Lode Resources (ASX:LDR) Acquires Montezuma Antimony Project and Announces High-Grade Drill Results
Acquisition of Montezuma Antimony Project
During the December quarter, Lode Resources completed the acquisition of the Montezuma Antimony Project in Tasmania’s premier West Coast Mining Province. This acquisition aligns with Lode’s strategic aim to become Australia’s next antimony producer amid global supply shortages and record high prices. The project includes a high-grade antimony-silver-lead deposit with advanced metallurgical test work and significant beneficiation infrastructure.
High-Grade Drill Results
Subsequent to the quarter, inaugural high-grade drill core assays from Montezuma revealed exceptional antimony and silver intercepts, with significant gold, copper, and tin values enhancing the overall mineral endowment. Notable intercepts include 12.02% Sb and 1,677 g/t Ag over 2.6m in drill hole MZSFW5, and 12.00% Sb and 1,030 g/t Ag over 2.0m in drill hole MZSFW3. These results indicate broader and higher-grade mineralisation than previously estimated.
Financial Performance
Lode Resources raised $4.5 million by issuing 45 million new shares at $0.10 each during the December quarter. As of 31 December 2024, the company had cash reserves of approximately $4,578,000, fully funding the upcoming exploration program and processing plant design for the Montezuma Antimony Project. Operating expenditures for the quarter amounted to $768,000, with no expenditures on mining production and development activities.
Exploration Activities at Webbs Consol Silver Project
Significant exploration drilling at the Webbs Consol Silver Project in New South Wales intercepted substantial silver and zinc mineralisation. Drill holes at the Castlereagh and Webbs Consol North prospects reported intercepts such as 26.7m @ 351 g/t AgEq and 31.0m @ 192 g/t AgEq, indicating strong potential for high-grade silver and zinc deposits.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.