Owners of this ASX mining share, rejoice! The company has uncovered a major high-grade silver discovery. The Lode Resources Ltd (ASX: LDR) share price more than doubled shortly after opening this morning on the back of the news.
At the time of writing, the Lode Resources share price is swapping hands for 27 cents, 80% higher than its previous close.
However, at its intraday high, stock in the ASX mining share – worth approximately $12 million at Monday's close – was swapping hands for 34 cents apiece, representing a 124% gain.
Let's take a closer look at the find that's sent the ASX small cap rocketing higher on Tuesday.
Image source: Getty Images
ASX mining share more than doubles on major find
ASX mining share Lode Resources is leaping upwards today following a major discovery at the company's Webbs Consol Project.
Exploration at the project's Tangoa West prospect has intercepted high-grade silver-lead-zinc-copper mineralisation over a thick drill intercept at shallow depths.
The find includes an aggregate 5.9 metres at 1,074 grams per tonne of silver equivalents within the
broader intercept of 26.7 metres at 399 grams per tonne of silver equivalents.
That highlights potential mineralisation outside the subsurface below the project's old workings. It also outlines potential mineralisation in surface targets with no previous mining.
Additionally, newly identified vertical mineralisation and alteration zonation could be good news for the current drilling program as previous programs seem to have only tested upper portions of mineralised lodes.
All that has excited the ASX mining share's managing director, Ted Leschke.
"The high-grade silver-base metal discovery at Tangoa West … extends the high-grade Webbs Consol mineral system to three kilometres," Leschke said.
"In addition, the newly recognised vertical mineralisation and alteration zonation identified in drilling to date has strong implications for mineralisation at depth at Webbs more broadly".
Tangoa West is one of several drill targets being tested at the project.
Lode Resources share price snapshot
Perhaps unsurprisingly, the ASX mining share has been performing well recently.
It has gained 22% in 2022 so far. It's also currently nearly 93% higher than it was this time last year.
