Lode Resources Confirms 23 New Gold Intercepts at Uralla Gold Project

Lode Resources Confirms Broad Gold Mineralisation Across Multiple Prospects at Uralla Gold Project

Lode Resources Ltd (ASX: LDR) has reported 23 new gold intercepts from ongoing Reverse Circulation (RC) drilling at its 100% owned Uralla Gold Project in northern New South Wales, with results supporting the company's view that the project may represent an Intrusive Related Gold System (IRGS). Drilling has now confirmed broad zones of near-surface gold mineralisation across Dyke Lode, Red Gum Lode, Little Dyke and Little Gracie Lode.

Furthermore, geological, geophysical and geochemical data are being used to assess a larger intrusive source at depth. The latest results matter because they add consistency across multiple prospects rather than relying on a single standout hole. For investors following early-stage ASX gold exploration, that kind of repeatability can be important when assessing whether the Uralla Gold Project is evolving into a broader mineralised system.

"These results continue to build a compelling picture at Uralla. We are systematically defining gold-bearing lodes at surface while the exploration data points to a potentially large mineralised intrusive body at depth, which is exactly what you'd expect to see developing in a genuine IRGS system," said Keith Mayes, Managing Director of Lode Resources.

"Every drill hole is adding to our understanding of the system's scale and the consistency of results across multiple prospects gives us real confidence as we plan the next phase of work."

New RC Drilling Results Extend Mineralisation Across Four Prospects

In the announcement, Lode outlined a series of new intercepts from follow-up scout RC drilling. Headline results included:

• KTN018: 9.0m @ 1.00 g/t Au
• KTN023: 17.0m @ 0.46 g/t Au, including 3.0m @ 2.11 g/t Au
• KTN027A: 2.0m @ 3.35 g/t Au
• KTN025: 4.0m @ 1.51 g/t Au
• KTN021: 10.0m @ 0.57 g/t Au, including 5.0m @ 1.00 g/t Au
• KTN017A: 12.0m @ 0.43 g/t Au
• KTN031A: 5.0m @ 1.02 g/t Au
• KTN026A: 6.0m @ 0.72 g/t Au, including 1.0m @ 3.19 g/t Au

The company also reported a broader set of additional intercepts at lower grades, including holes such as KTN036: 11.0m @ 0.31 g/t Au, KTN027B: 5.0m @ 0.50 g/t Au, KTN030: 6.0m @ 0.41 g/t Au, and KTN044: 3.0m @ 0.45 g/t Au. While these are not headline-grade intervals, they contribute to the overall picture of widespread gold mineralisation across the project area.

Previously reported drilling results also remain relevant as they provide important context for the newer data. Those earlier results included KTN010: 15.0m @ 2.09 g/t Au from 12m, including 7.0m @ 3.65 g/t Au and 2.0m @ 5.83 g/t Au, as well as KTN007A: 14.0m @ 1.24 g/t Au from 68m and KTN005: 10.0m @ 1.32 g/t Au from 9m.

Drilling Results by Prospect Show Broad Distribution

A key feature of the drilling update is the distribution of results across multiple lodes. According to the company, gold mineralisation has been identified across prospects that sit around a broader circular target area.

This matters because multi-prospect confirmation can improve confidence in the geological interpretation. In early-stage gold projects, a spread of mineralised intercepts across separate targets may indicate a larger mineralised environment, although further drilling is still required to define continuity, geometry and scale.

What an IRGS Means and Why Investors Should Pay Attention

The company's interpretation of Uralla as an IRGS gold project is central to this announcement. An Intrusive Related Gold System is a style of gold mineralisation linked to an igneous intrusion — a body of magma that cooled below the Earth's surface.

As that molten body cools, mineral-rich fluids may move through cracks and surrounding rocks, depositing gold in veins, breccias and broader disseminated zones. In simple terms, some IRGS projects show narrow lodes at surface, while the larger target can sit deeper around the upper parts of the intrusion itself.

That distinction is important. Surface lodes can represent a meaningful exploration target in their own right. However, the deeper intrusive contact or cupola zone is often where companies look for larger volumes of mineralised rock.

