @ 1.45 g/t Au [1] Martin's Shaft
4.9m @ 2.75 g/t Au [1] Broad intercepts with high grade core McCrossin’s Prospect
14.0m @ 4.83 g/t Au [1]
Elevated As, Ba, Pb values
11.0m @ 5.38 g/t Au [1]
Significant radiometrics
18.5m @ 2.41 g/t Au [1 ]
Untested by drilling
8.0m @ 5.40 g/t Au [1 ]
Strong IP chargeability anomaly
Remains open down dip and west
IP chargeability anomaly detected
down dip
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1 Refer LDR Prospectus 14 April 2021 p45, p139 (IGR p65 Table 12), p157 (IGR p85 Table 15), p199 (IGR p125), p202 (IGR p128 Table 25) & LDR Supplementary Prospectus 6 May 2021,[2] Refer LDR announcements 12 July 2021 & 20 July 2021.

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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 will carry out additional mapping and sampling with a primary focus on areas adjacent to the “Bonanza Dyke” as gold mineralistion appears to be spatially related to this significant regional feature (see Figure 3). Aeromagnetics reveal that this well-known regional structure extends for several kilometres with a northeast-southwest orientation (see Figures 1 & 2).

Figure 3: The Hudson’s Prospect – Rock chip sampling gold grades[1,2 ] highlighted in yellow Only grades >1 g/t are tabulated.

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Early Drill Target - 1
- gold in outcrop Early Drill Target - 2
Early Drill Target - Other Sample ID Au g/t - gold in outcrop
- gold in outcrop
S26A 4.74 Sample ID Au g/t
Sample ID Au g/t H6 3.78 S29(6) 7.58
R148 7.46 S26D 2.92 R40 6.31
R121 4.72 S26B 3.30 R39 5.06
R87 3.54 R35 2.84 R153 4.64
R99 3.20 S26C 1.16 R124 4.54
R102 2.09 S344 1.14 R55 4.29
R106 1.86 S345 1.11 R154 3.77
R147 1.76 R152 3.76
R123 1.56 R69 3.22
R109 1.36 R111 3.10
R105 1.33 R36 2.73
R107 1.22 R65 2.69
R149 1.00 R155 2.45
R156 2.17
R110 2.10
R37 2.03
R91 1.96
R57 1.34
R151 1.08
Strong chargeability response
coincides with easterly
extrapolation of Drill Target 3
mineralisation. See Figure 5.
Early Drill Target - 3
- gold in outcrop
Sample ID Au g/t
R28 8.03
R7 7.09
R52 6.38
R96 5.67
R71 5.53
R4 5.29
R98 4.59
R54 4.12
R77 3.85
R80 3.51
R70 2.90
R73 2.47
R141 1.69
R140 1.61
R139 1.55
1 Refer LDR Prospectus 14 April 2021 p139 (IGR p65 Table 12) & LDR Supplementary R138 1.48
Prospectus 6 May 2021, [2] Refer announcements 12July 2021 & 20 July 2021. R97 1.29
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2/ DroneMag Survey

Lode will conduct a DroneMag Survey at Uralla. This close spaced high-resolution magnetic survey will initially target the Hudson’s prospect with the aim of delineating structures that control gold mineralisation recently discovered through surface mapping and sampling. The intention is to define the orientation and extensions of these gold bearing structures as well as identify additional gold bearing structures obscured by surface cover.

3/ Planned Hymap SWIR Survey

Lode will perform a Hymap SWIR Survey over Uralla Gold Project, the Thor Gold Project and Fender Copper Project.

This industry-leading geophysical application is an airborne hyperspectral remote sensing technique used to map mineral alteration zones associated with gold and other metal deposits. Important alumino-silicate minerals, including alunite, pyrophyllite, kaolinite and sericite are associated with various hydrothermal gold deposits and can be detected by this latest technology. Hymap differs

from early remote sensing techniques in that spectral data is acquired over 128 bands, a 10-fold increase over prior capabilities, across the reflective solar wavelength region. Significantly improved spectral and spatial resolution can differentiate mineralogy to accurately map mineral distributions.

It’s important to note that only approximately 10% of the Uralla Gold Project’s 302 km[2] area has been covered by detailed soil sampling and the remaining areas potentially would take years to cover. Furthermore, historical work carried out over numerous prior campaigns over many years has resulted in variable applied sampling and assay methods resulting in variable data quality. The Hymap SWIR Survey can, in effect, help focus our exploration effort on the most prospective areas and be an important complement to soil sampling campaigns.

4/ Drilling

Lode Resources is set to drill all 3 of its drill-ready projects including the Uralla Gold Project. Unusually heavy winter rains in NSW, resulting in continuous wet ground conditions, have prevented commencing drilling using a large truck mounted rig and support equipment supplied by the driller, as per our original timetable It’s worth noting that these conditions have impacted almost every exploration project in the region.

Lode has sourced a lighter track mounted drill rig which should become available in 3- 4 weeks. This rig can be used on all Lodes projects and will be deployed as soon as weather conditions permit. The Hudson’s prospect, one of the company’s high priority drill targets, is defined by high gold grades in relatively unweathered outcrop as well as IP and Au/As geochem anomalies. An initial 3,000m, 15-hole, drill program is planned at Uralla in 2021. The Company plans to have drill samples assayed at ALS Labs in

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Brisbane which should allow for significantly faster turnaround of assay results versus reliance on labs in Orange, to the south.

Project		Commodit	Planned Diamond Drilling (m)	Planned Diamond Drilling (m)	Total
	Licence
		y	2021	2022
Uralla	EL8980/EL9087	Gold	3,000	4,000	7,000
Webbs Consol	EL8933	Silver	1,500	2,000	3,500
Fender	EL9003	Copper	1,500	2,000	3,500
Elsinore	EL9004	Copper		500	500
Tea Tree	EL9084	Gold		500	500
Thor	EL9085	Gold		500	500
			6,000	9,500	15,500

Uralla Gold Project Overview

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. Lode believes the goldfield is host to Intrusive Related Gold System (IRGS) style mineralisation.

The Uralla goldfield was one of the earlier goldfields discovered in NSW and a significant gold producer in the 1850’s. 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.

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. 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.

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Figure 4: Uralla Gold Project – An entire goldfield

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“Bonanza” Dyke
Main Area of
Interest
Bannawerra
Discovery
Hudson’s Prospect
Martin's Shaft
Major N-S
Structure
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Figure 5 & 6: Hudson’s & McCrossin’s Prospects - Stacked IP pseudosections looking north

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Strong chargeability
response coincides with
easterly extrapolation of
Strongest chargeability
Drill Target 3 mineralisation.
anomaly detected to date
See Figures 3 .
at the Uralla Gold Project
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Lode’s CEO and Co-founder Ted Leschke commented:

We see tremendous opportunity at Uralla. Given the unusually wet ground conditions in the region we have slightly delayed our drilling plans and are taking maximum advantage of the small delay to acquire as much additional data as possible. This will have the positive impact of potentially further refining previously identified drill hole locations and heighten our chances of success, at Hudson’s initially. We are very pleased to have secured a rig suitable even for current wet ground conditions and look forward to reporting on exploration progress at Uralla as the September Quarter unfolds.

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.

This announcement has been approved and authorised by Lode Resource Ltd’s Managing Director, Ted Leschke.

For further information, please contact:

Investor Enquiries Media Enquiries Ted Leschke M&C Partners Managing Director Ben Henri Ted@loderesources.com Ben.Henri@mcpartners.com.au

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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http://www.linkedin.com/Company/loderesources

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