Dark Lance

The Dark Lance is a Demonite based weapon added in the 1.0.5 patch. It has a base damage of 27 (31 with Molten Armor) and has a ranged attack and a fast speed, similar to a Shortsword or Spear. The range of the lance reaches to about 4-6 blocks and has a knockback of around 4 tiles. The particle effect left when used in a dark area lasts for about a second and is similar to the effect of a Demon Scythe. This is very useful for locating caves or ores through walls and defeating multiple enemies at the same time. The Dark Lance is found in Shadow Chests in the Underworld layer.

The Dark Lance attacks in whatever direction you click. The attack can penetrate walls, making it able to hit any monster than can pass through tiles, but cannot hit monsters through walls. For example: they can hit a Cursed Skull floating in a wall, but cannot hit an Angry Bones through a door. It is a very effective weapon against almost all monsters, though it can be flawed when put up against Bats or Mages.

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Trivia

 * The Dark Lance is a recreation of Ganondorf's sword, the Dark Lance, from the Legend of Zelda.
 * In previous versions of Terraria, only one Dark Lance could be found per map, this is untrue as of 1.0.6.

Update Info
1.0.5 - Added to game. 1.0.6 - New Sprite, Fast speed, increased damage to 27, more common.