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LODE RESOURCES LTD Regulatory Filings 2023

Nov 21, 2023

65220_rns_2023-11-21_cb809121-583e-40ff-894d-fe9be310fbd8.pdf

Regulatory Filings

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ASX Announcement | 22 November 2023

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DRILLING COMMENCES ON WEBBS CONSOL SILVER PROJECT’S LARGEST SURFACE ANOMALY

Highlights

  • Drilling has commenced on a significant exploration target at Lode Resources’ Webbs Consol Silver Project.

  • The Webbs Consol North Prospect anomaly footprint is the largest surface occurrence at Webbs Consol as outlined by surface sampling.

  • This anomaly is defined by high silver (Ag), lead (Pb) and zinc (Zn) assay values returned over a 300m strike length.

o Assay of soil samples have returned:

  • ➢ 17 samples >1 g/t Ag with a maximum of 6.5 g/t Ag

  • ➢ 20 samples >500 ppm Pb with a maximum of 3,410 ppm Pb

  • ➢ 21 samples >250 ppm Pb with a maximum of 1,090ppm Pb

o Assay of subcrop chip samples have returned:

  • ➢ 13 samples >10 g/t Ag with a maximum of 252 g/t Ag

  • ➢ 12 samples >5,000 ppm Pb with a maximum of 12.95 % Pb

  • ➢ 9 samples >1,000 ppm Zn with a maximum of 0.84 % Zn

  • A 15 RC drill program, totaling ~1,500m, is planned at Webbs Consol North to test the prospect down to ~100m depth and to also explore other advanced targets.

  • A diamond drill program is to follow to investigate deeper mineralisation.

  • With $3.7m cash as at Sept 30 Lode remains fully funded for the upcoming drilling program and further exploration work.

Managing Director, Ted Leschke, commented: “We are excited about the just commenced drilling programme at Webbs Consol North given the large size of the surface anomaly. This prospect is defined by an intense and large geochemical anomaly making a high priority drill target. Our dedicated exploration team has done an outstanding job in identifying this promising target, and we are eager to explore its full potential”.

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 2 9199 8017 | E: [email protected]

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Webbs Consol Silver Project’s Exciting New Drill Target

Lode Resources Ltd ( ASX:LDR ) (“Lode”, or the “Company”) is pleased to provide an exploration update on the Company’s 100% owned Webbs Consol Silver-Base Metals Project (“Webbs Consol”) located in the New England Fold Belt in north-eastern New South Wales.

Lode is pleased to announce that drilling has commenced on a significant exploration target at Lode Resources Webbs Consol Silver Project.

A significant amount of surface work by Lode’s exploration team has defined a new and highly significant geochemical anomaly located at the northern reaches of the Webbs Consol Silver Project where no historical workings exist. As previously reported a Loupe TEM (Time Domain Electromagnetic) survey has revealed multiple new targets of which the Loupe #1 target was the strongest and follow-up geochemical work has shown this anomaly to be highly mineralised.

This newly discovered anomaly, named Webbs Consol North is defined by high Ag, Pb and Zn assay values returned from both systematic soil and subcrop chip sampling over a 300m strike length and is the largest surface occurrence at Webbs Consol as defined by surface sampling. A decision to commence a first pass RC drill programme was made based on the geochemical intensity and arial extent of this anomaly.

The geochemical anomaly has NE-SW orientation coincidental with the Webbs Consol Leucogranite and Emmaville Volcanics contact. It is quite possible that superimposition of sinistral strike slip structures semi-parallel to the primary contact structure between the Webbs Consol Leucogranite and Emmaville Volcanics is an import mineral emplacement factor, especially where contact structure undulations create tension regimes within secondary structures due to differing competency of the two rock units. Assay of soil samples have returned:

  • ➢ 17 samples graded >1 g/t Ag with a maximum of 6.5 g/t Ag

  • ➢ 20 samples graded >500 ppm Pb with a maximum of 3,410 ppm Pb

  • ➢ 21 samples graded >250 ppm Pb with a maximum of 1,090ppm Pb

Assay of subcrop chip samples have returned:

  • ➢ 13 samples grade >10 g/t Ag with a maximum of 252 g/t Ag

  • ➢ 12 samples graded >5,000 ppm Pb with a maximum of 12.95 % Pb

  • ➢ 9 samples graded >1,000 ppm Zn with a maximum of 0.84 % Zn

It should be noted that chip sampling is a selective technique and thus not necessarily representative of the underlying mineralisation.

