LODE RESOURCES LTD — Regulatory Filings 2024

Jul 21, 2024

ASX Announcement | 22 June 2024

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FOLLOW UP SILVER DRILLING COMMENCES AT WEBBS CONSOL PROJECT

Lode Resources Ltd (ASX:LDR) (“Lode” or the “Company”) is pleased to provide an update regarding a new drill program at the 100% owned Webbs Consol Silver Project (EL8933).

Webbs Consol North Discovery the First Follow up Target

• Follow up drilling at the Webbs Consol Silver Project has commenced with the initial hole underway and targeted at the Webbs Consol North discovery.

• Webbs Consol North reported previous intercepts of 13.0m @ 193 g/t AgEq[1] from 10.0m & 21.0m @ 122 g/t AgEq[1] from 2.0m, including high-grade zones such as 779 g/t AgEq[1] over 3m and 592 g/t AgEq[1] over 3m.

• This is the first hole in a 2,200m, 17-hole program being undertaken by Centurion Drilling at the Webbs Consol Project with the entire program expected to take ~6 weeks.

• To date the majority of extension drilling has been at Tangoa West, in the southern end of the Project, where 12 drill holes intercepted exceptionally high-grade silver mineralisation down to a vertical depth of 300m.

• This current program has 2 objectives: i) testing for extensions at discovered lodes with multiple high-grade silver intercepts[4-15] & ii) drilling untested surface silver occurrences.[2-3]

• Another key discovery to be tested is Castlereagh with previous intercepts of 50.0m @ 224 g/t AgEq[1] from 17.0m and 47.4m @ 112 g/t AgEq[1] from 66.5m, including high-grade zones such as 801 g/t AgEq[1] over 4.1m and 720 g/t AgEq[1] over 2.0m.

• Untested surface silver occurrences to be drilled include the Canoon prospect where a pseudo-gossan with ~ 100m of strike has been delineated and selective grab samples have returned up to 126.0 g/t Ag (It should be noted that grab samples are qualitative in nature and are not necessarily representative of underlying mineralisation which may be lower or higher in grade and the dimensions are unknown).

• Prior follow-up holes have often shown high-grade mineralisation to be contiguous with depth, with silver mineralisation showing continuity throughout both the upper lead-rich and the lower zinc-rich zones.

Lode’s Executive Director – Resource Development, Jason Beckton, said:

We last drilled our silver targets at Webbs Consol with an RC program in February and made the high-grade silver discovery at Webbs Consol North, thereby expanding the portfolio of mineralised lodes at the Project to a strike length of ~3.5km.

With shallow intercept grades approaching 800g/t AgEq [1] we have been very keen to get back on the ground at Webbs Consol North, and at other promising targets, including Canoon in particular, with a follow-up drill program. We are obviously pleased to have the drill rig turning now and will report material results as they become available.

ASX Code: LDR | ACN: 637 512 415 | www.loderesources.com A: Level 5, 1 Margeret St Sydney NSW 2000 | P: +61 2 9199 8017 | E: info@loderesources.com

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Figure 1. Lode’s Webbs Consol Silver Project (EL8933) - Location of main lodes, significant drill hole intercepts[4-15] to date and grab samples at the Canoon prospect[2-3]

N WCS070: 21.0m @ 122 g/t AgEq[1] from 2.0m WCS071: 13.0m @ 193 g/t AgEq[1] from 10.0m WCS072: 34.0m @ 82 g/t AgEq[1] from 18.0m WCS074: 20.0m @ 83 g/t AgEq[1] from 75.0m Grab samples: 126.0 g/t Ag, 84.2 g/t Ag, 81.9 g/t Ag, 64.6 g/t Ag, 32.1 g/t Ag and 27.6 g/t Ag WCS008: 21.2m @ 44 g/t AgEq[1] from 24.0m WCS009: 10.0m @ 77 g/t AgEq[1] from 70.0m WCS026: 34.3m @ 46 g/t AgEq[1] from 28.7m WCS029: 30.5m @ 41 g/t AgEq[1] from 138.4m WCS006: 27.5m @ 357 g/t AgEq[1] from 104.6m WCS007: 24.2m @ 273 g/t AgEq[1] from 122.9m WCS028: 43.6m @ 83 g/t AgEq[1] from 138.4m WCS012: 12.1m @ 282 g/t AgEq[1] from 48.0m WCS023: 50.0m @ 224 g/t AgEq[1] from 17.0m WCS031: 47.4m @ 112 g/t AgEq[1] from 66.5m WCS034 : 20.5m @ 210 g/t AgEq[1] from 16.0m WCS035 : 13.7m @ 214 g/t AgEq[1] from 23.3m

