Lode Resources Targets Resource Growth with Montezuma Drilling Restart

Dual-Front Drilling Strategy at Montezuma

Lode Resources (ASX:LDR) has kicked off a new drilling campaign at its Montezuma Silver & Antimony Project in Tasmania's West Coast Mining Province, seeking to build on its maiden resource of 8.2 million ounces silver equivalent (AgEq). The program uniquely targets two mineralised zones just 100 metres apart; extensions to the existing silver-antimony lode and a recently discovered silver-zinc replacement system within the Maestries Conglomerate.

Drilling from the eastern hanging wall now possible after earthworks completion allows each hole to test both targets simultaneously, maximising efficiency. This approach could materially grow the resource, which currently stands at 480,000 tonnes grading 533g/t AgEq, open in all directions including down dip and to the south.

High-Grade Zinc Intercept Highlights District Potential

A standout intercept from drill hole MZS4224, announced previously, returned 6.4 metres at 6.2% zinc, 1.5% lead, 43g/t silver and 0.1g/t gold from 267 metres depth. These grades align with world-class Tasmanian mines such as Rosebery and Hercules, underscoring the tier-1 potential of the district. The silver-zinc mineralisation is a new style for Montezuma, akin to stratabound carbonate replacement deposits like Renison Bell and Mt Bischoff, suggesting scope for wider mineralised zones and tonnage at depth.

Expanding Exploration Across Multiple Prospects

Beyond Montezuma, Lode is advancing regional exploration with diamond drilling underway at the historic Fahlore Silver & Antimony Prospect, targeting high-grade rock samples from waste dumps. Road access has been completed for the Silver Cliffs and Persic prospects within the Silver Hills Project near Waratah, enabling mapping, sampling, and planned drilling. These prospects have historic workings and assays showing significant silver and antimony grades, potentially complementing Montezuma’s resource base.

Metallurgical Work to Support Scoping Study

To underpin future development, metallurgical testwork is progressing with leaching trials at Core Resources in Brisbane and flotation testing at ALS in Burnie. These efforts aim to confirm the processing flowsheet for both the silver-antimony and silver-zinc mineralisation, helping to de-risk the path to production. Preliminary flotation tests have demonstrated recoveries exceeding 88% for antimony and zinc, indicating promising economic potential.

Granville East Survey Fuels Drill Planning

At the Granville project, a Sub-Audio-Magnetic (SAM) survey has been completed, revealing a significant conductive anomaly potentially linked to fault zones or sulphidic units. Drill planning is underway to test targets within and adjacent to the historic Granville East open pit, focusing on skarn and gossan mineralisation associated with the Heemskirk granite aureole.

Montezuma is Tasmania’s only antimony project, a metal designated critical by Australian and international governments amid tightening global supply, especially following China's export restrictions. Lode’s Managing Director Keith Mayes highlighted the excitement around testing the silver-zinc system just over 100 metres from the existing resource, which could fundamentally alter the project’s scale and value.