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LODE RESOURCES LTD Regulatory Filings 2023

Jan 16, 2023

65220_rns_2023-01-16_f7700c0d-ce63-466e-ae34-450435388ae1.pdf

Regulatory Filings

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ASX Announcement | 17 JAN 2023

==> picture [143 x 45] intentionally omitted <==

HIGH GRADE SILVER EQ INTERCEPTED AT TANGOA WEST LODE

Highlights

  • Drill hole WCS044 at Webbs Consol Silver Project’s Tangoa West Lode has returned significant results:

  • 54.0m @ 304 g/t AgEq[1] from 48.3m including

  • 11.3m @ 497 g/t AgEq[1] from 54.0m and

  • 7.0m @ 506 g/t AgEq[1] from 81.0m including

  • 2.0m @ 1,005 g/t AgEq[1] from 86.0m including

  • WCS044 drill intercept is the best intercept to date at the Webbs Consol Silver Project

  • Drill hole WCS044 extends Tangoa West Lode mineralisation to 90m vertical depth and was drilled below WCS019 which returned 26.7m @ 421 g/t AgEq[1] from 30.1m

  • Follow up drill hole WCS045 has been drilled below WCS044, to a down hole depth of 242.6m with assay results due imminently

  • Multiple drill holes have been designed to test the Tangoa West Lode up to a depth of 450m vertically

Managing Director, Ted Leschke, commented: “The WCS044 drill intercept is the best intercept to date at the Webbs Consol Silver Project and demonstrates strong vertical continuity of Tangoa West Lode mineralisation from surface to a vertical depth of 90m. We eagerly await pending assay results from drill hole WCS045, which was drilled to a depth of 242.6m down hole. Designing additional deeper drill holes to test Tangoa West to a vertical depth of 450m demonstrates our confidence in the rich endowment and potential scale of the Webbs Consol mineral system”.

On-Going Drill Results at Webbs Consol Silver Project

Lode Resources Ltd ( ASX:LDR ) (‘Lode’, or the ‘Company’) is pleased to provide a drilling update from the 100% owned Webbs Consol Silver Project located in the New England Fold Belt in north-eastern New South Wales.

Follow up drilling at the Webbs Consol Silver Project’s Tangoa West Lode has retuned 54.0m @ 304 g/t AgEq[1] from 48.3m. This drill intercept represents the highest endowment of all drill intercepts received to date at the Webbs Consol Silver Project. Details of this substantial intercept are summarised in Table 1 below.

Table 1. Drill hole WCS044 intercept assay summary

From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
WCS044 48.3 102.3 54.0 304 84 3.69 1.22 0.21 0.03 16,394
incl. 54.0 65.3 11.3 497 121 7.25 1.66 0.31 0.04
and 81.0 88.0 7.0 506 164 4.56 2.32 0.43 0.04
incl. 86.0 88.0 2.0 1,005 327 3.68 7.66 0.77 0.05

Drill hole WCS044 extends Tangoa West Lode mineralisation to 90m vertical depth and was drilled below the previously reported WCS019 which returned 26.7m @ 421 g/t AgEq[1] from 30.1m. See Figure 1.

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 0 123 4567 | E: [email protected]

==> picture [143 x 46] intentionally omitted <==

Follow up drill hole WCS045 has been drilled below WCS044 and to a down hole depth of 242.6m with assays results due imminently.

Table 2. Drill hole WCS019 intercept assay summary

From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
WCS019 30.1 56.8 26.7 421 115 6.43 1.07 0.25 0.03 11,237
incl. 31.6 45.0 13.4 528 147 7.86 1.46 0.30 0.03
incl. 37.0 40.0 3.0 1,046 376 17.68 0.28 0.64 0.06
and 50.0 56.2 6.2 614 171 10.04 1.09 0.42 0.04
incl. 53.3 56.2 2.9 1,171 344 19.62 1.54 0.82 0.03

WCS044 and WCS019 are estimated to have true widths of 21.6m and 17.6m respectively.

==> picture [389 x 479] intentionally omitted <==

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

SW NE
Figure 1. Tangoa West Lode section showing drill results
26.7m @ 421 g/t AgEq
54.0m @ 304 g/t AgEq
WCS019
EOH 104.6m
WCS044 extends
mineralisation to
90m depth
WCS044
EOH 130.6m
WCS045 drilled to 242.6m
depth down hole – assays
due imminently
WCS045
EOH 242.6m
90 metres
----- End of picture text -----

==> picture [114 x 37] intentionally omitted <==

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 0 123 4567 | E: [email protected]

==> picture [143 x 46] intentionally omitted <==

Multiple drill holes have been designed to test the Tangoa West Lode up to a depth of 450m vertically. Designing additional deeper drill holes at Tangoa West indicates a high level of confidence in the rich endowment and potential scale of the Webbs Consol mineral system.

==> picture [419 x 559] intentionally omitted <==

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

SW NE
26.7m @ 421 g/t AgEq
54.0m @ 304 g/t AgEq
WCS019
EOH 104.6m
WCS044
EOH 130.6m
WCS045 drilled to 242.6m
WCS045 depth down hole – assays
EOH 242.6m
due imminently
Multiple drill holes have
been designed to test the
Tangoa West Lode up to a
depth of 450m vertically
450 metres
----- End of picture text -----

Figure 2 - Tangoa West Lode section showing multiple drill holes designed to test up to a depth of 450m vertically

==> picture [114 x 37] intentionally omitted <==

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 0 123 4567 | E: [email protected]

