LODE RESOURCES LTD — Regulatory Filings 2021

Jul 19, 2021

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20 July 2021

Further Assays Enhance & Expand Uralla Gold Project Drill Targets

Lode Resources Ltd (ASX:LDR or ‘Lode’ or ‘the Company’) is pleased to announce additional gold assays have enhanced and expanded the footprint of a recently discovered new style of gold mineralisation with bulk tonnage potential at its 100% owned Uralla Gold Project, one of three drill ready projects located in the New England Fold Belt in North East NSW.

Highlights

• Fresh batch of 16 chip sample gold assays grading >1 g/t & averaging 2.93 g/t (up to 7.46 g/t), further highlighting disseminated nature of Hudson’s prospect at Uralla;

• To date 56 chip sample gold assays grading > 1 g/t averaged 3.29 g/t (up to 8.03 g/t) have now been received from an area of interest approximately 1,000m long and up to 500m wide;

• Disseminated gold mineralisation recently discovered at Hudson’s prospect, located within Lode’s 100% owned Uralla Gold Project;

• Strong implications for the Project’s bulk tonnage potential;

• Uralla Gold Project geology has the characteristics of an Intrusive Related Gold System (IRGS) which has been only recently recognised.

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 and the priority target in the upcoming drill program.

Rock chip description logging, sampling and mapping has revealed geographically extensive occurrences of disseminated high-grade gold in relatively unweathered outcrop as well as widespread and pervasive alteration. Both indicate that gold mineralisation is not restricted to thin quartz veins that had previously been interpreted.

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

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This has strong implications for the bulk tonnage potential as gold mineralisation does not appear to be restricted to singular thin quartz lode veins as investigated by previous explorers, but rather it permeates throughout the host rock over potentially larger areas.

To date 56 chip sample gold assays grading > 1 g/t and which averaged 3.29 g/t (up to 8.03 g/t) have been received, including an additional 16 chip sample gold assays grading > 1 g/t which average 2.93 g/t (up to 7.46 g/t) as shown in Table 1. Amongst this latest batch were chip samples collected further to the west as well as infills and extensions to previous sampling, resulting in an area of interest now up to 500m wide and 1,000m long.

Tables 1: The Hudson’s Prospect – Rock chip sampling gold grades highlighted in yellow[1,2 ] Only grades >1 g/t are tabulated and latest batch samples shaded in grey

Sample ID	**Easting **	Northing	Primary Lithology	Au g/t	Au g/t	Au g/t	Sample ID	**Easting **	Northing	Primary Lithology	Au g/t	Au g/t
R281	347587	6611097	Siltstone	8.03			R702	347684	6611109	Siltstone		2.90
S29(6)1	347775	6611462	Vein	7.58			R351	347925	6611725	Siltstone		2.84
R148 347576 6611463 Siltstone				7.46			R361	347777	6611452	Siltstone		2.73
R722	347758	6611131	Siltstone	7.09			R652	347789	6611456	Siltstone		2.69
R521	347685	6611110	Siltstone	6.38			R732	347610	6611111	Siltstone		2.47
R401	347771	6611465	Siltstone	6.31			R155 347757 6611421 Siltstone					2.45
R962	347567	6611100	Siltstone	5.	67		R156 347756 6611421 Siltstone					2.17
R712	347689	6611110	Siltstone	5.	53		R1102	347707	6611391	Siltstone		2.10
R41	347587	6611098	Siltstone	5.	29		R1022	347522	6611331	Siltstone		2.09
R391	347773	6611459	Siltstone	5.	06		R371	347777	6611455	Siltstone		2.03
S26A1	347927	6611728	Vein	4.	74		R912	347815	6611470	Siltstone		1.96
R121 347384 6611436 Siltstone				4.	72		R1062	347547	6611344	Siltstone		1.86
R153 347759 6611421 Siltstone				4.	64		R147 347576 6611464 Siltstone					1.76
R982	347566	6611103	Siltstone	4.	59		R141 347674 6611104 Siltstone					1.69
R124 347675 6611376 Siltstone				4.	54		R140 347674 6611105 Siltstone					1.61
R551	347771	6611416	Siltstone	4.	29		R123 347595 6611346 Siltstone					1.56
R541	347656	6611108	Siltstone	4.	12		R139 347674 6611106 Siltstone					1.55
R772	347716	6611129	Siltstone	3.	85		R138 347674 6611107 Siltstone					1.48
H161	347935	6611752	Vein	3.	78		R1092	347618	6611480	Siltstone		1.36
R154 347758 6611421 Siltstone				3.	77		R571	347810	6611441	Siltstone		1.34
R152 347777 6611454 Siltstone				3.	76		R1052	347570	6611344	Siltstone		1.33
R872	347746	6611594	Siltstone	3.	54		R972	347558	6611103	Siltstone		1.29
R802	347723	6611130	Siltstone	3.	51		R1072	347388	6611435	Siltstone		1.22
S26B1	347927	6611728	Vein	3.	30		S26C1	347927	6611728	Vein		1.16
R692	347771	6611407	Siltstone	3.	22		S3441	347921	6611712	Vein		1.14
R992	347469	6611175	Siltstone	3.	20		S3451	347923	6611719	Vein		1.11
R1112	347697	6611384	Siltstone	3.	10		R151 347778 6611454 Siltstone					1.08
S26D1	347927	6611728	Vein	2.	92		R149 347576 6611462 Siltstone					1.00

