Lode Resources has reported impressive initial drill results from the historic Magwood Antimony Project in NSW, revealing high-grade antimony mineralisation up to 31.1%. This discovery highlights significant unmined potential in a region largely unexplored for decades.
- Up to 31.1% antimony assay from inaugural drilling at Magwood
- Significant unmined in situ stibnite mineralisation adjacent to historic workings
- Magwood structure traced over 2.5km with multiple high-grade intercepts
- 1,914 km² of exploration licences held by Lode in the New England Fold Belt
- Plans underway for further drilling at Magwood and Montezuma projects
Historic Mine Yields New High-Grade Antimony Results
Lode Resources Ltd (ASX, LDR) has announced a breakthrough from its maiden drilling program at the Magwood Antimony Project, located in the New England region of New South Wales. The initial assays have returned remarkably high-grade antimony intercepts, including a standout 31.1% antimony from drill hole MAG010. This is a significant development given that Magwood, once Australia's leading primary antimony producer between 1920 and 1970, had never before been subjected to modern drilling techniques.
Unexplored Potential in a Historic Mining District
The Magwood structure extends for approximately 2.5 kilometres and hosts multiple zones of stibnite mineralisation. The drilling program revealed both in situ mineralisation and mineralised stope fill, material left behind in historic underground workings due to the mining methods of the time. These findings suggest that previous miners, who relied on selective underground extraction without drilling, missed substantial quantities of high-grade antimony mineralisation.
Strategic Position in the New England Fold Belt
Lode Resources controls a formidable 1,914 square kilometres of exploration licences in the New England Fold Belt, making it the largest holder of antimony prospective ground in the region. Despite the area's rich mineral history, exploration has been limited since the 1970s, with very few drill holes recorded. Lode’s current surface exploration efforts are focused on defining further drill targets around Magwood, with the potential to delineate a significant resource.
Context Within Australia’s Antimony Landscape
For context, the nearby Hillgrove antimony mine has a measured and indicated resource grade of 1.6% antimony, while the only operating primary antimony mine in Australia, Costerfield in Victoria, reports a resource grade of 3.0%. The grades intercepted at Magwood far exceed these benchmarks, underscoring the project's potential to become a major source of this critical metal, which is increasingly important for global supply chains.
Looking Ahead, Expanding Exploration and Market Relevance
Lode’s Managing Director, Ted Leschke, emphasised the strategic importance of these results amid a global shortage of critical metals. The company is planning further drilling programs not only at Magwood but also at its Montezuma Silver & Antimony Project in Tasmania. These initiatives position Lode Resources as a key player in addressing the supply challenges for antimony, a metal vital for flame retardants, batteries, and other industrial applications.
Bottom Line?
Lode Resources’ high-grade Magwood results mark a promising start, but the journey to defining a viable resource is just beginning.
Questions in the middle?
- What is the timeline for a formal resource estimate at Magwood?
- How will Lode Resources approach metallurgical testing and processing for the high-grade stibnite?
- What are the potential environmental and permitting challenges for expanding underground operations?