Lode Resources Ltd. provided a drilling update from the 100% owned Webbs Consol Silver Project located in the New England Fold Belt in north-eastern New South Wales. The recently commenced Phase II drill programme at the Webbs Consol Silver Project has resulted in a significant intercept of sulphide mineralisation in drill hole WCS031 at the Castlereagh prospect. WCS031 has intersected 47.4m of sulphide mineralisation containing an estimated 6% sphalerite ((Zn,Fe)S) and 3% galena (PbS) from 66.5m at the Castlereagh prospect.

Significant silver mineralisation is also anticipated. Sulphide distribution within this intercept ranges from disseminated blebs to massive veins of both sphalerite and galena with significant silver grades also expected. Located 16km west-south-west of Emmaville, Webbs Consol was discovered in 1890 with intermittent mining up to the mid-1950s.

The Webbs Consol Project (EL8933) contains several small, but high grade, silver-lead-zinc-gold deposits hosted by the Webbs Consol Leucogranite which has intruded the Late Permian Emmaville Volcanics and undifferentiated Early Permian sediments. Several mine shafts were worked for the high-grade galena and silver content only with high-grade zinc mineralisation discarded. Mineral concentration was via basic Chilean milling techniques and sluicing.

Some subsequent rough flotation of galena was carried out with no attempt to recover sphalerite. Ore mineralogy includes galena, sphalerite, marmatite, arsenopyrite, pyrite, chalcopyrite, minor bismuth, and gold. Chief minerals are generally disseminated but also high grade "bungs" where emplacement is a combination of fracture infilling and country rock replacement.

Gangue mineralogy includes quartz, chlorite and sericite with quartz occurring as veins and granular relicts. Historical sampling shows potential for high grade silver and zinc mineralisation at Webbs Consol. It was reported that 12 samples taken from the lowest level of the main Webbs Consol shaft ("205' Level" or 60m depth) averaged 210g/t silver, 22.6% zinc and 274% lead.

Epithermal style mineralisation occurs in `en échelon' vertical pipe like bodies at the intersection of main north-south shear and secondary northeast-southwest fractures. No leaching or secondary enrichment has been identified.