A total of 15 reverse circulation drill holes are planned (nominally 1,500m) at Webbs Consol North. The main aim is to test the Webbs Consol North Prospect to confirm a new centre of mineralisation down to approximately 100m depth as well as other targets in advanced development. A followed-up diamond drill programme is also expected, testing mineralisation below 100m.

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Photo 1. Drilling commences at Webbs Consol North

2

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Figure 1. Webbs Consol North Prospect – High silver assay values in subcrop and soils plus planned drill holes

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----- Start of picture text -----

•
17 soil samples graded >1 g/t Ag with a
maximum of 6.5 g/t Ag
•
13 subcrop chip samples graded >10 g/t
Ag with maximum of 252 g/t Ag
Planned RC Drill Holes
Emmaville Volcanics
Webbs Consol
Leucogranite
----- End of picture text -----

3

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Figure 2. Webbs Consol North Prospect – High lead assay values in subcrop and soils plus planned drill holes

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----- Start of picture text -----

• 20 soil samples graded >500 ppm Pb
with a maximum of 3,410 ppm Pb
• 12 subcrop chip samples graded >5,000
ppm Pb with a maximum of 12.95 % Pb
Planned RC Drill Holes
Emmaville Volcanics
Webbs Consol
Leucogranite
----- End of picture text -----

4

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Figure 3. Webbs Consol North Prospect – High zinc assay values in subcrop and soils plus planned drill holes

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----- Start of picture text -----

• 21 soil samples graded >250 ppm Zn
with a maximum of 1,090 ppm Zn
• 9 subcrop chip samples graded >1,000
ppm Zn with a maximum of 0.84 % Zn
Planned RC Drill Holes
Emmaville Volcanics
Webbs Consol
Leucogranite
----- End of picture text -----

5

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Figure 4. Webbs Consol Silver Project – Location of main lodes, significant drill intercepts and the newly defined Webbs Consol North Prospect anomaly.

  • Webbs Consol North Prospect Anomaly

  • • 300 metre strike length • highly anomalous Ag, Pb & Zn in soils & subcrop • up to 6.5 g/t Ag, 3,410 ppm Pb & 1,090ppm Zn in soils • up to 252 g/t Ag, 12.95 % Pb & 0.84 % Zn in subcrop • 15 RC drill holes planned

WCS008: 21.2m @ 50 g/t AgEq WCS009: 10.0m @ 88 g/t AgEq WCS026: 34.3m @ 56 g/t AgEq WCS029: 30.5m @ 59 g/t AgEq

WCS006: 27.5m @ 552 g/t AgEq WCS007: 24.2m @ 450 g/t AgEq WCS028: 43.6m @ 141 g/t AgEq WCS012: 12.1m @ 324 g/t AgEq WCS023: 50.0m @ 314 g/t AgEq WCS031: 47.4m @ 152 g/t AgEq WCS034: 20.5m @ 302 g/t AgEq WCS035: 13.7m @ 299 g/t AgEq WCS019: 26.7m @ 421 g/t AgEq WCS020: 31.0m @ 241 g/t AgEq WCS044: 54.0m @ 304 g/t AgEq WCS045: 116.1m @ 1,003 g/t AgEq WCS047: 24.5m @ 1,450 g/t AgEq WCS049: 44.2m @ 264 g/t AgEq WCS050: 65.8m @ 904 g/t AgEq WCS051 : 30.7m @ 376 g/t AgEq WCS052A: 149.2m @ 627 g/t AgEq WCS052B: 40.2m @ 804 g/t AgEq WCS064: 27.7m @ 633 g/t AgEq WCS065: 33.2m @ 569 g/t AgEq

6

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Corporate

LDR’s Board has decided not to renew exploration License EL0004 (Elsinore) and, as such, the ground has been relinquished with allocated funds being redirected towards the company’s advanced projects.

Webbs Consol Project Overview

Located 16km west-south-west of Emmaville, Webbs Consol was discovered in 1890 with intermittent mining up to the mid-1950s. The Webbs Consol Project (EL8933) contains several small, high-grade, silver-lead-zinc-gold deposits hosted by the Webbs Consol Leucogranite, which has intruded the Late Permian Emmaville Volcanics and undifferentiated Early Permian sediments.

