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Litchfield Minerals (ASX:LMS) has staged an impressive mood-defying jump on Monday morning as it popped just south of 240% on a 104m wide copper drill hit starting from surface at its Oonagalabi project in the Northern Territory.
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While readings were based on PXRF, the company has reported grades of 1.37% copper equivalent (including 1.6% zinc) with higher grade areas scattered along the intersection’s length.
While LMS is now waiting up to a month to get a full-fledged assay, the company wrote on Monday that: “Our experience from previous fieldwork campaigns is that the assays are regularly returned with higher grades than the field pXRF results.”
That could be a dangerous case study in expectation management for the explorer’s C-Suite. But given “abundant chalcopyrite” visible throughout the sample, a common coincident mineral for copper, the company has billed this drill hit as the most significant one to date at the project.
“Hole 10 is a positive milestone for proving this system hosts grades as well as volume, over 100m of copper sulphide mineralisation, with multiple high-grade zones, is an outstanding outcome. Every hole to date has hit copper mineralisation, reinforcing the strength and continuity of this system,” LMS MD Matthew Pustahya said.
LMS last traded at 62cps.
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