1 Refer LDR Prospectus 14 April 2021 p139 (IGR p65 Table 12) & LDR Supplementary Prospectus 6 May 2021 2Refer LDR announcement 5 July 2021

Chip sampling of surface outcrop is a spot sample technique and the assay grade is not regarded as being representative of the grade of the mineralised occurrence in general nor an indication of the width of the mineralised occurrence. Outcrop is estimated to be <10% at the Hudson’s prospect.

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

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Early Drill Target - 1
- gold in outcrop
Early Drill Target - Other Sample ID Au g/t
- gold in outcrop S26A1 4.74
Sample ID Au g/t H161 3.78
R148 7.46 S26D1 2.92
R121 4.72 S26B1 3.30 Early Drill Target - 2
R872 3.54 R351 2.84 - gold in outcrop
R992 3.20 S26C1 1.16 Sample ID Au g/t
R1022 2.09 S3441 1.14 S29(6) [1] 7.58
R1062 1.86 S3451 1.11 R40 [1] 6.31
R147 1.76 R39 [1] 5.06
R123 1.56 R153 4.64
R1092 1.36 R124 4.54
R1052 1.33 R55 [1] 4.29
R1072 1.22 R154 3.77
R149 1.00 R152 3.76
R69 [2] 3.22
R111 [2] 3.10
R36 [1] 2.73
R65 [2] 2.69
R155 2.45
R156 2.17
R110 [2] 2.10
R37 [1] 2.03
R91 [2] 1.96
R57 [1] 1.34
R151 1.08
Strong chargeability response
coincides with easterly
extrapolation of Drill Target 3
mineralisation. See Figure 3.
Early Drill Target - 3
- gold in outcrop
Sample ID Au g/t
R28 [1] 8.03
R72 [2] 7.09
R52 [1] 6.38
R96 [2] 5.67
R71 [2] 5.53
R4 [1] 5.29
R98 [2] 4.59
R54 [1] 4.12
R77 [2] 3.85
R80 [2] 3.51
R70 [2] 2.90
R73 [2] 2.47
R141 1.69
1 Refer LDR Prospectus 14 April 2021 p139 (IGR p65 Table 12) & LDR R140 1.61
Supplementary Prospectus 6 May 2021, [2] Refer LDR announcement 5 July 2021 R139 1.55
R138 1.48
R97 [2] 1.29
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It is important to note that these significant gold assays were taken from outcrop that appears to be spatially related to the “Bonanza Dyke” over a strike length of 1,000 metres. Aeromagnetics reveal that this well-known regional structure extends for several kilometres with a northeast-southwest orientation.

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 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.

Figure 2: Key Drill Targets at the Uralla Gold Project and best drill intercepts todate[1 ]

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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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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 (refer to Figure 2).

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.

Figure 3: Hudson’s Prospect stacked IP pseudosections looking north

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Strong chargeability response
coincides with easterly
extrapolation of Drill Target 3
mineralisation. See Figures 1 .
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The Hudson’s prospect, located on the “Bonanza Dyke” and shortly to be drilled, is defined by IP as well as Au/As geochem anomalies and contains high gold grades in relatively unweathered outcrop. An initial 3,000m, 15 hole, drill program is planned at Uralla in 2021 with a drill rig set to soon mobilise to site to initially target the highly prospective Hudson’s prospect.

