Lode Resources Reveals Promising Drilling Results at Montezuma Project

Lode Resources Strikes High-Grade Antimony & Silver in Tasmania

Lode Resources Ltd (ASX: LDR) has announced exceptional high-grade antimony and silver drill results from its Montezuma Project in Tasmania's premier West Coast Mining Province, with significant bulk tonnage potential emerging alongside strong gold and tin values.

Multiple High-Grade Zones Extend Mineralization Footprint

The company has received the second batch of drill assays from holes MZS14 to MZS17, which have delivered impressive high-grade antimony and silver intercepts with values up to 5.06% antimony equivalent or 1,798 g/t silver equivalent, plus substantial gold (2.68 g/t) and tin (3.97%) credits.

Key intercepts include:

• 5.0m at 2.17% SbEq or 772 g/t AgEq (plus 1.28 g/t Au & 1.78% Sn)
• 8.0m at 0.72% SbEq or 257 g/t AgEq (plus 0.30 g/t Au & 0.45% Sn)
• 9.5m at 0.70% SbEq or 249 g/t AgEq (plus 0.65 g/t Au & 0.53% Sn)

Importantly, these Lode Resources Montezuma Project drilling results extend the high-grade antimony-silver-gold-tin mineralization to over 200 meters in strike length and 200 meters in depth, with the system remaining open in all directions.

Bulk Tonnage Potential Emerges

A significant development in this round of drilling is the recognition of bulk tonnage potential at Montezuma. Multiple mineralized "daughter" structures adjacent to the main footwall and hanging wall structures have been identified, particularly where these structures coalesce.

In drill hole MZS17, three of the five mineralized zones, together with intervening low-grade zones, bulk out to 31.6m at 0.38% SbEq or 136 g/t AgEq plus 0.27 g/t Au & 0.20% Sn.

"Our Montezuma drill programme continues to produce exciting results. All holes have intercepted multiple zone of strong mineral endowment and now we are seeing the potential for bulk tonnage resources which could materially increase project scale. In addition to high-grade antimony and silver mineralisation there is consistent zones of strong tin and gold mineralisation adding significantly to the overall metal endowment."

Understanding Antimony: A Critical Metal with Geopolitical Significance

Antimony is classified as a critical metal by both the Australian Federal Government and the Tasmanian State Government, as well as by most advanced Western nations. It has strategic applications in defense, batteries, flame retardants, and semiconductor manufacturing.

The antimony market has tightened significantly after China announced the ban on antimony exports specifically to the United States in December 2024, following earlier broader restrictions on critical minerals exports. This has driven antimony prices to record levels, with prices in Western markets tripling in just one year.

China has historically dominated global antimony production, but its output has fallen by 67% in the last decade, creating a significant supply gap. Similar to how WA8 Warriedar Resources uncovered high-grade antimony at its Ricciardo Gold Deposit, the Lode Resources Montezuma Project drilling results represent Tasmania's only antimony project, positioning Lode Resources strategically in this critical minerals space.

What is Antimony and Why Does it Matter?

Antimony is a silvery-white, brittle metallic element with the chemical symbol Sb. It's relatively rare in the Earth's crust but found in over 100 mineral species. The most common antimony mineral is stibnite (Sb₂S₃).

At the Montezuma project, antimony occurs primarily within jamesonite, a lead-iron-antimony sulphide mineral (Pb₄FeSb₆S₁₄) and stibnite, which form in late-stage hydrothermal systems at moderate to low temperatures.

Antimony has several critical applications:

• Military and Defense: Used in ammunition, infrared devices, and night-vision equipment
• Flame Retardants: A major component in fire-resistant materials for buildings, vehicles, and electronics
• Batteries: Essential for lead-acid batteries and emerging battery technologies
• Electronics: Used in semiconductor manufacturing and as a dopant in silicon wafers
• Medical Applications: Some antimony compounds have therapeutic uses

With China's production declining and export restrictions tightening, Western nations are actively seeking secure supply sources for this strategic metal. In fact, Trigg Minerals recently acquired high-grade antimony gold projects to capitalize on this growing demand.

Metallurgical Testing Underway

Lode Resources has commissioned ALS Metallurgy in Burnie to complete comprehensive flotation tests on Montezuma Antimony & Silver mineralization, including the recovery of tin and gold. This work includes Quantitative X-ray Diffraction (QXRD) analysis to determine overall mineralogy and will build on previous metallurgical work that achieved recoveries of 74.5% antimony, 77.9% silver, 75.8% lead, and 84.8% copper.

The Lode Resources Montezuma Project drilling results and subsequent metallurgical testing are essential steps toward understanding the project's economic potential.

Extensive Drilling Program Continues

The company is currently undertaking a 50-to-60-hole drilling program (8,000m to 10,000m) at Montezuma, with additional assays pending from eight completed drill holes. This systematic drilling is designed to quantify and extend the deposit both down dip and along strike.

The drilling program targets two main structures: the Hanging Wall lode and the Footwall lode, with multiple "daughter" structures now identified between them. The latest Lode Resources Montezuma Project drilling results suggest that where these structures coalesce, there is potential for significant bulk tonnage resources.

Infrastructure Advantages

The Montezuma Antimony & Silver Project includes considerable existing infrastructure that could accelerate development, including:

• Connection to grid power
• Cone crusher and ball mill equipment
• Gravity tables and spirals for mineral separation
• Water supply infrastructure
• A recently constructed tailings dam

This infrastructure provides Lode Resources with the ability to conduct trial pilot-scale beneficiation treatment once metallurgical parameters, flowsheet configuration, and permitting are finalized.

Why Investors Should Follow Lode Resources

Lode Resources presents a compelling investment case in the critical minerals sector:

1. Strategic Critical Mineral Focus: As Tasmania's only antimony project, Montezuma is positioned to benefit from rising antimony prices and increased Western demand for secure supply chains.

2. Exceptional Grades: The high-grade nature of the antimony-silver mineralization, with additional gold and tin credits, suggests potential for robust project economics.

3. Expanding Resource Potential: With mineralization open in all directions and emerging bulk tonnage potential, the resource base appears likely to grow significantly.

4. Infrastructure Advantage: The project includes considerable beneficiation infrastructure, including connection to grid power, crushing and milling equipment, and a recently constructed tailings dam.

5. Government Support: The Tasmanian Government's Critical Minerals Strategy specifically aims to support projects like Montezuma.

As global supply chains for critical minerals face increasing pressure and Western nations seek secure sources of strategic metals, Lode Resources' Montezuma Project represents a potentially significant development in Australia's critical minerals landscape. Furthermore, the Hurricane Project's gold-antimony discovery by Inca Minerals and Nagambie Resources' antimony discovery with expansion potential demonstrate growing interest in this critical mineral. However, unlike Alligator Energy's halted uranium drilling due to flooding risks, Lode Resources' drilling program continues to advance steadily with promising results.

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