==> picture [143 x 46] intentionally omitted <==

Table 3: Drill intercept results to date - Webbs Consol Silver Project

From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
Endowment
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
(AgEq g/t.m)
Hole
WCS001 82.0 88.0 6.0 21 2 0.20 0.18 0.01 0.01 124
WCS002 114.2 124.2 10.0 28 2 0.28 0.25 0.01 0.01 282
WCS003 9.4 19.5 10.1 65 20 0.55 0.38 0.02 0.01 660
WCS004 24.0 32.1 8.1 141 51 0.89 0.91 0.04 0.01 1,142
WCS005 47.3 56.6 9.3 48 10 0.25 0.36 0.02 0.06 445
WCS006 104.6 132.1 27.5 552 118 0.77 6.52 0.07 0.01 15,168
incl. 105.6 114.0 8.4 780 217 1.36 8.29 0.09 0.01
incl. 105.6 108.0 2.4 1,383 325 1.68 16.12 0.13 0.01
WCS007 122.9 147.1 24.2 450 63 0.49 5.96 0.04 0.01 10,871
incl. 129.7 140.0 10.3 813 123 0.56 10.82 0.06 0.01
incl. 136.0 138.0 2.0 1,245 203 0.98 16.35 0.05 0.01
WCS008 24.0 45.2 21.2 50 17 0.09 0.14 0.01 0.23 1,823
incl. 35.3 42.0 6.7 87 31 0.04 0.01 0.00 0.62
and 58.2 66.8 8.6 33 8 0.12 0.31 0.01 0.01
and 70.0 77.0 7.0 69 17 0.22 0.59 0.04 0.05
WCS009 70.0 80.0 10.0 88 45 0.09 0.17 0.23 0.05 875
incl. 70.0 75.3 5.3 148 82 0.07 0.16 0.43 0.09
WCS012 48.0 60.1 12.1 324 108 5.49 0.36 0.10 0.04 3,916
incl. 52.5 57.6 5.1 570 201 10.09 0.19 0.19 0.08
WCS013 55.0 61.8 6.8 30 3 0.17 0.34 0.00 0.01 206
WCS015 93.3 98.0 4.7 87 17 0.74 0.70 0.02 0.01 409
WCS016 63.7 70.2 6.5 121 6 1.13 1.24 0.01 0.01 785
WCS019 30.1 56.8 26.7 421 115 6.43 1.07 0.25 0.03 11,237
incl. 31.6 45.0 13.4 528 147 7.86 1.46 0.30 0.03
incl. 37.0 40.0 3.0 1,046 376 17.68 0.28 0.64 0.06
and 50.0 56.2 6.2 614 171 10.04 1.09 0.42 0.04
incl. 53.3 56.2 2.9 1,171 344 19.62 1.54 0.82 0.03
WCS020 30.6 61.6 31.0 241 55 3.37 0.98 0.12 0.03 7,471
incl. 38.7 52.7 14.0 357 84 5.58 1.08 0.21 0.03
incl. 45.2 52.7 7.5 503 136 8.73 0.76 0.29 0.04
WCS023 17.0 67.0 50.0 314 94 2.93 1.81 0.08 0.04 15,708
incl. 38.1 53.1 15.0 632 240 6.36 2.53 0.20 0.08
incl. 49.0 53.1 4.1 958 420 8.78 3.72 0.13 0.10
WCS024 120.0 125.0 5.0 54 6 0.10 0.66 0.03 0.02 271
WCS025 23.0 37.0 14.0 58 12 0.41 0.51 0.02 0.01 817
incl. 25.0 35.6 10.6 71 15 0.50 0.61 0.02 0.01
WCS026 28.7 63.0 34.3 56 23 0.13 0.26 0.06 0.07 2,493
incl. 35.0 45.1 10.1 106 51 0.09 0.44 0.17 0.08
and 91.1 101.4 10.3 56 13 0.34 0.47 0.02 0.01
WCS027 110.0 113.8 3.8 77 10 0.59 0.75 0.01 0.01 650
and 123.8 129.9 6.2 58 4 0.57 0.56 0.00 0.01
WCS028 138.4 182.0 43.6 141 12 0.28 1.91 0.02 0.01 6,143
incl. 147.0 159.0 12.0 338 24 0.16 4.98 0.02 0.01
incl. 148.0 150.0 2.0 586 34 0.24 8.78 0.04 0.01
WCS029 36.3 42.1 5.8 59 10 0.43 0.55 0.01 0.01 2,453
and 47.4 77.9 30.5 69 27 0.22 0.44 0.03 0.05
WCS031 66.5 113.9 47.4 152 46 0.79 1.22 0.04 0.02 7,227
incl. 78.5 84.0 5.5 479 211 1.32 3.53 0.03 0.05
incl. 79.5 81.5 2.0 892 482 1.66 5.58 0.03 0.12
and 102.0 113.0 11.0 330 82 2.08 2.65 0.14 0.03
incl. 106.7 107.9 1.2 792 261 2.17 6.74 0.39 0.04
WCS034 16.0 36.5 20.5 302 77 1.10 2.87 0.10 0.01 6,183
incl. 21.2 30.0 8.8 559 154 1.65 5.35 0.19 0.02
incl. 21.2 22.7 1.5 1,770 433 2.25 19.71 0.49 0.01
WCS035 23.3 37.0 13.7 299 87 0.71 2.61 0.26 0.02 4,092
incl. 25.8 32.2 6.5 477 143 0.86 4.24 0.40 0.03
WCS037 9.7 20.2 10.5 49 15 0.53 0.24 0.01 0.01 511
WCS038 50.0 67.3 17.3 23 3 0.12 0.23 0.01 0.01 395
WCS040 15.3 21.4 6.1 21 2 0.23 0.18 0.00 0.00 129
WCS041 42.2 46.5 4.4 154 10 0.64 1.96 0.01 0.01 669
WCS042 32.5 38.6 6.1 31 1 0.13 0.39 0.00 0.01 192
WCS043 57.9 79.0 21.2 40 6 0.38 0.31 0.01 0.02 849
WCS044 48.3 102.3 54.0 304 84 3.69 1.22 0.21 0.03 16,394
incl. 54.0 65.3 11.3 497 121 7.25 1.66 0.31 0.04
and 81.0 88.0 7.0 506 164 4.56 2.32 0.43 0.04
incl. 86.0 88.0 2.0 1,005 327 3.68 7.66 0.77 0.05

