Litchfield Minerals Limited (ASX: LMS) has confirmed, with its Induced Polarisation (IP) survey at the Oonagalabi Project (NT), the presence of a large, high-chargeability system that remains completely untested by historical drilling.
The results show that a significant mineral system is emerging, characterized by large, high chargeability cores ranging from +40mV/V to 60mV/V. These cores indicate the potential presence of a higher-grade core within the system. Despite historic drilling efforts, the strongest chargeability anomalies remain untested, as previous drilling only explored the peripheral alteration zones.
The chargeability response, which is open to the northeast and southwest, aligns with a 3km soil geochemical anomaly strike, suggesting a strong correlation between the chargeability and the soil anomaly, highlighting the potential for further exploration.
In a strategic move to advance the project while conserving cash, a drill-for-equity partnership has been secured with Bullion Drilling. Under this arrangement, Bullion Drilling will complete Phase 1 drilling in exchange for a 50% equity stake at a premium of 0.12c.
Additionally, new structural interpretations have identified a potential intrusive source located 900m northeast of Oonagalabi. This discovery adds further scale potential to the exploration efforts.
Finally, Litchfield’s Environmental Mining Licence has met government criteria and has been approved for public exhibition. The licence has entered a 15-day public exhibition period, marking a significant step forward in the project’s regulatory process.
To read more about this, please visit www.litchfieldminerals.com.au
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