Litchfield lands 148m monster copper hit in Northern Territory
Multiple holes in the Bomb-Diggity Cluster, one kilometer northeast of the Main Zone, intersect shallow copper-zinc-iron sulphides within amphibolitic intrusive rock and confirm a productive system where further drilling is required.
5km south of the Main Zone, the drill bit detected a massive copper-sulfur intersection 104 meters above surface at target VT1 in October, with high-grade explosions exceeding two percent of copper equivalent.
Litchfield Minerals managing director Matthew Pustahya said: “In Phase Two and early Phase Three, Oonagalabi behaves like a large, active copper-zinc system. The 1.5 km outcropping Main Zone continues to yield extensive mineralized thicknesses and OGRC014 currently intersects 148 m of mineralisation.
From a valuation perspective, the near-surface Core Zone is Litchfield’s mainstay. The company’s scale and continuity appear to provide a clear valuation basis as the company expands and de-risks its footprint through 2026.
Litchfield said it was well-funded to continue exploration into the new year following a recent $6 million raise.
The company said it plans to continue ground electromagnetic (EM) exploration through December, followed by diamond drilling at Bomb-Diggity and the Home Zone in January. In addition, reverse circulation drilling rigs will be brought in for further testing of EM plates at the VT1 and VT2 targets.
The geophysical and geological stars appear to be aligning in Litchfield’s Oonagalabi Core Zone, suggesting the company may be on a pretty large system. Bettors clearly believe so, too, given that the stock price has at one point risen as much as 480 percent since October to $1.16 per share.
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