==> picture [114 x 37] intentionally omitted <==

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 0 123 4567 | E: [email protected]

==> picture [143 x 46] intentionally omitted <==

WCS006: 27.5m @ 552 g/t incl. 8.4m @ 780 g/t WCS008: 21.2m @ 50 g/t Incl. 2.4 m @ 1,383 g/t WCS009: 10.0m @ 88 g/t WCS007: 24.2m @ 450 g/t WCS026: 34.3m @ 56 g/t incl. 10.3m @ 813 g/t WCS029: 30.5m @ 59 g/t Incl. 2.0 m @ 1,245 g/t WCS028: 43.6m @ 141 g/t incl. 12.0m @ 338 g/t Incl. 2.0 m @ 586 g/t WCS012: 12.1m @ 324 g/t incl. 5.1m @ 570 g/t WCS023: 50.0m @ 314 g/t incl. 15.0m @ 632 g/t incl. 4.1m @ 958 g/t WCS031: 47.4m @ 152 g/t incl. 5.5m @ 479 g/t incl. 2.0m @ 892 g/t and 11.0m @ 330 g/t incl. 1.2m @ 792 g/t WCS034: 20.5m @ 302 g/t incl. 8.8m @ 559 g/t incl. 1.5m @ 1,770 g/t WCS035: 13.7m @ 299 g/t incl. 6.5m 477 g/t WCS020: 31.0m @ 241 g/t incl. 14.0m @ 357 g/t Incl. 7.5m @ 503 g/t WCS019: 26.7m @ 421 g/t incl. 13.4m @ 528 g/t incl. 3.0 m @ 1,046 g/t and 6.2m @ 614 g/t incl. 2.9m @ 1,171 g/t WCS044: 54.0m @ 304 g/t incl. 11.3m @ 497 g/t and 7.0m @ 506 g/t incl. 2.0m @ 1,005 g/t

Figure 3 - Webbs Consol Silver Project – Phase I & II main drill results

==> picture [114 x 37] intentionally omitted <==

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 30, 264 George St Sydney NSW 2000 | P: +61 0 123 4567 | E: [email protected]

==> picture [143 x 46] intentionally omitted <==

Silver Equivalent Calculations[1]

Silver has been deemed to be the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. Webbs Consol silver equivalent grades are calculated using the following formula:

==> picture [509 x 47] intentionally omitted <==

Shown below is as simplified version of silver equivalent formula based on assumptions outlined below:

  • AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88Au(g/t)

Assumptions used in determining the silver equivalent formula are as follows:

  • 29 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz gold.

  • Metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold which is the 4th stage rougher flotation cumulative recoveries (12 minutes flotation period) in test work commissioned by Lode and reported in LDR announcement 14 December 2021 titled “High Metal Recoveries in Preliminary Flotation Test work on Webbs Consol Mineralisation”.

It is Lode’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Recovery figures are based on a simple single stage bench top flotation test producing a bulk concentrate which proves that the metals of interest are amenable to a recognised beneficiation process. Flotation is a worldwide accepted process for the concentrating sulphide minerals and has been in commercial use for over a century. Given that the Webbs Consol Silver Project is still in the very early stages of development it is too early to determine if a single stage flotation, multiple stage flotation or another beneficiation technique will be the optimal beneficiation process that will be eventually be used. It is important to note that relative recoveries of each metal are used in metal equivalent calculations as opposed to the absolute recoveries.

Previous Result Correction

The assays for drill hole WCS034 were previously erroneously reported due to a spread sheet referencing error. A comparison is shown in the tables below. The corrected individual assays are shown in in JORC Code, 2012 Edition - Table 1 in the appendix of this report.

Table 4 - Drill hole WS034 intercept assay summary – corrected Pb & Cu assays

From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
WCS034 16.0 36.5 20.5 302 77 1.10 2.87 0.10 0.01
incl. 21.2 30.0 8.8 559 154 1.65 5.35 0.19 0.02
incl. 21.2 22.7 1.5 1,770 433 2.25 19.71 0.49 0.01

Table 5 - Drill hole WS034 intercept assay summary – previous incorrect Pb & Cu assays

From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
From
To
Interval
Ag Eq1
Ag
Pb
Zn
Cu
Au
(m)
(m)
(m)
(g/t)
(g/t)
(%)
(%)
(%)
(g/t)
Hole
WCS034 16.0 36.5 20.5 375 77 0.10 2.87 1.10 0.01
incl. 21.2 30.0 8.8 667 154 0.19 5.35 1.65 0.02
incl. 21.2 22.7 1.5 1,899 433 0.49 19.71 2.25 0.01

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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, but 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. 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.

Figure 4 - 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 ?
----- End of picture text -----

Figure 5 - Webbs Consol Main Shaft specimen showing coarse galena mineralisation

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JORC Code, 2012 Edition - Table 1.

JORC Code, 2012 Edition - Table 1. JORC Code, 2012 Edition - Table 1. 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 ofdetailedinformation.

Diamond drilling techniques were used to
obtain samples.

NQ2 core was logged and sample intervals
assigned based on the geology.

The core to be sampled was sawn in half and
bagged according to sample intervals.
Intervals range from 0.3m to 2.0m

Blanks and standards were inserted at >5%
where appropriate.

Samples were sampled by a qualified
geologist.

Sample preparation comprised drying (DRY-
21), weighed, crushing (CRU-31) and
pulverised (PUL-32), refer to ALS codes.

