Lode Restarts Drilling to Test Two High-Grade Zones 100m Apart at Montezuma
Drilling restarts at Montezuma with two mineralised zones in the crosshairs
Lode Resources has recommenced drilling at its Montezuma Silver & Antimony Project in Tasmania, targeting both extensions to the existing resource and a recently discovered silver-zinc mineralisation system. The dual-target approach carries genuine resource expansion potential on two fronts. The 480kt at 533g/t AgEq maiden JORC (2012) resource, totalling 8.2Moz AgEq, remains open in all directions, and the proximity of the two mineralised zones—as little as 100m apart—allows each hole drilled from the hanging wall (eastern) side to test both targets simultaneously, maximising exploration efficiency. This multi-prospect Tasmanian campaign also extends to the Fahlore, Silver Hills, and Granville prospects, positioning Lode to unlock scale across the tenement package.
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Why drilling from the east matters for resource growth
Completion of earthworks now enables drilling from the hanging wall (eastern) side of the deposit, unlocking strategic access to test potential extensions. The resource’s open-ended geometry remains significant: drill-defined mineralisation extends over 250m strike length and 200m down dip, yet the deposit has not been closed off at any boundary. Every direction—south, down dip, along strike—remains prospective, meaning each new drill programme carries genuine resource growth potential rather than simply in-filling a constrained envelope.
Initial eastern drilling will test the entire width of the Maestries Conglomerate, interpreted to be up to 40m wide, in addition to the Montezuma silver-antimony lode within a single drill hole. This single-hole efficiency stems from the mineralised zones sitting parallel but distinct: the Maestries-hosted silver-zinc replacement mineralisation and the Montezuma fault-hosted silver-antimony vein system. The ability to interrogate both in one pass maximises the resource-growth return on each metre drilled.
Keith Mayes, Managing Director
“We are excited to be drilling from the east at Montezuma, which allows us to both test for extensions of the Resource to the south and advance the recently discovered silver & zinc mineralisation associated with the Maestries Conglomerate. The potential for another significant deposit little more than 100m from The Montezuma Silver & Antimony Resource is a very exciting prospect that could fundamentally change the project’s scale. Drilling at Fahlore for Silver & Antimony, on the back of some very high-grade rock samples, and future drilling at Granville (within the Granville East pit and adjacent targets identified by the SAM survey) will keep the exploration team very busy.”
The silver-zinc discovery: a second value driver
The replacement-style silver-zinc mineralisation represents a new prospect adjacent to the Montezuma fault Silver-Antimony system, adding a second value driver to the project. Discovery hole MZS42 returned 6.40m @ 6.2% Zn, 1.5% Pb, 0.1% Sb, 43g/t Ag & 0.1g/t Au from 267.0m—high-grade by global zinc standards and comparable to producing operations in Tasmania’s West Coast Mining Province, including the nearby Rosebery and Hercules mines operated by MMG.
The geological setting reinforces the upside: mineral genesis characteristics are akin to the nearby Renison tin deposit and Mt Bischoff tin deposit further afield, both classified as stratabound carbonate replacement. A significant economic driver when mining this style of deposit is the potential for large mineralisation widths, and hence tonnage, due to mineral-bearing fluids having replaced large portions of the carbonate sedimentary unit. Whilst the intercept in MZS42 is 6.2m (estimated true width 2.8m), weak disseminated mineralisation is present at surface within the Maestries carbonate conglomerate unit, and it is not unusual for replacement mineralisation to intensify towards the source of mineralising fluids at depth. This points to further upside: the entire dolomitic unit within the Maestries Conglomerate is considered a drill target, with mineralisation already observed both within the unit and adjacent to the hanging wall contact.
Discovery intercept snapshot
- 6.40m @ 6.2% Zn, 1.5% Pb, 0.1% Sb, 43g/t Ag & 0.1g/t Au from 267.0m
- Estimated true width: 2.8m
- Replacement-style mineralisation within Maestries Conglomerate
- Comparable grades to Rosebery and Hercules producing mines
What is antimony—and why the market is watching
Antimony is classified as a critical metal by the Australian Federal and Tasmanian governments, as well as most advanced western nations, due to its essential role in flame retardants, batteries, and defence applications. China dominates global supply, and on 3 December 2024, China announced a ban on antimony exports specifically to the United States. In November 2025, China agreed to suspend export controls following a new trade and economic deal with the United States, but this partial reversal does not change China’s dominant position nor the mercurial nature of both countries’ trading policies. Europe remains outside the agreement.
