# LDR: 5 High Grade Intercepts and New Lode in Montezuma Drill Hole Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ldr-5-high-grade-intercepts-and-new-lode-in-montezuma-drill-hole--bd9d6745-373d-4fcc-b6dd-a265605c874e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03148652 Publisher: asx Original announcement: 2026-10-05T21:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-05T22:19:56.070Z Atlas analysis updated: 2026-10-05T22:19:56.070Z - Company: Lode Resources Ltd - Ticker: LDR - Exchange: ASX - Region: Tasmania - Primary commodity: Silver - Secondary commodities: Antimony, Copper, Lead, Zinc, Gold, Tin, Arsenic - Document categories: Drill results, Metallurgy, Resource update - Extracted: 2026-10-05 22:19:56 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Lode Resources Ltd announced exceptional high-grade polymetallic drill results from hole MZS43 at its Montezuma Silver & Antimony Project in Tasmania, including the discovery of a new lode and extensions to existing mineralization. The drilling returned multiple significant intercepts with bonanza grades for silver, copper, antimony, and tin, demonstrating strong endowment and resource growth potential. These results also confirm a second silver-zinc replacement mineralization style, providing additional exploration targets for the project. Reasoning: Lode Resources reported multiple high-grade polymetallic intercepts from drill hole MZS43 at its Montezuma project, including the discovery of a new lode \(Moores Lode\) and significant extensions to existing mineralization. Several intercepts show bonanza grades for silver, copper, antimony, and tin, significantly exceeding prior results and demonstrating strong resource growth potential. The detailed QA/QC disclosure and favorable drill orientation further enhance confidence in these results, despite the presence of deleterious arsenic and the exclusion of gold and tin from the metal equivalent calculation. - Positive factor: Bonanza Intercept - Positive factor: New Lode Discovery - Positive factor: Step-Out Extension - Positive factor: QA/QC Disclosed - Positive factor: Drill Orientation Quality - Negative factor: Deleterious Elements Present - Negative factor: Metal Equivalent Opaque Facts used in scoring: 6 ## Classification and evidence **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Drill Results (6) ### MZS43 [Link to this fact](https://atlas-staging.minestarters.com/news/ldr-5-high-grade-intercepts-and-new-lode-in-montezuma-drill-hole--bd9d6745-373d-4fcc-b6dd-a265605c874e#fact-drill-facts-0) Montezuma Silver & Antimony · silver #### Identity - Hole ID: MZS43 - Project: Montezuma Silver & Antimony - Commodity: silver - Region: australia\_tas - Reported Region: australia\_tas - Ticker: LDR #### Geometry - Grade: 437 - Grade Unit: g/t - Intercept: 1 m - From: 133.5 m - To: 134.5 m - Hole Depth: 488.8 m - Intercept Depth: 133.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MZS43:133.5-134.5 - Mining Method: underground #### Location - Easting: 373345 - Northing: 5363895 - Elevation: 660 m - Azimuth: 302 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - Laboratory: ALS Burnie and Brisbane - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic #### Metal Equivalent - Metal Eq. Grade: 1241 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: This intercept from the newly discovered Moores Lode shows bonanza silver grades \(437 g/t Ag\) over a good width, contributing significantly to the project's overall endowment and demonstrating high novelty and materiality. The AgEq grade of 1,241 g/t further highlights its value. - Positive factor: Bonanza Intercept - Positive factor: New Lode Discovery - Negative factor: Deleterious Elements Present - Negative factor: Metal Equivalent Opaque Evidence · table > 437 Context: 1 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "ASX Announcement \| 6 October 2026 ASX Code: LDR 1 ASX Code: LDR \| ACN: 637 512 415 \| www.loderesources.com A: Suite 506," #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 437 g/t Ag is a bonanza grade for silver, well above the 200 g/t strong threshold and approaching the 500 g/t exceptional threshold. Evidence · table > 437 Context: 1 **New Lode Discovery** — Rejected; excluded from scoring Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Reason: This intercept is explicitly stated as being from the 'New discovery – Moores Lode'. Evidence · text > New discovery – Moores Lode ### MZS43 [Link to this fact](https://atlas-staging.minestarters.com/news/ldr-5-high-grade-intercepts-and-new-lode-in-montezuma-drill-hole--bd9d6745-373d-4fcc-b6dd-a265605c874e#fact-drill-facts-1) Montezuma Silver & Antimony · arsenic #### Identity - Hole ID: MZS43 - Project: Montezuma Silver & Antimony - Commodity: arsenic - Region: australia\_tas - Reported Region: australia\_tas - Ticker: LDR #### Geometry - Grade: 6 - Grade Unit: % - Intercept: 1 m - From: 133.5 m - To: 134.5 m - Hole Depth: 488.8 m - Intercept Depth: 133.