The assay methods used were ME-ICP61 and
Au-AA25 (refer to ALS assay codes). ME-
ICP61 (25g) is a four-acid digestion with ICP-
AES finish. Au-AA25 (30g) is a fire assay
method. High grade samples triggered further
OG62, OG46 and OG62h analysis.
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).

All drilling is Diamond drilling (core), NQ2 in
size.

Core was collected using a standard tube.

Core is orientated every run (3m) using the
truecoreMT UPIX system.
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.

Core recoveries are measured using
standard industry best practice.

Core loss is recorded in the logging.

Core recovery in the surface lithologies is
poor.

Core recovery in fresh rock is excellent with
>99% recovered from 2.5m downhole depth.

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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.

Holes are logged to a level of detail that would
support mineral resource estimation.

Qualitative logging includes lithology,
alteration, texture, colour and structures.

Quantitative logging includes sulphide and
gangue mineral percentages.

All drill holes have been logged in full.

All drill core was photographed wet and dry -
Webbs

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
materialbeing sampled.

Core was prepared using standard industry
best practice.

The core was sawn in half using a diamond
core saw and half core was sent to ALS
Brisbane for assay.

No duplicate sampling has been conducted.

Samples intervals ranged from 0.3m to 2.0m.
The average sample size was 1m in length.
The sample size is considered appropriate for
the material being sampled.

The samples were sent to ALS Brisbane for
assay.

Blanks and standards were inserted at >5%
where 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 beenestablished.

Samples were 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, crushing (CRU-31) and pulverised
(PUL-32).

The assay methods used will be ME-ICP61
and Au-AA25 (refer to ALS assay codes).
ME-ICP61 (25g) is a four-acid digestion with
ICP-AES finish. Au-AA25 (30g) is a fire assay
method.

Certified standards and blanks were inserted
at a rate of >5% at the appropriate locations.
These are checked when assay results are
received to make sure they fall within the
accepted limits.

The assay methods employed are considered
appropriate for near total digestion.

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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 anyadjustment to assaydata.

Laboratory results have been reviewed by the
Exploration Manager.

Significant intersections are reviewed by the
Exploration Manager and Managing Director.

No twin holes were drilled.

Commercial laboratory certificates are
supplied by ALS.

The certified standards and blanks are
checked.
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.

Drill hole collar locations were recorded using
RTK GPS (+- 25mm).

Grid system used is GDA94 UTM zone 56

Down hole surveys are conducted with a
digital magnetic multi-shot camera at 30m
intervals.
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.

The holes drilled were for exploration purposes
and were not drilled on a grid pattern.

Drill hole spacing is considered appropriate for
exploration purposes.

The data spacing, distribution and geological
understanding is not currently sufficient for the
estimation of mineral resource estimation.

No sample compositing 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.

Drill holes are orientated perpendicular to the
perceived strike where possible.

The orientation of drilling relative to key
mineralised structures is not considered likely
to introduce sampling bias.

The orientation of sampling is considered
appropriate for the current geological
interpretation of the mineral style.

The orientation of the mineralisation
intersected in WCS034 to WCS044 is thought
to be N-S.
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 thetime of
reporting along with any
known impediments to
obtaining a
licence to operate in the
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.

See row below.

The orientation of the mineralisation intersected in WCS034 to
WCS044 is thought to be N-S.

Only drill assays from meaningful mineralised intercepts
are tabulated below. A meaningful intercept is generally
determined as being a series of consecutive assays
grading >1g/t Ag, >0.1% Zn, >0.1% Pb, >0.1% Cu
and/or >0.1 ppm Au.

