Lode Resources Hits New Silver Lode at Montezuma as More Drilling Looms
Key Takeaways
- Drill hole MZS43 returned five high-grade intercepts from three zones, including the newly discovered Moores Lode at 1,241 g/t AgEq over 1.0m.
- The Montezuma Lode extended south with 1.1m at 1,554 g/t AgEq (790 g/t Ag, 7.2% Cu) and remains open at depth, supporting growth beyond the 8.2Moz AgEq maiden resource.
- Maestries replacement zinc mineralisation was confirmed with intercepts up to 5.9m at 3.8% Zn, giving Lode a second exploration target 50-80m west of the fault.
- Both lode intercepts are only about one metre wide, so they demonstrate grade rather than thickness.
- MZS44 results are pending and MZS45 is in progress, with more holes planned from the same position to test southern extensions.
Five high-grade intercepts, including a new lode, from a single Montezuma drill hole
Lode Resources (ASX: LDR) has reported that drill hole MZS43 returned five high-grade intercepts from three mineralised zones, including the newly discovered Moores Lode. The hole was drilled at the 100%-owned Montezuma Silver & Antimony Project, in Tasmania’s West Coast mining district.
For investors, a new lode in the hanging wall (the upper side of the Montezuma fault) suggests the mineral system is still producing discoveries, not just confirming known ones.
From the announcement
“…demonstrating the strong endowment of the Montezuma mineral system…”
The table below sets out each intercept. All widths are downhole lengths, and AgEq (silver equivalent) is reported only for the two lodes.
| Zone | From (m) | Width | Key grades | AgEq |
|---|---|---|---|---|
| Moores Lode (new) | **133.5m** | **1.0m** | 437 g/t Ag, 3.4% Cu, 2.4% Pb, 1.2% Sb, 1.2g/t Au, 3.7% Sn | **1,241 g/t** |
| Montezuma Lode | **220.4m** | **1.1m** | 790 g/t Ag, 7.2% Cu, 0.3% Pb, 0.3% Sb, 0.8g/t Au, 0.6% Sn | **1,554 g/t** |
| Maestries replacement zone (upper) | **370.5m** | **2.2m** | 274 g/t Ag, 1.0% Pb, 2.9% Zn, 0.8g/t Au | Not reported |
| Maestries replacement zone (lower) | **411.8m** | **4.2m** | 36 g/t Ag, 1.7% Pb, 4.1% Zn | Not reported |
| Maestries replacement zone (lower) | **420.6m** | **5.9m** | 39 g/t Ag, 0.5% Pb, 3.8% Zn, 0.23g/t Au | Not reported |
Reported AgEq grades exclude tin and gold. The Moores Lode and Montezuma Lode results are narrow, at about one metre each, so they show grade rather than thickness.
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Montezuma Lode extended south, with resource growth potential
Lode still open at depth
MZS43 extends the Montezuma Lode to the south and confirms it remains open at depth. The company says this supports potential expansion of the maiden resource of 480kt at 533g/t AgEq for 8.2Moz AgEq, announced earlier this year.
At this location, mineralisation appears to be transitioning from dominantly high-grade silver-antimony to dominantly high-grade silver-copper. That matters because the metal mix, not just the grade, shapes what a deposit could be worth.
Deposit scale
The Montezuma deposit sits on a north-south trending fault that dips steeply east. Key facts from the announcement:
- Drill-defined mineralisation extends over 250m of strike length and 200m down dip.
- The deposit remains open in all directions, meaning drilling has not yet defined its limits.
- Mineralisation is hosted in fissure veins (mineral-filled fractures) along the Montezuma fault and associated splay structures.
Moores Lode
Moores Lode is a new fissure vein of pyrite-chalcopyrite-jamesonite-galena-arsenopyrite, identical in character to the Montezuma Lode. It was intersected in the hanging wall of the fault.
The company says it demonstrates the potential to discover further mineralised lodes around the Montezuma fault mineral system.
What are fissure lodes, replacement mineralisation and AgEq?
Two mineralisation styles are at work here. In a fissure lode, metals are deposited in veins along a fault, as at the Montezuma Lode.
Replacement mineralisation forms where mineralising fluids replace the host rock. At Maestries, that rock is dolomitic sediment of the Maestries Conglomerate, approximately 50-80m west of the Montezuma Fault.
A second style gives investors a second exploration target alongside the Montezuma Lode, which broadens where discoveries could come from.
AgEq combines several metals into a single grade so intercepts can be compared. Lode uses this formula: AgEq(g/t) = Ag(g/t) + 357Sb(%) + 20Pb(%) + 91*Cu(%). The company states it is Lode’s opinion that all the elements included have a reasonable potential to be recovered and sold.
Why antimony matters
Antimony is classified as a critical metal by the Australian Federal Government and the Tasmanian State Government. China announced a ban on antimony exports specifically to the United States on 3 December 2024, and in November 2025 agreed to suspend its export controls following a trade deal with the United States.
The announcement notes this does not change China’s strong dominance of the global antimony market. Montezuma is Tasmania’s only antimony project.
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Second target, next drilling and regional pipeline
MZS43 confirms and extends the silver-zinc replacement mineralisation in the Maestries Conglomerate, first intersected in MZS42. MZS42 was completed in April 2026 and returned 6.40m @ 6.2% Zn, 1.5% Pb, 0.1% Sb, 43g/t Ag and 0.1g/t Au.
MZS43 was the first hole drilled from the hanging wall side of the Montezuma Lode, giving better drilling angles and coverage of both targets at the southern end of the prospect. Next steps are:
- Results from MZS44 are pending.
- MZS45 is in progress.
- Further holes are planned from the same drill position to test the southern extensions of the Montezuma Lode and the Maestries replacement lodes.
Exploration also continues at the Fahlore, Silver Cliffs and Persic high-grade silver and antimony prospects, which LDR considers potential satellite deposits for the Montezuma operation.
With MZS44 results pending and MZS45 in progress, further drilling news from the southern end of Montezuma is expected to follow.
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