Key IRGS Terms Explained

• IRGS: A gold system linked to an intrusive rock body
• RC drilling: A common drilling method that brings rock chips to surface for sampling
• Cupola: The upper part of an intrusion where mineral-bearing fluids may concentrate
• Stockwork: A dense network of small veins through rock
• Disseminated mineralisation: Fine gold-bearing minerals spread through a larger rock volume
• Pathfinder elements: Elements such as antimony that may help map the edges or structure of a mineralised system

For investors, the attraction of an IRGS model is that it can point to two styles of opportunity. One is near-surface lode mineralisation that may support a smaller or medium-scale gold inventory if continuity is established. The second is the possibility of deeper, broader mineralisation associated with the intrusion itself. At the Uralla Gold Project, Lode is still at the exploration stage, so that deeper target remains conceptual and subject to future drilling.

Circular Geophysical Feature Strengthens the Geological Interpretation

Beyond the assay results, the ASX announcement placed strong emphasis on a circular geophysical feature measuring approximately 400m by 350m. Lode stated that this feature may represent a mineralised intrusive stock at depth.

According to the announcement, several datasets support this interpretation:

1. Multiple gold-bearing lodes are positioned around the margins of the circular feature
2. A broad gold geochemical anomaly from 1,192 auger drill holes coincides with the same area
3. Antimony zonation appears stronger along structures radiating outward from the circular feature, which the company says is consistent with IRGS system behaviour

This geophysical and geochemical alignment is relevant because exploration models gain strength when multiple independent datasets point in the same direction. That does not confirm a discovery at depth, but it can improve targeting for the next drill phase.

The antimony aspect is especially useful in understanding the company's reasoning. In many intrusive-related systems, antimony can occur further from the main heat source than the core gold-rich zone. At the Uralla Gold Project, stronger antimony anomalism along outward-radiating structures is considered supportive of a buried intrusive source.

What the Broader Dataset Suggests About Uralla

Across the project, Lode's drilling has now returned gold intercepts from a sizeable number of holes at shallow to moderate depths. Selected results from the broader dataset include:

The intercepts vary in width and grade, which is typical at this stage of exploration. Some holes show broader lower-grade intervals, while others show narrower higher-grade sections. The common point is that the company is reporting mineralisation across a cluster of targets within one interpreted system.

That does not yet establish a Mineral Resource Estimate or define economic parameters. However, from an exploration standpoint, system-wide mineralisation can be an encouraging sign when combined with a coherent geological model.

What Comes Next at the Uralla Gold Project

The announcement stated that further exploration drilling is planned. Based on the current update, the next stage is likely to focus on both expanding the known lodes and improving the company's understanding of the deeper intrusive target.

Investors following the project are likely to watch for several key developments:

• Follow-up drilling to test extensions of known lodes
• Targeting of the interpreted intrusive stock at depth
• Ongoing geological interpretation using RC drilling, auger geochemistry and geophysics
• Assessment of additional prospects across the broader 300km² landholding

The size of the tenement package remains part of the broader project story. Lode's licences cover most of the historic Uralla Goldfield, one of New South Wales' early gold-producing regions. While historical production does not guarantee modern exploration success, it does indicate that the district is gold-endowed and still underexplored under the company's current model.

Why Uralla May Remain on Investor Watchlists

From an investor perspective, the update offers a combination of immediate and longer-dated exploration interest. The near-surface lodes continue to return gold across multiple prospects, while the emerging IRGS interpretation introduces a deeper target that may justify more substantial drilling.

Several points stand out from the ASX announcement:

• 100% ownership of the Uralla Gold Project
• A 300km² land package across the historic goldfield
• 23 new intercepts from the latest RC program
• Mineralisation reported across four main prospects
• A 400m x 350m circular feature interpreted as a possible intrusive stock
• Supportive gold and antimony geochemical patterns based on 1,192 auger holes

The investment case remains exploration-based and therefore dependent on future drilling results. Nevertheless, according to the announcement, Uralla is developing as more than a single-prospect gold target. The current results suggest a broader mineralised system is being mapped, with the next phase likely to determine whether the deeper IRGS target can be tested effectively.

For ASX gold investors, that makes Lode Resources a company to monitor as the Uralla Gold Project exploration model moves from surface lodes toward deeper intrusive-related targets.

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