WCS019: 26.7m @ 351 g/t AgEq[1] from 30.1m WCS020: 31.0m @ 192 g/t AgEq[1] from 30.6m WCS044: 54.0m @ 245 g/t AgEq[1] from 48.3m WCS045: 116.1m @ 721 g/t AgEq[1] from 90.9m WCS047: 24.5m @ 971 g/t AgEq[1] from 144.7m WCS049: 44.2m @ 221 g/t AgEq[1] from 81.8m WCS050: 65.8m @ 755 g/t AgEq[1] from 104.4m WCS051: 30.7m @ 289 g/t AgEq[1] from 79.0m WCS052A: 149.2m @ 455 g/t AgEq[1] from 98.0m WCS052B: 40.2m @ 466 g/t AgEq[1] from 279.0m WCS064: 27.7m @ 407 g/t AgEq[1] from 203.3m WCS065: 33.2m @ 332 g/t AgEq[1] from 270.0m

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All widths are down hole
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Figure 2: Centurion Drilling rig on site at the Webbs Consol North Discovery

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Table 1. Lode’s Webbs Consol Silver Project (EL8933) - Significant drill intercepts[4-15] to date

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From To Interval AgEq1 ZnEq1 Ag Pb Zn Cu
Hole Prospect
(m) (m) (m) (g/t) (%) (g/t) (%) (%) (%)
WCS045 90.9 207.0 116.1 721 22.33 254 6.35 8.35 0.24 Tangoa West
WCS052A 98.0 247.2 149.2 455 14.09 183 3.13 5.19 0.19 Tangoa West
WCS050 104.4 170.2 65.8 755 23.37 266 13.56 2.38 0.42 Tangoa West
WCS047 144.7 169.2 24.5 971 30.06 389 1.56 16.00 0.24 Tangoa West
WCS052B 279.0 319.2 40.2 466 14.41 83 0.16 11.56 0.04 Tangoa West
WCS065 270.0 303.2 33.2 332 10.26 64 0.14 8.13 0.01 Tangoa West
WCS064 203.3 231.0 27.7 407 12.60 146 0.35 7.69 0.03 Tangoa West
WCS044 48.3 102.3 54.0 245 7.57 84 3.69 1.22 0.21 Tangoa West
WCS023 17.0 67.0 50.0 244 7.56 94 2.93 1.81 0.08 Castlereagh
WCS006 104.6 132.1 27.5 357 11.03 118 0.77 6.52 0.07 Main Shaft
WCS049 81.8 126.0 44.2 221 6.85 68 4.16 0.56 0.20 Tangoa West
WCS051 79.0 109.7 30.7 289 8.95 93 3.88 2.13 0.21 Tangoa West
WCS019 30.1 56.8 26.7 351 10.86 115 6.43 1.07 0.25 Tangoa West
WCS007 122.9 147.1 24.2 273 8.46 63 0.49 5.96 0.04 Main Shaft
WCS020 30.6 61.6 31.0 192 5.95 55 3.37 0.98 0.12 Tangoa West
WCS031 66.5 113.9 47.4 112 3.47 46 0.79 1.22 0.04 Castlereagh
WCS034 16.0 36.5 20.5 210 6.51 77 1.10 2.87 0.10 Copycat
WCS028 138.4 182.0 43.6 83 2.58 12 0.28 1.91 0.02 Main Shaft
WCS012 48.0 60.1 12.1 282 8.73 108 5.49 0.36 0.10 Mt Galena
WCS035 23.3 37.0 13.7 214 6.62 87 0.71 2.61 0.26 Copycat
WCS070 2.0 23.0 21.0 122 3.76 97 0.33 0.35 0.01 WC North
WCS072 18.0 52.0 34.0 82 2.54 25 0.63 1.19 0.01 WC North
WCS071 10.0 23.0 13.0 193 5.97 82 0.36 3.03 0.01 WC North
WCS026 28.7 63.0 34.3 46 1.43 23 0.13 0.26 0.06 Luck Lucy N
WCS074 75.0 88.0 13.0 83 2.57 20 0.49 1.45 0.01 WC North
WCS008 24.0 45.2 21.2 44 1.36 17 0.09 0.14 0.01 Luck Lucy N
WCS009 70.0 80.0 10.0 77 2.39 45 0.09 0.17 0.23 Luck Lucy N
WCS029 36.3 42.1 5.8 41 1.26 10 0.43 0.55 0.01 Luck Lucy N
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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, high-grade, silver-leadzinc-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 northeastsouthwest fractures. No leaching or secondary enrichment has been identified.