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MZS43:133.5-134.5 - Mining Method: underground #### Location - Easting: 373345 - Northing: 5363895 - Elevation: 660 m - Azimuth: 302 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - Laboratory: ALS Burnie and Brisbane - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: This intercept from the newly discovered Moores Lode contains a high percentage of arsenic \(6.0%\), which is a deleterious element that could pose processing or concentrate quality challenges. - Negative factor: Deleterious Elements Present Evidence · table > 6.0 Context: 1 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "ASX Announcement \| 6 October 2026 ASX Code: LDR 1 ASX Code: LDR \| ACN: 637 512 415 \| www.loderesources.com A: Suite 506," #### Rejected tags **Deleterious Elements Present** — Rejected; excluded from scoring Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Reason: 6.0% arsenic is a high concentration of a deleterious element, potentially impacting processing or concentrate quality. Evidence · table > 6.0 Context: 1 ### MZS43 [Link to this fact](https://atlas-staging.minestarters.com/news/ldr-5-high-grade-intercepts-and-new-lode-in-montezuma-drill-hole--bd9d6745-373d-4fcc-b6dd-a265605c874e#fact-drill-facts-2) Montezuma Silver & Antimony · copper #### Identity - Hole ID: MZS43 - Project: Montezuma Silver & Antimony - Commodity: copper - Region: australia\_tas - Reported Region: australia\_tas - Ticker: LDR #### Geometry - Grade: 3.4 - Grade Unit: % - Intercept: 1 m - From: 133.5 m - To: 134.5 m - Hole Depth: 488.8 m - Intercept Depth: 133.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MZS43:133.5-134.5 - Mining Method: underground #### Location - Easting: 373345 - Northing: 5363895 - Elevation: 660 m - Azimuth: 302 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - Laboratory: ALS Burnie and Brisbane - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: This intercept from the newly discovered Moores Lode shows exceptional copper grades \(3.4% Cu\) over a good width, contributing significantly to the project's overall endowment and demonstrating high novelty and materiality. - Positive factor: Bonanza Intercept - Positive factor: New Lode Discovery - Negative factor: Deleterious Elements Present Evidence · table > 3.4 Context: 1 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "ASX Announcement \| 6 October 2026 ASX Code: LDR 1 ASX Code: LDR \| ACN: 637 512 415 \| www.loderesources.com A: Suite 506," #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 3.4% Cu is an exceptional grade for copper, exceeding the 2.5% threshold. Evidence · table > 3.4 Context: 1 **New Lode Discovery** — Rejected; excluded from scoring Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Reason: This intercept is explicitly stated as being from the 'New discovery – Moores Lode'. Evidence · text > New discovery – Moores Lode ### MZS43 [Link to this fact](https://atlas-staging.minestarters.com/news/ldr-5-high-grade-intercepts-and-new-lode-in-montezuma-drill-hole--bd9d6745-373d-4fcc-b6dd-a265605c874e#fact-drill-facts-3) Montezuma Silver & Antimony · lead #### Identity - Hole ID: MZS43 - Project: Montezuma Silver & Antimony - Commodity: lead - Region: australia\_tas - Reported Region: australia\_tas - Ticker: LDR #### Geometry - Grade: 2.4 - Grade Unit: % - Intercept: 1 m - From: 133.5 m - To: 134.5 m - Hole Depth: 488.8 m - Intercept Depth: 133.