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Webbs Consol Drill Hole Webbs Consol Drill Hole Webbs Consol Drill Hole Surveys - WCS034 t0 Surveys - WCS034 t0 Surveys - WCS034 t0 Surveys - WCS034 t0 WCS044 WCS044 WCS044 Est. True
Intercept
Width
m
unknown
unknown
unknown
unknown
unknown
unknown
unknown
unknown
unknown
unknown
21.6
Hole ID Easting Northing RL Dip Azimuth EOH
Depth
Drilling
Method
Intercept Downhole
Intercept
Width
Est. True
Intercept
Width
From To
GDA94 GDA94 m deg Grid m m m m m
WCS034 352764 6735492 838 -50 131 59.6 Diamond 16.0 36.5 20.5 unknown
WCS035 352762 6735493 838 -50 085 50.6 Diamond 23.3 37.0 13.7 unknown
WCS036 352612 6735448 832 -55 209 107.6 Diamond - - - unknown
WCS037 352241 6736713 807 -55 005 100.0 Diamond 9.7 20.2 10.5 unknown
WCS038 352431 6737001 802 -55 065 79.0 Diamond 50.0 67.3 17.3 unknown
WCS039 352399 6735957 783 -65 067 215.6 Diamond - - - unknown
WCS040 352401 6735960 783 -45 140 35.4 Diamond 15.3 21.4 6.1 unknown
WCS041 352426 6736006 783 -45 118 68.4 Diamond 42.2 46.5 4.4 unknown
WCS042 352902 6734489 836 -50 062 59.5 Diamond 32.5 38.6 6.1 unknown
WCS043 352902 6734492 836 -62 004 110.6 Diamond 57.9 79.0 21.2 unknown
WCS044 352904 6734491 836 -65 035 130.6 Diamond 48.3 102.3 54.0 21.6
Webbs Consol Drill Hole Assays-WCS034 to WCS044 (note WCS034 assays w
Sample Hole Fro To Interval Ag Pb Zn Cu Au
No. ID m m m g/t % % % g/t
D02540 WCS034 16.0 16.7 0.7 105.0 2.25 0.91 0.17 0.01
D02542 WCS034 16.7 17.0 0.3 1.5 0.04 0.08 0.00 0.01
D02543 WCS034 17.0 18.0 1.0 3.2 0.18 0.15 0.01 0.01
D02544 WCS034 18.0 19.0 1.0 1.2 0.09 0.10 0.00 0.01
D02545 WCS034 19.0 19.7 0.7 0.0 0.02 0.07 0.00 0.01
D02546 WCS034 19.7 20.4 0.7 14.1 0.48 0.40 0.05 0.01
D02548 WCS034 20.4 21.2 0.8 88.2 1.31 1.15 0.13 0.01
D02550 WCS034 21.2 22.0 0.8 482.0 3.22 13.15 0.59 0.01
D02553 WCS034 22.0 22.7 0.7 376.0 1.14 27.20 0.39 0.01
D02556 WCS034 22.7 23.0 0.3 363.0 0.97 1.97 0.23 0.02
D02558 WCS034 23.0 24.0 1.0 172.0 0.43 0.05 0.01 0.04
D02560 WCS034 24.0 25.0 1.0 122.0 0.38 0.18 0.05 0.06
D02562 WCS034 25.0 26.0 1.0 142.0 1.16 2.19 0.40 0.02
D02564 WCS034 26.0 26.8 0.8 28.9 0.49 0.39 0.02 0.04
D02566 WCS034 26.8 27.4 0.6 4.7 0.15 0.03 0.00 0.01
D02569 WCS034 27.4 28.0 0.6 124.0 3.58 5.06 0.41 0.01
D02571 WCS034 28.0 29.0 1.0 40.9 3.30 6.54 0.12 0.01
D02573 WCS034 29.0 30.0 1.0 23.7 2.92 4.64 0.02 0.01
D02575 WCS034 30.0 31.0 1.0 11.2 1.35 3.32 0.03 0.01
D02577 WCS034 31.0 32.0 1.0 10.0 1.01 1.93 0.02 0.01
D02579 WCS034 32.0 33.0 1.0 4.5 0.51 0.76 0.01 0.01
D02581 WCS034 33.0 33.6 0.6 6.0 0.68 0.79 0.01 0.01
D02583 WCS034 33.6 34.2 0.6 5.3 0.55 0.95 0.02 0.01
D02585 WCS034 34.2 35.0 0.8 10.1 0.85 1.04 0.03 0.02
D02587 WCS034 35.0 36.0 1.0 19.8 0.26 1.43 0.10 0.03
D02590 WCS034 36.0 36.5 0.5 3.5 0.34 0.56 0.01 0.01
D02600 WCS035 23.3 24.0 0.7 3.7 0.89 0.98 0.01 0.01
D02602 WCS035 24.0 25.0 1.0 34.4 0.98 2.17 0.13 0.01
D02604 WCS035 25.0 25.8 0.8 134.0 1.24 2.15 0.37 0.01
D02606 WCS035 25.8 26.2 0.4 163.0 0.63 15.25 0.74 0.01
D02609 WCS035 26.2 27.0 0.9 137.0 1.10 0.38 0.24 0.01
D02611 WCS035 27.0 28.0 1.0 149.0 1.04 1.83 0.25 0.01
D02613 WCS035 28.0 28.8 0.8 88.3 0.55 2.52 0.25 0.01
D02615 WCS035 28.8 29.5 0.7 104.0 0.55 5.65 0.33 0.06
D02618 WCS035 29.5 30.1 0.6 160.0 0.51 10.75 0.70 0.05
D02621 WCS035 30.1 31.0 0.9 94.8 0.47 1.77 0.43 0.01
D02623 WCS035 31.0 31.6 0.6 253.0 1.54 1.91 0.74 0.11
D02625 WCS035 31.6 32.2 0.6 196.0 1.45 6.55 0.24 0.05

