The Northern Territory (NT) is heating up, and not only because of the Beetaloo Basin.
Microcap explorer Litchfield Minerals (ASX:LMS) has announced on Thursday it’s to begin drilling for copper in the top end.
Copper is currently on something of a bull run, driven by a world that doesn’t have enough of it to meet demand.
(There’s also the issue Chinese smelter margins have further encouraged producers to slow down – something I wrote a big explainer on for The Market Online recently.)
Located within the Mount Doreen tenement, the name of Litchfield’s copper target area of interest has a name perhaps counterintuitive – ‘Silver King,’
A maiden geomag survey in May 2023 first spotted a pretty good contender for a copper anomaly, and the rigs have fired up on Thursday going after that same curio.
A multi-purpose RC and diamond rig is currently at Silver King, according to Litchfield, going after what its geotechs perceive to be a sub-vertical pipe-like structure underground possibly rife with copper mineralisation.
Assay results will be the true test of that.
“We will be drilling a combination of Diamond from surface and then shallow RC collars and then HQ diamond ‘tails’ in this preliminary round,” Litchfield chief Matthew Pustahya said.
“The insights from the 2023 IP survey, coupled with historical magnetic data, affirm our confidence that the Silver King area is a great first Copper target for our maiden drilling campaign.”
LMS shares last traded at 16cps.