Several mine shafts were worked for the high-grade galena and silver content only, with high-grade zinc mineralisation discarded. Mineral concentration was via basic Chilean milling techniques and sluicing, with some subsequent rough flotation of galena carried out, however no attempt to recover sphalerite.

Ore mineralogy includes galena, sphalerite, marmatite, arsenopyrite, pyrite, chalcopyrite, minor bismuth, and gold. Chief minerals are generally disseminated but also high-grade “bungs” where emplacement is a combination of fracture infilling and country rock replacement. Gangue mineralogy includes quartz, chlorite and sericite with quartz occurring as veins and granular relicts.

Historical sampling shows potential for high-grade silver and zinc mineralisation at Webbs Consol, and it was reported that 12 spot samples taken from the lowest level of the main Webbs Consol shaft (“205’ Level” or 60m depth) averaged 210g/t silver, 22.6% zinc and 2.74% lead. Epithermal style mineralisation occurs in ‘en échelon’ vertical pipe like bodies at the intersection of main north-south shear and secondary northeast-southwest fractures. No leaching or secondary enrichment has been identified.

Webbs Consol Main Shaft oblique view

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----- Start of picture text -----

North
Webbs Consol
mined stopes
Open-ended high-grade
mineralisation at 60m depth:
12 samples averaged 210g/t
Ag, 22.6% Zn and 2.74% Pb
?
? Main lode remains
Mineralised veins in open at depth
face and conductive
anomaly to north Drill
indicate potential new Target
lode along strike and ?
at depth ?
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Webbs Consol Main Shaft specimen showing coarse galena mineralisation

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

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

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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 has a beneficial interest as option holder of Lode Resources Ltd and consents to the inclusion in this Report of the matters based on the information in the form and context in which it appears.

About Lode Resources (ASX:LDR)

Lode Resources is an ASX-listed explorer focused on the highly prospective but under-explored New England Fold Belt in north-eastern NSW. The Company has assembled a portfolio of brownfield precious and base metal assets characterised by:

  • 100% ownership;

  • Significant historical geochemistry and/or geophysics;

  • Under drilled and/or open-ended mineralisation; and

  • Demonstrated high-grade mineralisation and/or potential for large mineral occurrences.

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Lode’s Project Locations (blue polygons)
Twin Hills
Mt Carrington
Gold & Silver Gold & Silver
FMG Resources
New EL
Timbarra
Gold & Silver
Webbs Consol
Silver Webbs
Silver
Sandon
Thor Tea Tree Base Metals
Gold Gold
Uralla
Gold Hillgrove
Gold & Antinomy
Rocky River
Gold
Okapi Resources
Enmore Gold Discovery
Fender
Newmont
Copper/Zinc
Gold
----- End of picture text -----

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JORC Code, 2012 Edition - Table 1.

(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.
•
233 soil samples were collected
•
25 rock chip samples were collected from
outcrop.
•
The soil sample weight range is between 0.07kg
to 0.15kg. This is considered appropriate for this
style of sampling.
•
The rock chip sample weight range is between
0.91kg to 3.04kg. 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, by what method,
etc).		 •
No drill sample results have been reported.
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 drill sample results have been reported.

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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.
•
Whether logging is qualitative or
quantitative in nature. Core (or
costean, channel, etc) photography.
•
The total length and percentage of
therelevantintersectionslogged.
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 being sampled.		 •
No drill sample results have been reported.
•
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		 •
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.

10

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  • entry procedures, data verification, • No adjustments made to assay data. data storage (physical and electronic) protocols.

  • • Discuss any adjustment to assay data.

  • Location of data • Accuracy and quality of surveys used • Sample points were recorded using a handheld points to locate drill holes (collar and downGPS (+- 5m). hole surveys), trenches, mine • Sampling points are recorded as x, y & z workings and other locations used in coordinates. Mineral Resource estimation. • Accuracy is assumed to be +/-5m

  • • Specification of the grid system used. • Grid system used is GDA94 UTM zone 56 • Quality and adequacy of topographic control.

