Lode Resources Ltd (ASX: LDR) has announced an exploration update at the company’s 100% owned Uralla Gold Project located in the New England Fold Belt in north-eastern New South Wales.
Over a two month period 1,192 auger drill holes were completed on a 25m x 50m grid spacing covering an expansive 1.6km2 area covering the Hudson’s group of prospects (Gumtree, Dyke, Martins Shaft) at Lode’s Uralla Gold Project.
The aim of the auger drill programme was to identify areas of anomalous gold values as well as pathfinder elements near surface so as to identify new drill targets in the Hudsons area, as well as assisting with deeper and infill drill targeting planned for this year.
Managing director, Ted Leschke, commented, “We are very pleased with the results of the auger drilling as they indicate a number of new drill targets prospective for gold mineralization including a circular cluster in the Dyke/Gracie area potentially representing a large mineral system at depth. Work is ongoing at Uralla with results contributing to planning for the upcoming drill programme.”
The company has received all assays from the significant auger drill programme with gold and pathfinder metals imaged and/or contoured. Highlights include:
• Over half of the gold anomalies defined have no hard rock outcrop, potential indicate blind mineralization, whilst other gold anomalies have enhanced previous surface work
• Two Au anomalies have been tested by earlier preliminary drilling with the best intercepts being KTN010: 15.0m @ 2.09g/t Au from 12m and KTN007: 14.0m @ 1.24 g/t Au from 68m for the Dyke/Gracie and Redgum Prospects respectively. Only the Martin Shaft Prospect has been extensively drill tested by a previous exploration licence holder (Sovereign Gold Company Ltd) with the best intercept being SGRDD002: 26.0m @ 2.80g/t Au from 15.0m
• A number of gold anomalies in the Dyke/Gracie Lode area appear to form a circular feature potentially representing an intrusive pluton at depth and a source of mineralization
• There is a strong correlation between gold and pathfinder metals including a broad association with antimony. Pathfinder elements can help define mineralized lodes which are not obvious near surface
To find out more, please visit www.loderesources.com
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