Can Lode Unlock Untapped High-Grade Antimony at Long-Idle Magwood Mine?

Historic Magwood Mine Reawakens

Lode Resources (ASX: LDR) has announced the start of a significant exploration drilling campaign at its Magwood Antimony Project, located in the New England Fold Belt of New South Wales. This 15-hole diamond drilling program aims to test multiple semi-parallel lode structures, including both historically mined and previously unmined high-grade antimony mineralisation down to depths of 450 metres.

The Magwood mine, once Australia’s largest primary antimony producer in the 1970s, is notable for its exceptionally high-grade stibnite mineralisation, with historical records indicating grades ranging from 4% up to an extraordinary 62% antimony. Despite its past production, the deposit has never been drilled, leaving significant potential for resource expansion and modern evaluation.

Strategic Alignment and Exploration Upside

This drilling initiative is part of Lode’s broader strategy to build a formidable antimony portfolio alongside its Montezuma Antimony Project in Tasmania, where drilling is ongoing and assay results are pending. The Magwood project’s timing and focus align closely with the New South Wales Government’s Critical Minerals Strategy 2024–2035, which prioritises exploration and development of high-tech metals like antimony.

Surface sampling at Magwood has returned impressive grab sample grades, including values as high as 41.7% antimony and a notable 6.14 grams per tonne gold, hinting at potential gold-bearing lodes at depth. The planned drilling will test key targets such as sub-parallel lode structures, unmined mineralisation within the mine, down-dip extensions, and a dilation zone northeast of the mine that may extend mineralisation over 700 metres.

Unlocking Underexplored Potential in New England Fold Belt

Lode controls extensive exploration licences covering nearly 2,000 square kilometres in the New England Fold Belt, an area historically underexplored since the 1970s. The company’s exploration approach combines historical data review, modern geophysics, and targeted drilling to unlock latent mineral potential. The Magwood project, with its rich history and geological similarities to the nearby Hillgrove antimony mine, represents a compelling opportunity to delineate a new high-grade resource.

Managing Director Ted Leschke emphasised the attractiveness of Magwood as a drill target, noting the mine’s significant historical production and the strong geological analogies with Hillgrove. Executive Chair Andrew van Heyst highlighted the fully funded and well-prepared nature of the drilling campaign, underscoring the company’s readiness to advance its antimony assets.

Looking Ahead

As Lode progresses with its drilling programs at Magwood and Montezuma, the company is poised to enhance its position in the critical minerals sector. The results from these programs will be closely watched by investors seeking exposure to strategic metals essential for emerging technologies and supply chain security.