entry procedures, data verification,
data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 entry procedures, data verification,
data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 entry procedures, data verification,
data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 entry procedures, data verification,
data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 entry procedures, data verification,
data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 •
No adjustments made to assay data.		 •
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
Webbs Consol North Prospect Soil Assays (mostpreviouslyreported) Znppm
84.6
400.0
123.0
141.0
176.5
123.5
151.0
116.5
185.5
47.3
49.2
32.7
56.6
62.9
34.1
68.4
46.9
73.7
44.7
68.0
52.4
70.3
171.5
214.0
326.0
73.7
60.5
29.2
88.4
18.1
21.7
SampleID Easting Northing Ag ppm Cuppm Pbppm Znppm
S447 352700 6737900 0.220 8.9 67.4 84.6
S448 352725 6737900 0.381 52.3 122.5 400.0
S449 352750 6737900 0.130 11.3 144.0 123.0
S450 352775 6737900 0.142 10.4 173.0 141.0
S451 352800 6737900 0.137 12.7 142.0 176.5
S452 352825 6737900 0.163 9.3 198.5 123.5
S453 352850 6737900 0.181 10.7 310.0 151.0
S454 352875 6737900 0.285 8.0 227.0 116.5
S455 352900 6737900 2.620 18.1 401.0 185.5
S456 352925 6737900 0.133 4.3 85.4 47.3
S457 352950 6737900 0.222 4.4 55.9 49.2
S458 352975 6737900 0.095 3.4 45.2 32.7
S459 353000 6737900 0.113 3.9 44.3 56.6
S460 353025 6737900 0.101 4.1 58.1 62.9
S461 353050 6737900 0.093 3.4 37.6 34.1
S462 352700 6738000 0.084 11.9 53.6 68.4
S463 352725 6738000 0.297 8.9 78.7 46.9
S464 352750 6738000 0.116 10.6 105.5 73.7
S465 352775 6738000 0.070 5.3 84.8 44.7
S466 352800 6738000 0.142 7.7 84.7 68.0
S467 352825 6738000 0.215 6.0 86.9 52.4
S468 352850 6738000 0.198 6.2 133.5 70.3
S469 352875 6738000 0.506 13.1 372.0 171.5
S470 352900 6738000 0.980 12.4 428.0 214.0
S471 352925 6738000 5.020 50.3 1780.0 326.0
S472 352950 6738000 0.437 5.7 162.5 73.7
S473 352975 6738000 0.276 5.9 115.0 60.5
S474 353000 6738000 0.082 4.2 30.8 29.2
S475 353025 6738000 0.221 6.0 79.5 88.4
S476 353050 6738000 0.062 3.4 23.2 18.1
S477 353075 6738000 0.095 2.9 26.0 21.7

11

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S478 353100 6738000 0.454 6.2 220.0 100.5
S902 353100 6738200 0.681 8.4 309.0 125.0
S903 353125 6738200 0.099 2.4 66.4 36.7
S908 353025 6738150 0.152 6.4 62.9 105.0
S909 353050 6738150 0.112 6.2 42.3 66.3
S910 353075 6738150 0.218 8.2 386.0 101.5
S911 353100 6738150 0.296 7.8 151.0 110.0
S912 353125 6738150 0.149 5.0 85.7 44.2
S917 352950 6738100 0.180 4.9 51.8 119.5
S918 352975 6738100 0.775 9.3 152.5 172.0
S919 353000 6738100 0.188 5.9 106.0 142.5
S920 353025 6738100 1.785 37.4 1180.0 296.0
S921 353050 6738100 0.239 6.0 279.0 140.0
S922 353075 6738100 0.230 8.7 355.0 137.5
S923 353100 6738100 0.142 3.5 91.5 70.8
S924 353125 6738100 0.119 4.3 51.9 45.3
S942 352700 6738050 0.090 9.1 8.6 33.0
S943 352725 6738050 0.068 8.3 13.7 42.9
S944 352750 6738050 0.088 6.6 20.7 33.8
S945 352775 6738050 0.128 7.9 15.7 34.6
S946 352800 6738050 0.124 6.3 12.5 31.0
S947 352825 6738050 0.217 7.1 36.0 44.6
S948 352850 6738050 0.106 5.7 35.3 30.5
S949 352875 6738050 0.097 4.5 43.2 33.3
S950 352900 6738050 0.155 5.2 59.5 42.0
S951 352925 6738050 0.120 5.0 89.0 56.3
S952 352950 6738050 1.405 9.2 177.0 80.0
S953 352975 6738050 1.715 8.6 208.0 98.3
S954 353000 6738050 0.208 5.8 218.0 124.0
S955 353025 6738050 0.207 5.2 278.0 82.7
S956 353050 6738050 0.157 5.1 144.0 111.5
S957 353075 6738050 0.093 3.0 62.0 92.9
S958 353100 6738050 0.104 3.1 48.9 48.6
S959 353125 6738050 0.117 2.0 28.8 28.8
S988 352860 6737925 0.279 15.3 241.0 123.0
S989 352870 6737925 0.273 11.7 194.0 80.0
S990 352880 6737925 0.398 28.3 430.0 1090.0
S991 352890 6737925 0.555 27.0 1270.0 821.0
S992 352900 6737925 0.762 16.1 827.0 254.0
S993 352910 6737925 2.840 39.9 3410.0 488.0
S994 352920 6737925 6.530 45.0 2190.0 459.0
S1008 353125 6738000 0.161 6.1 162.5 90.4
S1026 352700 6737950 0.116 7.0 26.7 27.6
S1027 352725 6737950 0.266 12.4 40.8 90.4