Webbs Consol Main Shaft oblique view

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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.

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

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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 Jason Beckton, who is a Member of the Australian Institute of Geoscientists. Mr Beckton, 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 Beckton has a beneficial interest as shareholder and 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.

References

1. Metal equivalent figures are a simple way to demonstrate overall grade with a single figure thus making comparisons easier for investors. Since the commencement of drilling at Webbs Consol Silver Project it was deemed that silver was the appropriate metal for equivalent calculations as silver is the most common metal to all mineralisation zones. This is still the case however zinc is becoming increasing dominant with depth and therefore LDR has decided to calculated both silver and zinc equivalent grades to demonstrate overall grades. Webbs Consol silver and zinc equivalent grades are based on assumptions: AgEq(g/t)=Ag(g/t)+32.3Zn(%)+27.5Pb(%)+107Cu(%)+87.1Au(g/t) & ZnEq(g/t)=0.031Ag(g/t)+Zn(%)+0.850Pb(%)+0.2.694Cu(%)+2.57Au(g/t) calculated from 12 February 2024 (previously 29 August 2022) spot metal prices of US$22.7/oz silver, US$2325/t zinc, US$2060/t lead, US$8100/t copper, US$2020/oz 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 “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.

recovered and sold.
AgEq1(g/t) = Ag (g/t) + Pb (%) x + Cu (%) x ZnEq1(%) = Zn (%) + 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 Pb (%) x Pb Recovery (%) + Ag g/t) x Price 1 Zn (%) x Zn Recovery (%) Price 1 Cu (%) x Cu Recovery (%) + Au(g/t) x Price 1 Zn (%) x Zn 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 (%) Price 1 Ag (g/t) x Ag Recovery (%) Price 1 Zn (%) x Zn Recovery (%) Price 1 Au (g/t) x Au Recovery (%)
		Price 1 Zn (%) x Zn Recovery (%)

2. LDR Prospectus 14 April 2021 & LDR Supplementary Prospectus 6 May 2021

3. LDR announcement 15 September 2021 titled “Drilling Commences at Webbs Consol Silver Project”

4. LDR announcement 17 November 2021 titled “First drill assays received for Webbs Consol Silver Project”

5. LDR announcement 14 December 2021 titled “High-grade mineralisation in Webbs Consol drilling”

6. LDR announcement 31 May 2022 titled “High grade silver-lead-zinc drill results”

7. LDR announcement 21 June 2022 titled “Over 1,000g/t Silver Eq Intercepted at Tangoa West”

8. LDR announcement 18 July 2022 titled “Most Significant Drill Intercepts to Date at the Webbs Consol”

9. LDR announcement 8 November 2022 titled “1,899 g/t Silver Eq Intercepted at Copy Cat Lode Discovery“

10. LDR announcement 17 January 2023 titled “54m High grade Silver Eq Intercept”

11. LDR announcement 1 February 2023 titled “Outstanding High-Grade Drill Intercept”

12. LDR announcement 18 May 2023 titled “High-Grade Drill Intercepts at Webbs Consol”

13. LDR announcement 13 June 2023 titled “High-Grade Mineralisation Extended to 280m Vertical Depth”

14. LDR announcement 9 October 2023 titled “High-Grade Drill Intercepts At Webbs Consol Silver Project”

15. LDR announcement 19 February 2024 titled “Drilling at Webbs Consol North Delivers Solid Silver-Zinc Intercepts”

16. LDR announcement 24[th] April 2024 titled “Quarterly Activities Report for the period ending 31 March 2024.

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