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D02627 WCS035 32.2 33.0 0.8 56.9 0.39 0.67 0.19 0.01
D02629 WCS035 33.0 34.0 1.0 66.9 0.56 1.69 0.33 0.01
D02631 WCS035 34.0 34.7 0.7 11.5 0.66 1.53 0.04 0.01
D02633 WCS035 34.7 35.3 0.6 3.0 0.37 0.63 0.01 0.01
D02635 WCS035 35.3 36.5 1.2 1.0 0.01 0.05 0.00 0.01
D02636 WCS035 36.5 37.0 0.5 0.0 0.01 0.40 0.00 0.01
D02648 WCS037 9.7 10.3 0.6 59.7 1.49 0.61 0.02 0.01
D02651 WCS037 10.3 11.0 0.7 41.6 1.77 0.30 0.02 0.01
D02653 WCS037 11.0 12.0 1.0 30.3 1.09 0.03 0.02 0.01
D02655 WCS037 12.0 12.4 0.4 10.6 0.56 0.21 0.01 0.01
D02657 WCS037 12.4 13.1 0.7 0.9 0.05 0.04 0.00 0.01
D02659 WCS037 13.1 14.0 0.9 11.7 0.44 0.30 0.01 0.01
D02660 WCS037 14.0 15.0 1.0 0.5 0.02 0.03 0.01 0.01
D02662 WCS037 15.0 16.0 1.0 23.1 0.87 0.74 0.02 0.01
D02664 WCS037 16.0 17.0 1.0 15.1 0.53 0.43 0.01 0.01
D02666 WCS037 17.0 18.0 1.0 0.6 0.03 0.05 0.00 0.01
D02667 WCS037 18.0 19.0 1.0 3.8 0.10 0.12 0.00 0.01
D02668 WCS037 19.0 19.6 0.6 5.4 0.14 0.12 0.00 0.01
D02669 WCS037 19.6 20.2 0.6 2.4 0.12 0.14 0.00 0.01
D02688 WCS038 50.0 51.0 1.0 0.8 0.01 0.13 0.00 0.01
D02689 WCS038 51.0 52.0 1.0 1.1 0.02 0.15 0.00 0.01
D02690 WCS038 52.0 52.6 0.6 0.8 0.02 0.10 0.00 0.01
D02691 WCS038 52.6 53.1 0.5 1.3 0.10 0.14 0.00 0.01
D02692 WCS038 53.1 54.1 1.0 4.8 0.20 0.53 0.01 0.01
D02695 WCS038 54.1 55.0 0.9 5.3 0.06 0.98 0.01 0.02
D02697 WCS038 55.0 56.0 1.0 4.3 0.31 0.33 0.01 0.01
D02699 WCS038 56.0 56.9 0.9 3.4 0.07 0.05 0.00 0.01
D02701 WCS038 56.9 57.9 1.0 1.4 0.04 0.05 0.00 0.01
D02704 WCS038 57.9 58.9 1.0 0.6 0.04 0.04 0.00 0.01
D02706 WCS038 58.9 59.5 0.6 0.6 0.05 0.11 0.00 0.01
D02708 WCS038 59.5 60.0 0.5 0.8 0.03 0.08 0.00 0.01
D02710 WCS038 60.0 61.0 1.0 1.4 0.15 0.09 0.00 0.01
D02712 WCS038 61.0 61.4 0.4 1.3 0.12 0.04 0.00 0.01
D02714 WCS038 61.4 62.0 0.6 3.2 0.29 0.36 0.01 0.01
D02716 WCS038 62.0 62.6 0.6 3.4 0.35 0.29 0.01 0.01
D02718 WCS038 62.6 63.2 0.6 3.1 0.20 0.32 0.01 0.01
D02720 WCS038 63.2 63.8 0.6 18.4 0.36 0.54 0.15 0.01
D02723 WCS038 63.8 64.3 0.5 11.6 0.30 0.20 0.06 0.01
D02725 WCS038 64.3 65.0 0.7 1.9 0.10 0.25 0.00 0.01
D02727 WCS038 65.0 66.0 1.0 0.0 0.01 0.02 0.00 0.01
D02729 WCS038 66.0 66.5 0.5 1.1 0.02 0.03 0.00 0.01
D02731 WCS038 66.5 67.3 0.8 3.0 0.10 0.26 0.01 0.02
D02763 WCS040 15.3 16.0 0.7 3.1 0.44 0.32 0.01 0.01
D02766 WCS040 16.0 17.0 1.0 4.2 0.64 0.45 0.01 0.01
D02768 WCS040 17.0 17.5 0.5 3.2 0.55 0.40 0.00 0.01
D02770 WCS040 17.5 17.7 0.2 0.5 0.10 0.10 0.00 0.01
D02771 WCS040 18.1 18.2 0.1 0.5 0.05 0.05 0.00 0.01
D02772 WCS040 18.7 19.7 1.0 0.5 0.04 0.05 0.00 0.01
D02773 WCS040 20.2 20.4 0.2 0.0 0.02 0.03 0.00 0.01
D02774 WCS040 20.8 21.4 0.6 1.9 0.23 0.22 0.00 0.01
D02799 WCS041 42.2 43.0 0.9 8.3 0.52 1.76 0.01 0.02
D02801 WCS041 43.0 44.0 1.0 12.8 0.74 2.52 0.02 0.01
D02804 WCS041 44.0 45.0 1.0 12.7 0.81 2.38 0.02 0.01
D02807 WCS041 45.0 46.0 1.0 9.1 0.65 1.95 0.01 0.02
D02809 WCS041 46.0 46.5 0.5 3.2 0.30 0.33 0.00 0.01
D02825 WCS042 17.5 18.0 0.5 8.0 0.00 0.03 0.03 0.01
D02826 WCS042 18.0 19.0 1.0 2.8 0.00 0.03 0.03 0.01
D02827 WCS042 19.0 20.0 1.0 24.0 0.06 0.04 0.02 0.01
D02828 WCS042 20.0 21.0 1.0 5.1 0.15 0.05 0.01 0.02

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==> picture [143 x 46] intentionally omitted <==