The supply-chain volatility creates a strategic scarcity angle: Montezuma is Tasmania’s only antimony project and one of very few advanced antimony development assets in the western world outside China’s supply chain. For investors, this positions the project within a critical-metals macro backdrop where diversification of supply is a national security priority.
Regional prospects add scale to the story
Fahlore
Diamond drilling has commenced at the historic Fahlore Silver & Antimony mine, with the first of 3 planned holes nearing completion. The prospect targets a line of historic workings extending over 350m strike, with mineralisation comprising jamesonite, galena, tetrahedrite, and chalcopyrite—similar in composition to the Montezuma deposit. Historic waste dumps returned standout grab samples including up to 2,480 g/t Ag, 2.35% Sb, and 3.19% Cu. Grab sampling is selective in nature, with resultant assay grades considered qualitative rather than quantitative and not necessarily representative of the mined mineralisation, which may be lower or higher in grade.
Silver Hills (Silver Cliffs & Persic)
Road access is now complete to the Silver Cliffs and Persic prospects, and drilling approvals have been received from Mineral Resources Tasmania, clearing the way for mapping, sampling, and approved diamond drilling. Silver Cliffs’ historical workings extend over 320m strike and sit within a proven high-grade mineralised system, completely surrounding the historic Mt Bischoff Tin Mine. High-grade silver-antimony mineralisation has been identified at both prospects, with Silver Cliffs grab samples returning up to 9,370 g/t Ag, 8.48% Sb, 16.05% Pb, and 25.3% Zn. As with Fahlore, these grab samples are selective and qualitative rather than quantitative.
Granville
The Sub-Audio-Magnetic (SAM) survey at Granville East is now complete, with final data pending. A significant conductor is centred on the survey area, which could be caused by current channelling in a fault zone or conductive graphitic and/or sulphidic units or pyrrhotite, all observed in the Granville East pit. One area of interest is in the south, where mapped skarn flanks the conductor and a mapped gossan coincides with the peak of the conductor. Drill planning is underway targeting both the existing pit and new survey-generated targets.
De-risking the path to production
Metallurgical testwork is advancing to confirm the flowsheet and support the Montezuma Scoping Study, which now also covers the silver-zinc mineralisation. Leaching testwork began last week at Core Resources (Brisbane), and flotation testwork is underway at ALS (Burnie). Preliminary flotation recoveries have already been achieved: 88.4% antimony, 93.0% silver, 88.4% lead, and 91.5% copper, supporting the metal-equivalent assumptions used in the resource estimate. Further flotation tests have been commissioned to include tin and gold recovery plus QXRD mineralogy, broadening the metallurgical understanding and de-risking the path to production.
| Workstream | Status | Why It Matters |
|---|---|---|
| Montezuma eastern drilling | In progress | Tests resource extension + silver-zinc zone in single holes |
| Fahlore drilling | 1 of 3 holes nearing completion | New Ag-Sb scale potential |
| Silver Hills access | Complete, drilling approved | Opens Silver Cliffs/Persic for exploration |
| Granville SAM survey | Complete, data pending | Conductor targets for drilling |
| Metallurgical testwork | Underway (Core/ALS) | De-risks flowsheet for Scoping Study |
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What comes next for Lode investors
The near-term catalyst pipeline includes assay results from Montezuma’s eastern drilling, first results from Fahlore, drilling at Silver Hills, drill planning at Granville post-SAM interpretation, and Scoping Study progress. The investment thesis centres on an open-ended resource with growth potential on two fronts—silver-antimony extensions and the new silver-zinc zone—regional scale optionality across multiple prospects, and a critical-metals macro backdrop where antimony supply diversification is a strategic imperative. Each drill programme carries genuine resource expansion potential, and the proximity of the two Montezuma mineralised zones maximises exploration efficiency in a high-grade, proven mining district.
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