Lode Resources Ltd. announced the successful completion of Phase I drilling at the Webbs Consol Silver-Base Metals Project with 29 holes drilled for a total of 3,165m. Drilling to date resulted in meaningful Ag, Zn, Pb intercepts in 22 of the 29 holes drilled or a 75% hit rate. 14 of the 29 holes drilled resulted in intercepts with strong metal endowment (>700 AgEq1 g/t.m) or 48% hit rate.

Note all metal equivalent previously reported have been updated using 29 August 2022 spot prices. The strong drilling results is testimony to the high prospectivity of the Webbs Consol Silver-Base mineral system. The top 6 drill holes ranked by mineral endowment are as follows: WCS023 reported 50.0m @ 314 g/t AgEq1 from 67.0m (15,708 AgEq g/t.m); WCS006 reported 27.5m @ 552 g/t AgEq1 from 104.6m (15,168 AgEq g/t.m); WCS019 reported 27.3m @ 412 g/t AgEq1 from 57.4m (11,244 AgEq g/t.m); WCS007 reported 24.2m @ 450 g/t AgEq1 from 147.1m (10,871 AgEq g/t.m); WCS020 reported 31.0m @ 241 g/t AgEq1 from 61.6m (7,471 AgEq g/t.m); WCS028 reported 43.6m @ 141 g/t AgEq1 from 138.4m (6,337 AgEq g/t.m).

Amongst the last Phase I drill holes WCS028 returned 43.6m @ 141 g/t AgEq1 including 12.0m @ 338 g/t AgEq1 and 3.0m @ 526 g/t AgEq1. This extends the Main Shaft prospect to 150m depth and demonstrates the depth potential of other mineralised lodes discovered to date. At the Lucky Lucy North prospect WCS026 returned 34.3m @ 56 g/t AgEq1 including 10.1m @ 106 g/t AgEq1 and WCS029 returned 30.5m @ 69 g/t AgEq1.

These two holes together with the WCS008 demonstrate increasing base metal grades with depth indicating that down dip potential remains an attractive target to be tested with future drilling in addition to numerous other mineralised lodes discovered to date. Phase II diamond drilling has commenced at the 100 % owned Webbs Consol Silver-Base Metals Project with approximately 19 holes for 2,350m planned. Subsequent to the success of Phase I drilling, where multiple high-grade Ag, Zn, Pb intercepts were reported including 14 of the 29 holes drilled producing intercepts with strong metal endowment (>700 AgEq1 g/t.m) or 48% hit rate, Phase II drilling will target a combination of extensional drilling of previously discovered mineralised lodes as well as testing newly identified surface mineralisation.

In addition, new drill targets have recently been delineated 300m to 850m southeast of the Castlereagh prospect as well as 200m both north and south along strike of the Lucky Lucy North prospect. Surface chip samples have graded up to 1,135 g/t Ag, 7.51% Pb, 0.58% Cu and 0.47 g/t Au. It is worth noting that 15 of just 33 samples collected returned metal values that are consider to be highly anomalous.

Chip/grab sampling is a spot sample technique and assay grade is not regarded as being representative of the grade of the mineralised occurrence in general nor an indication of the width of the mineralised occurrence.