D02829 WCS042 21.0 21.7 0.7 4.5 0.11 0.05 0.01 0.01
D02830 WCS042 21.7 22.3 0.6 7.2 0.04 0.05 0.01 0.01
D02831 WCS042 22.8 23.4 0.6 17.1 0.01 0.03 0.05 0.01
D02842 WCS042 32.5 33.0 0.5 0.0 0.02 0.04 0.00 0.01
D02843 WCS042 33.0 34.0 1.0 1.2 0.12 0.13 0.00 0.01
D02844 WCS042 34.0 34.9 0.9 0.0 0.04 0.13 0.00 0.01
D02845 WCS042 34.9 36.0 1.1 0.0 0.03 0.07 0.00 0.02
D02846 WCS042 36.0 37.0 1.0 1.2 0.11 0.54 0.00 0.02
D02847 WCS042 37.0 38.0 1.0 2.2 0.30 0.65 0.00 0.01
D02848 WCS042 38.0 38.6 0.6 4.9 0.35 1.46 0.02 0.01
D02862 WCS043 57.9 58.5 0.6 2.2 0.23 0.17 0.00 0.01
D02864 WCS043 58.5 59.0 0.5 6.2 0.57 0.45 0.01 0.01
D02866 WCS043 59.0 60.0 1.0 5.8 0.47 0.43 0.01 0.02
D02868 WCS043 60.0 61.0 1.0 5.6 0.35 0.31 0.00 0.01
D02870 WCS043 61.0 62.0 1.0 1.0 0.04 0.09 0.00 0.01
D02871 WCS043 62.0 63.0 1.0 0.9 0.05 0.08 0.00 0.01
D02872 WCS043 63.0 64.0 1.0 0.9 0.12 0.17 0.00 0.01
D02873 WCS043 64.0 65.0 1.0 1.0 0.12 0.16 0.00 0.01
D02874 WCS043 65.0 65.8 0.8 4.5 0.44 0.22 0.00 0.01
D02875 WCS043 65.8 66.8 1.0 6.1 0.69 0.02 0.00 0.06
D02877 WCS043 66.8 67.8 1.0 0.9 0.05 0.02 0.00 0.18
D02879 WCS043 67.8 68.8 1.0 5.0 0.36 0.51 0.02 0.08
D02881 WCS043 68.8 69.4 0.6 17.8 0.89 0.98 0.03 0.01
D02883 WCS043 69.4 70.0 0.6 11.1 0.78 0.56 0.01 0.01
D02885 WCS043 70.0 71.0 1.0 15.1 1.07 0.71 0.02 0.01
D02888 WCS043 71.0 71.6 0.6 0.0 0.04 0.06 0.01 0.01
D02891 WCS043 71.6 72.2 0.6 0.0 0.04 0.04 0.01 0.01
D02894 WCS043 72.2 72.8 0.6 37.8 1.90 2.20 0.04 0.01
D02896 WCS043 72.8 73.4 0.6 18.4 0.86 0.60 0.01 0.01
D02898 WCS043 73.4 74.0 0.6 3.9 0.20 0.19 0.00 0.01
D02900 WCS043 74.0 75.0 1.0 2.2 0.18 0.14 0.00 0.02
D02902 WCS043 75.0 76.0 1.0 8.4 0.55 0.13 0.00 0.03
D02904 WCS043 76.0 77.0 1.0 4.3 0.09 0.05 0.00 0.01
D02905 WCS043 77.0 78.0 1.0 1.1 0.08 0.13 0.00 0.01
D02906 WCS043 78.0 78.5 0.5 0.0 0.01 0.03 0.00 0.01
D02907 WCS043 78.5 79.0 0.5 7.9 0.47 0.55 0.00 0.01
D02924 WCS044 48.3 49.0 0.7 43.7 0.52 0.23 0.01 0.01
D02926 WCS044 49.0 50.0 1.0 94.4 1.05 0.54 0.02 0.01
D02928 WCS044 50.0 51.0 1.0 160.0 1.22 0.10 0.00 0.01
D02930 WCS044 51.0 52.0 1.0 4.8 0.32 0.14 0.03 0.01
D02932 WCS044 52.0 52.9 0.9 1.7 0.09 0.01 0.03 0.01
D02934 WCS044 53.1 54.0 0.9 58.3 1.06 0.36 0.45 0.01
D02936 WCS044 54.0 54.5 0.5 141.0 6.89 2.11 0.51 0.01
D02938 WCS044 54.5 55.0 0.5 97.1 8.60 1.83 0.46 0.03
D02940 WCS044 55.0 56.0 1.0 65.5 7.06 1.67 0.25 0.02
D02942 WCS044 56.0 57.0 1.0 78.1 2.83 3.47 0.31 0.02
D02944 WCS044 57.0 58.0 1.0 109.0 4.32 4.24 0.36 0.01
D02946 WCS044 58.0 59.0 1.0 89.1 3.61 3.11 0.25 0.04
D02948 WCS044 59.0 60.0 1.0 78.2 7.21 0.44 0.30 0.06
D02950 WCS044 60.0 61.0 1.0 81.0 6.34 1.34 0.29 0.01
D02952 WCS044 61.0 62.0 1.0 72.3 5.99 1.16 0.24 0.02
D02954 WCS044 62.0 63.0 1.0 48.5 5.02 0.34 0.19 0.04
D02956 WCS044 63.0 64.0 1.0 128.0 12.05 0.55 0.32 0.04
D02958 WCS044 64.0 64.8 0.8 71.3 5.72 0.46 0.17 0.13
D02960 WCS044 64.8 65.3 0.5 887.0 30.30 0.30 0.79 0.03
D02963 WCS044 65.3 66.0 0.7 48.4 1.89 2.20 0.18 0.01
D02965 WCS044 66.0 67.0 1.0 101.0 4.01 3.76 0.34 0.03
D02967 WCS044 67.0 68.0 1.0 28.6 1.08 0.67 0.06 0.06
D02969 WCS044 68.0 69.0 1.0 16.9 1.41 0.43 0.03 0.05

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==> picture [143 x 46] intentionally omitted <==