12

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S1028 352750 6737950 0.172 8.8 63.9 69.2
S1029 352775 6737950 0.145 7.0 47.6 73.7
S1030 352800 6737950 0.187 6.7 61.6 50.0
S1031 352825 6737950 0.175 6.0 90.8 58.9
S1032 352850 6737950 0.250 10.3 219.0 134.5
S1033 352875 6737950 0.479 12.6 564.0 241.0
S1034 352900 6737950 1.000 18.1 746.0 242.0
S1035 352925 6737950 1.350 12.3 357.0 217.0
S1036 352950 6737950 0.131 4.5 54.5 66.1
S1037 352975 6737950 0.401 6.2 77.7 39.2
S1038 353000 6737950 0.106 4.9 31.6 31.2
S1039 353025 6737950 0.168 4.1 39.2 34.8
S1040 353050 6737950 0.122 4.0 42.6 29.5
S1041 353075 6737950 0.161 5.1 81.4 46.5
S1042 353100 6737950 0.129 11.3 29.8 44.1
S1043 353125 6737950 0.086 3.6 25.5 24.6
S1060 353075 6737900 0.116 5.0 39.8 33.5
S1061 353100 6737900 0.146 5.7 34.7 34.0
S1062 353125 6737900 0.114 6.2 44.5 35.6
S1078 352700 6737850 0.290 13.8 136.5 88.6
S1079 352725 6737850 0.163 111.5 79.2 73.0
S1080 352750 6737850 0.246 16.0 127.5 227.0
S1081 352775 6737850 0.158 14.5 150.5 226.0
S1082 352800 6737850 0.093 14.3 241.0 134.0
S1083 352825 6737850 0.131 10.8 296.0 121.0
S1084 352850 6737850 0.328 9.3 135.0 123.0
S1085 352875 6737850 0.635 12.9 659.0 117.0
S1086 352900 6737850 0.137 4.8 106.5 104.0
S1087 352925 6737850 0.210 5.2 153.0 131.5
S1088 352950 6737850 0.159 9.5 52.9 51.8
S1089 352975 6737850 0.189 5.0 122.0 72.3
S1090 353000 6737850 0.125 6.3 110.5 68.4
S1091 353025 6737850 0.163 4.0 59.4 37.2
S1092 353050 6737850 0.229 4.3 69.7 53.0
S1093 353075 6737850 0.144 3.6 48.6 59.4
S1094 353100 6737850 0.129 6.2 47.8 37.0
S1095 353125 6737850 0.274 4.0 50.6 53.6
S1153 352920 6738025 1.110 33.7 600.0 252.0
S1154 352930 6738025 3.420 36.9 645.0 355.0
S1155 352940 6738025 0.962 11.7 382.0 168.5
S1156 352950 6738025 0.362 6.3 211.0 144.5
S1157 352960 6738025 0.385 6.2 203.0 131.5
S1158 352970 6738025 0.237 5.1 93.5 131.5
S1159 352980 6738025 0.110 4.2 65.6 119.5