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MZS43:133.5-134.5 - Mining Method: underground #### Location - Easting: 373345 - Northing: 5363895 - Elevation: 660 m - Azimuth: 302 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - Laboratory: ALS Burnie and Brisbane - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: This intercept from the newly discovered Moores Lode contains a moderate lead grade \(2.4% Pb\) over a good width, contributing to the polymetallic nature of the discovery. - Positive factor: New Lode Discovery - Negative factor: Deleterious Elements Present Evidence · table > 2.4 Context: 1 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "ASX Announcement \| 6 October 2026 ASX Code: LDR 1 ASX Code: LDR \| ACN: 637 512 415 \| www.loderesources.com A: Suite 506," #### Rejected tags **New Lode Discovery** — Rejected; excluded from scoring Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Reason: This intercept is explicitly stated as being from the 'New discovery – Moores Lode'. Evidence · text > New discovery – Moores Lode ### MZS43 [Link to this fact](https://atlas-staging.minestarters.com/news/ldr-5-high-grade-intercepts-and-new-lode-in-montezuma-drill-hole--bd9d6745-373d-4fcc-b6dd-a265605c874e#fact-drill-facts-4) Montezuma Silver & Antimony · zinc #### Identity - Hole ID: MZS43 - Project: Montezuma Silver & Antimony - Commodity: zinc - Region: australia\_tas - Reported Region: australia\_tas - Ticker: LDR #### Geometry - Grade: 0.3 - Grade Unit: % - Intercept: 1 m - From: 133.5 m - To: 134.5 m - Hole Depth: 488.8 m - Intercept Depth: 133.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MZS43:133.5-134.5 - Mining Method: underground #### Location - Easting: 373345 - Northing: 5363895 - Elevation: 660 m - Azimuth: 302 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - Laboratory: ALS Burnie and Brisbane - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: This intercept from the newly discovered Moores Lode contains a low zinc grade \(0.3% Zn\), contributing to the polymetallic nature of the discovery but not a primary driver of value for this specific interval. - Positive factor: New Lode Discovery - Negative factor: Deleterious Elements Present Evidence · table > 0.3 Context: 1 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "ASX Announcement \| 6 October 2026 ASX Code: LDR 1 ASX Code: LDR \| ACN: 637 512 415 \| www.loderesources.com A: Suite 506," #### Rejected tags **New Lode Discovery** — Rejected; excluded from scoring Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Reason: This intercept is explicitly stated as being from the 'New discovery – Moores Lode'. Evidence · text > New discovery – Moores Lode ### MZS43 [Link to this fact](https://atlas-staging.minestarters.com/news/ldr-5-high-grade-intercepts-and-new-lode-in-montezuma-drill-hole--bd9d6745-373d-4fcc-b6dd-a265605c874e#fact-drill-facts-5) Montezuma Silver & Antimony · antimony #### Identity - Hole ID: MZS43 - Project: Montezuma Silver & Antimony - Commodity: antimony - Region: australia\_tas - Reported Region: australia\_tas - Ticker: LDR #### Geometry - Grade: 1.2 - Grade Unit: % - Intercept: 1 m - From: 133.5 m - To: 134.5 m - Hole Depth: 488.8 m - Intercept Depth: 133.5 m #### Classification - Deposit Type: epithermal - Program: exploration - Sample Type: drill - Group ID: MZS43:133.5-134.5 - Mining Method: underground #### Location - Easting: 373345 - Northing: 5363895 - Elevation: 660 m - Azimuth: 302 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - Laboratory: ALS Burnie and Brisbane - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: arsenic #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-10-05T00:00:00.000Z Reasoning: This intercept from the newly discovered Moores Lode shows strong antimony grades \(1.2% Sb\) over a good width, contributing significantly to the project's overall endowment and demonstrating high novelty and materiality. - Positive factor: Bonanza Intercept - Positive factor: New Lode Discovery - Negative factor: Deleterious Elements Present Evidence · table > 1.2 Context: 1 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "ASX Announcement \| 6 October 2026 ASX Code: LDR 1 ASX Code: LDR \| ACN: 637 512 415 \| www.loderesources.com A: Suite 506," #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: 1.2% Sb is a strong grade for antimony, exceeding the 1% threshold. Evidence · table > 1.2 Context: 1 **New Lode Discovery** — Rejected; excluded from scoring Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Reason: This intercept is explicitly stated as being from the 'New discovery – Moores Lode'. Evidence · text > New discovery – Moores Lode ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.