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. Results from this initial drilling are expected around mid Sept Qtr. Lode is expecting further rock chip assay results from earlier reconnaissance work which will be used to further refine future drill targeting.

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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 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

And follow us on:

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https://twitter.com/LodeResources

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

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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. • 37 rock chip samples were collected from outcrop. • The sample weight range is between 0.80kg to 3.46kg. This is considered appropriate for this style of sampling. • Sample locations were surveyed with a handheld GPS (+- 5m) and marked into sample books and on sample bags.
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).	• No drilling was carried out.
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.	• No drilling was carried out
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.	• The geology, mineralogy, nature and characteristics of mineralisation and host rock geology, and orientation of the associated mineralised structures, was logged by a qualified geologist and subsequently entered into a geochemical database. Photographs taken for reference.

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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.
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.	• No drilling was carried out. • Samples were dry and not split 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 initially comprises drying (DRY-21), weighing, crushing (CRU-31), riffle split and pulverizing of 1kg to 85% < 75μm (PUL-32). • The assay methods used were ME-ICP61 and Au- AA25 (refer to ALS assay codes). ME-ICP61 is a four-acid digest with ICP-AES finish with various detection limits. Au-AA25 is a fire assayed for Au using a 30g sample, detection is 0.01-100 ppm Au. • 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, y & z coordinates. • Accuracy is assumed to be +/-5m • Grid system used is GDA94 UTM zone 56

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	Sample ID	**Easting **	**Easting **	**Northing **	Primary Litholog	Au g/t		Sample ID	Sample ID	**Easting **	**Northing **	Primary Litholog	Au g/t
	R120 R121 R122 R123 R124 R125 R126 R127 R128 R129 R130 R131 R132 R133 R134 R135	347329 347384 347506 347595 347675 347579 347589 348267 348317 348697 348699 348647 347548 347424 347414 348812		6611427 6611436 6611346 6611346 6611376 6611481 6611494 6610702 6610874 6611566 6610639 6610474 6611412 6610550 6610554 **6611726 **	Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Basalt Quartzite Dyke Sediment Siltstone Breccia Volcanics Volcanics Volcanics	0.49 4.72 0.52 1.56 4.54 0.17 0.04 0.01 0.01 0.03 <0.01 <0.01 <0.01 0.01 <0.01 0.01		R139 R140 R141 R142 R143 R144 R145 R146 R147 R148 R149 R150 R151 R152 R153 R154		347674 347674 347674 347566 347566 347566 347427 347576 347576 347576 347576 347522 347778 347777 347759 **347758 **	6611106 6611105 6611104 6611098 6611099 6611100 6611216 6611465 6611464 6611463 6611462 6611339 6611454 6611454 6611421 6611421	Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Breccia Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone Siltstone	1.55 1.61 1.69 0.07 0.05 0.54 0.72 0.63 1.76 7.46 1.00 0.02 1.08 3.76 4.64 3.77
	R136 R137 R138	347674 347674 347674		6611109 6611108 **6611107 **	Siltstone Siltstone Siltstone	0.42 0.80 1.48		R155 R156		347757 **347756 **	6611421 6611421	Siltstone Siltstone	2.45 2.17
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 of 37 rock chip samples. • The sample weight range (0.80-3.46kg) is considered appropriate for this style of sampling. • 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 or channel sampling was carried out
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.	• From 2006 to 2018 Sovereign Gold assessed alluvial gold potential and carried out significant soil sampling, rock chip sampling and drilling as well as airborne magnetics / radiometrics in areas covered by Lode’s Uralla Gold Project (EL8980 and EL9087). • Sovereign Gold determine that many of the hard rock deposits have characteristics diagnostic of reduced Intrusive Related Gold Systems (IRGS), analogous to the Tintina Gold Province of Alaska and Yukon.
Geology	• Deposit type, geological setting and style of mineralisation.	• EL8980 falls within the southern portion of the New England Orogen (NEO). EL8980 hosts both alluvial and in situ gold, silver and base metal occurrences. Given the proximity of some mineral occurrences to intrusive bodies it is like that some occurrences are intrusion related. Some occurrences may also be related to orogenic processes. The mineralisation appears to be structurally controlled and hosted within either shear/alteration zones or dyke hosted.
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 was carried out

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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 was carried out
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 or channel sampling was carried out.
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 belimited 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. Drilling in the coming months is planned.

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