13

==> picture [156 x 50] intentionally omitted <==

S1160 352880 6737975 0.653 27.4 517.0 312.0
S1161 352890 6737975 1.200 30.5 824.0 606.0
S1162 352900 6737975 1.695 27.2 996.0 363.0
S1163 352910 6737975 2.130 20.2 611.0 260.0
S1164 352920 6737975 2.700 22.9 613.0 372.0
S1165 352930 6737975 2.400 25.3 1685.0 329.0
S1166 352940 6737975 0.790 4.3 101.5 90.8
S1167 352950 6737975 0.374 4.6 144.5 63.7
S1168 352830 6737875 0.222 10.2 220.0 139.0
S1169 352840 6737875 0.388 14.7 299.0 135.5
S1170 352850 6737875 0.184 10.3 255.0 123.0
S1171 352860 6737875 0.190 13.5 668.0 130.0
S1172 352870 6737875 0.327 16.3 534.0 158.5
S1173 352880 6737875 0.469 9.7 339.0 124.5
S1174 352890 6737875 0.434 9.6 239.0 207.0
S1175 352900 6737875 0.401 7.4 196.5 200.0
S1239 352850 6737825 0.094 5.1 98.3 46.4
S1240 352875 6737825 0.221 5.2 191.5 54.0
S1241 352900 6737825 0.395 10.3 308.0 184.5
S1242 352925 6737825 0.269 6.1 165.5 94.4
S1243 352950 6737825 0.193 5.8 130.0 77.2
S1401 352850 6737925 0.150 13.6 767.0 198.0
S1402 352825 6737925 0.207 10.5 79.3 166.5
S1403 352800 6737925 0.180 7.8 106.5 85.0
S1404 352775 6737925 0.164 9.8 80.4 118.5
S1405 352750 6737925 0.288 8.3 64.4 103.0
S1406 352725 6737925 0.225 16.3 57.4 127.5
S1407 352700 6737925 0.135 9.0 27.3 53.5
S1414 352700 6737975 0.192 5.8 16.2 29.7
S1415 352725 6737975 0.347 8.8 70.3 54.4
S1416 352750 6737975 0.154 7.0 58.3 54.7
S1417 352775 6737975 0.131 8.1 52.6 80.2
S1418 352800 6737975 0.189 6.8 93.7 68.8
S1419 352825 6737975 0.358 6.2 60.1 65.2
S1420 352850 6737975 0.151 7.7 140.5 95.8
S1421 352900 6738025 1.860 14.4 344.0 333.0
S1422 352875 6738025 0.285 7.6 131.5 109.0
S1423 352850 6738025 0.177 6.4 107.0 62.9
S1424 352825 6738025 0.086 4.6 52.2 44.8
S1425 352800 6738025 0.113 8.6 57.3 72.2
S1426 352775 6738025 0.148 5.6 51.2 35.3
S1427 352750 6738025 0.178 8.0 81.8 53.1
S1428 352725 6738025 0.114 7.2 18.5 46.1
S1429 352700 6738025 0.118 7.9 15.8 43.1

14

==> picture [156 x 50] intentionally omitted <==

S1433 352800 6737875 0.082 17.4 272.0 193.0
S1434 352775 6737875 0.093 15.4 155.0 282.0
S1435 352750 6737875 0.283 13.1 181.0 158.5
S1436 352725 6737875 0.249 19.9 55.4 302.0
S1437 352700 6737875 0.297 11.7 54.3 130.0
S1441 352925 6737825 0.368 8.8 132.0 235.0
S1442 352900 6737825 0.189 14.0 153.0 702.0
S1443 352875 6737825 0.248 6.4 198.0 63.2
S1444 352850 6737825 0.104 5.7 107.5 74.6
S1445 352825 6737825 0.769 10.8 242.0 157.0
S1446 352800 6737825 0.095 18.5 443.0 121.0
S1447 352775 6737825 0.159 35.9 495.0 179.0
S1448 352750 6737825 0.221 35.2 235.0 251.0
S1449 352725 6737825 0.178 22.6 138.5 177.0
S1450 352700 6737825 0.207 15.6 158.5 62.0
Webbs Consol North Prospect Rock Chip Assays(mostpreviouslyreported) Znppm
410
126
91
202
127
1470
2060
3100
349
417
1245
237
181
1915
2020
2980
228
327
237
141
208
169
185
SampleID Easting Northing Primary
Lithology		 Ag ppm Cuppm Pbppm Znppm
R158 352807 6737792 Volcanics 8.6 135 12950 410
R159 352750 6737778 Volcanics 7.1 164 1550 126
R160 352740 6737771 Volcanics 24.7 613 4040 91
R161 352732 6737750 Volcanics 47.3 1770 6120 202
R270 352871 6737883 Granite 1.7 20 805 127
R271 352900 6737923 Granite 29.0 373 8890 1470
R272 352907 6737925 Granite 51.9 316 5900 2060
R273 352914 6737936 Granite 25.4 393 18100 3100
R274 352912 6737949 Granite 3.8 26 639 349
R275 352891 6737952 Sediment 11.3 50 4540 417
R276 352886 6737938 Granite 7.7 119 5200 1245
R277 352898 6737932 Granite 2.8 17 2370 237
R278 352892 6737920 Granite 1.8 11 3030 181
R279 352885 6737952 Granite 1.4 54 993 1915
R280 352919 6737953 Granite 252.0 371 19400 2020
R281 352930 6737990 Granite 53.5 709 23000 2980
R282 352958 6737993 Granite 5.6 29 5150 228
R283 352952 6738037 Granite 1.9 24 244 327
R284 352972 6738052 Granite 1.8 110 8400 237
R285 353003 6738098 Granite 0.5 6 129 141
R286 353039 6738140 Granite 0.7 17 255 208
R287 353065 6738142 Granite 1.4 26 181 169
R288 353016 6738069 Granite 0.5 6 106 185

