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Litchfield Minerals Ltd (ASX:LMS) believes it has uncovered a major find at its Oonagalabi project in the Northern Territory, with an induced polarisation (IP) survey revealing two significant chargeability anomalies – indicative of a major copper/zinc/gold system which has been untouched by historical drilling.
The anomalies are defined as large, high-intensity sulphide-bearing targets stretching over one kilometre in strike and with a depth of 500 metres, with chargeability cores above 40 millivolts per volt (mV/V), and up to 60 mV/V.
The latter results suggest potential for a much higher-grade core at the centre of the system, and while historical drilling assessed the peripheral alteration zones, the strongest chargeability anomalies remained untouched.
In January, Litchfield told investors about a three-kilometre-long soil geochemical strike found at the project. This new data on chargeability follows on from that, with a correlation identified between the soil strike and the chargeability response open both to the northeast and southwest.
“The results from this latest IP survey have exceeded our expectations and have provided a
significant breakthrough in our understanding of the Oonagalabi system,” managing director and CEO Matthew Pustahya said.
“We now have clear evidence of a large, continuous chargeable body extending over 1km in strike length and more than 500m in depth which appears to be open to the northeast and southwest, with a high-chargeability core that remains completely untested by drilling.”
Litchfield shares pushed up after the news, and at 10:41 AEDT, they were trading at 11.5 cents – a rise of 21.05% since the market opened.
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