D02971 WCS044 WCS044 69.0 70.0 1.0 26.0 26.0 2.85 0.36 0.03 0.02
D02973 WCS044 70.0 71.0 1.0 74.2 6.79 0.91 0.15 0.03
D02975 WCS044 71.0 72.0 1.0 114.0 9.11 1.28 0.28 0.03
D02977 WCS044 72.0 73.0 1.0 52.7 4.69 0.92 0.11 0.02
D02979 WCS044 73.0 74.0 1.0 86.6 6.96 0.86 0.25 0.07
D02981 WCS044 74.0 75.0 1.0 44.5 4.26 0.60 0.03 0.03
D02984 WCS044 75.0 76.0 1.0 65.6 5.14 0.52 0.07 0.06
D02986 WCS044 76.0 76.8 0.8 34.7 3.51 0.11 0.03 0.05
D02988 WCS044 76.8 78.0 1.2 8.4 0.74 0.03 0.02 0.03
D02990 WCS044 78.0 79.0 1.0 54.7 2.81 0.15 0.15 0.01
D02992 WCS044 79.0 80.0 1.0 71.7 3.87 0.22 0.22 0.01
D02994 WCS044 80.0 81.0 1.0 95.2 3.20 0.16 0.27 0.01
D02996 WCS044 81.0 82.0 1.0 117.0 5.25 0.23 0.35 0.05
D02998 WCS044 82.0 83.0 1.0 104.0 4.49 0.26 0.31 0.01
D03000 WCS044 83.0 84.0 1.0 125.0 6.27 0.16 0.38 0.12
D03002 WCS044 84.0 85.0 1.0 48.9 2.29 0.06 0.13 0.01
D03004 WCS044 85.0 86.0 1.0 97.2 6.25 0.22 0.33 0.01
D03006 WCS044 86.0 87.0 1.0 403.0 4.50 6.53 1.08 0.01
D03008 WCS044 87.0 87.4 0.4 183.0 2.00 3.69 0.44 0.15
D03010 WCS044 87.4 88.0 0.6 297.0 3.43 12.20 0.48 0.05
D03013 WCS044 88.0 89.0 1.0 24.9 0.27 1.12 0.14 0.12
D03015 WCS044 89.0 90.0 1.0 45.8 0.54 0.76 0.10 0.05
D03017 WCS044 90.0 91.0 1.0 28.8 1.30 0.15 0.12 0.02
D03019 WCS044 91.0 91.7 0.7 75.4 2.93 0.53 0.11 0.04
D03021 WCS044 91.7 92.2 0.5 18.2 1.24 1.13 0.05 0.01
D03023 WCS044 92.2 92.5 0.3 11.4 0.71 0.88 0.05 0.02
D03025 WCS044 92.5 93.5 1.0 8.4 0.67 0.62 0.02 0.01
D03027 WCS044 93.5 94.2 0.7 438.0 3.40 10.25 1.32 0.01
D03030 WCS044 94.2 95.0 0.8 20.5 1.22 1.22 0.03 0.01
D03032 WCS044 95.0 96.0 1.0 16.8 0.96 0.98 0.02 0.01
D03034 WCS044 96.0 97.0 1.0 9.4 0.59 0.54 0.01 0.07
D03036 WCS044 97.0 97.9 0.9 14.5 1.05 0.77 0.01 0.01
D03038 WCS044 97.9 99.0 1.1 79.3 3.09 0.92 0.19 0.01
D03040 WCS044 99.0 100.1 1.1 93.7 3.61 0.20 0.18 0.01
D03042 WCS044 100. 101.0 0.9 15.8 0.95 0.87 0.02 0.01
D03044 WCS044 101. 102.0 1.0 7.8 0.50 0.50 0.01 0.01
D03046 WCS044 102. 102.3 0.3 3.5 0.30 0.26 0.00 0.01
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 indetail.


Intersection calculation are weighted to sample length.
No grade capping has been applied.
Theassumptions used for reporting of metal equivalent values
and the metal equivalent formula are clearly stated below

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==> picture [143 x 46] intentionally omitted <==


The assumptions used
for any reporting of
metal equivalent values
should be clearlystated.
~~1~~Silver is deemed to be the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones.
_Webbs Consol silver equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88Au(g/t)_
calculated from 29 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz
gold. gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold which is the 4th stage
rougher cumulative recoveries in test work commissioned by Lode and reported in LDR announcement 14 December 2021 titled “Hig h
Metal Recoveries in Preliminary Flotation Test work on Webbs Consol Mineralisation”. It is Lode’s opinion that all the elements included
in the metal equivalents calculation have a reasonable potential to be recovered and sold.
Price 1 Pb (%) x Pb Recovery (%)
Price 1 Zn (%) x Zn Recovery (%)
AgEq1(g/t) = Ag (g/t)
+ Pb (%) x
+ Zn (%) x
Price 1 Ag (g/t) x Ag Recovery (%)
Price 1 Ag (g/t) x Ag Recovery (%)
Price 1 Cu (%) x Cu Recovery (%)
Price 1 Au (g/t) x Au Recovery (%)
+ Cu (%) x
+ Au(g/t) x
Price 1 Ag (g/t) x Ag Recovery (%)
Price 1 Ag (g/t) x Ag Recovery (%)

The assumptions used
for any reporting of
metal equivalent values
should be clearlystated.

The assumptions used
for any reporting of
metal equivalent values
should be clearlystated.
~~1~~Silver is deemed to be the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones.
_Webbs Consol silver equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+61Zn(%)+33Pb(%)+107Cu(%)+88Au(g/t)_
calculated from 29 August 2022 spot metal prices of US$18.5/oz silver, US$3600/t zinc, US$2000/t lead, US$8100/t copper, US$1740/oz
gold. gold and metallurgical recoveries of 97.3% silver, 98.7%, zinc, 94.7% lead, 76.3% copper and 90.8% gold which is the 4th stage
rougher cumulative recoveries in test work commissioned by Lode and reported in LDR announcement 14 December 2021 titled “Hig h
Metal Recoveries in Preliminary Flotation Test work on Webbs Consol Mineralisation”. It is Lode’s opinion that all the elements included
in the metal equivalents calculation have a reasonable potential to be recovered and sold.
AgEq1(g/t) = Ag (g/t)

+ Pb (%) x
+ Cu (%) x

Price 1 Pb (%) x Pb Recovery (%)
+ Zn (%) x
Price 1 Ag (g/t) x Ag Recovery (%)

Price 1 Cu (%) x Cu Recovery (%)
+ Au(g/t) x
Price 1 Ag (g/t) x Ag Recovery (%)
Price 1 Zn (%) x Zn Recovery (%)
Price 1 Ag (g/t) x Ag Recovery (%)

Price 1 Au (g/t) x Au Recovery (%)
Price 1 Ag (g/t) x Ag Recovery (%)
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,
truewidth notknown’).

The orientation of the mineralisation intersected in WCS034 to
WCS044 is thought to be N-S.
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

==> picture [114 x 37] intentionally omitted <==

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