15

==> picture [156 x 50] intentionally omitted <==

R289 352899 352899 6737880 Granite 115.0 118 118 4730 723
R293 352920 6737860 Granite 2.9 15 1205 169
R294 352904 6737824 Granite 27.8 1855 129500 4360
R295 352921 6737823 Granite 1.8 16 579 210
R296 352909 6737791 Granite 17.0 32 3620 126
WC1 352711 6737794 Granite 3.5 93 4530 215
WC3 352740 6737761 Granite 11.1 192 4000 651
WC4 352846 6737840 Granite 0.3 17 263 243
WC5 352798 6737784 Granite 0.6 27 270 110
WC6 352760 6737750 Granite 22.9 535 21200 8400
WC7 352722 6737683 Granite 8.4 42 2060 184
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
beenapplied.		 •
•
•
•
•
•		 Results will not be used for resource
estimation.
Sampling consisted of 233 soil samples.
Sampling consisted of 25 rock chip samples.
The soil sample weight range is between 0.07kg
to 0.15kg.
The rock chip sample weight range is between
0.91kg to 3.04kg.
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 drill or channel samples 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.
R289 352899 352899 6737880 Granite 115.0 118 118 4730 723
R293 352920 6737860 Granite 2.9 15 1205 169
R294 352904 6737824 Granite 27.8 1855 129500 4360
R295 352921 6737823 Granite 1.8 16 579 210
R296 352909 6737791 Granite 17.0 32 3620 126
WC1 352711 6737794 Granite 3.5 93 4530 215
WC3 352740 6737761 Granite 11.1 192 4000 651
WC4 352846 6737840 Granite 0.3 17 263 243
WC5 352798 6737784 Granite 0.6 27 270 110
WC6 352760 6737750 Granite 22.9 535 21200 8400
WC7 352722 6737683 Granite 8.4 42 2060 184
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
beenapplied.		 •
•
•
•
•
•		 Results will not be used for resource
estimation.
Sampling consisted of 233 soil samples.
Sampling consisted of 25 rock chip samples.
The soil sample weight range is between 0.07kg
to 0.15kg.
The rock chip sample weight range is between
0.91kg to 3.04kg.
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 drill or channel samples 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.

16

==> picture [156 x 50] intentionally omitted <==

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 operateinthe area.		 •
The sampling was conducted on EL8933
•
EL8933 is 100% held by Lode Resources Ltd.
•
Native title does not exist over EL8933
•
All leases/tenements are in good standing
Exploration done
by other parties		 •
Acknowledgment and appraisal
of exploration by other parties.		 •
Limited historic rock and soil sampling.
Geology •
Deposit type, geological setting
and style of mineralisation.		 •
EL8933 falls within the southern portion of the
New England Orogen (NEO). EL8933 hosts
numerous base metal occurrences. The Webbs
Consol mineralisation is likely intrusion related
and
hosted
within
the
Webbs
Consol
Leucogranite and, to a lesser extent, the
Emmaville Volcanics..
Drill hole
Information		 •
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 drill sample results have been reported.
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.		 •
No drill sample results have been reported.

17

==> picture [156 x 50] intentionally omitted <==

•
The assumptions used for any
reporting
of
metal
equivalent
values should be clearly stated.
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 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.
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 is currently ongoing and
results will be reported in due course.

18

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