Highlights:
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Initial drilling at Silver King in West Arunta confirms the presence of intrusion-related base metal sulphide mineralisation.
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Best intercept from LMD001: 15m @ 0.23% Cu, 0.31% Zn, 762ppm Pb, 4.8g/t Ag, 0.02g/t Au from 20m, including 2.25m @ 0.49% Cu, 0.35% Zn, 0.14% Pb, 16.7g/t Ag, 0.08g/t Au from 20.75m.
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Best intercepts from LMRD002: 3.9m @ 0.11% Cu, 0.28% Zn, 363ppm Pb, 1.27g/t Ag from 25.26m and 2.1m @ 3.78% Zn, 0.93% Pb, 343ppm Cu, 5.79g/t Ag, 0.01g/t Au from 66.2m.
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Widespread sulphide distribution suggests a fertile system with potential for higher-grade mineralisation.
Sydney, Australia – July 8, 2024 – Litchfield Minerals Limited (ASX:LMS), a leading explorer with a focus on critical minerals, is pleased to announce significant initial drilling results from the Silver King Prospect, located in the West Arunta region of Northern Territory. The company's Diamond Drilling campaign has successfully confirmed the presence of intrusion-related base metal sulphides, marking a promising start for further exploration efforts.
The initial results from Diamond Drillholes 1 and 2 (LMRD001 and LMRD002) highlight the discovery of substantial base metal sulphide mineralisation near the surface. The standout results from exploration hole LMD001 include an intercept of 15 meters grading 0.23% copper, 0.31% zinc, 762 parts per million lead, 4.8 grams per tonne silver, and 0.02 grams per tonne gold from a depth of 20 meters. This includes a higher-grade zone of 2.25 meters at 0.49% copper, 0.35% zinc, 0.14% lead, 16.7 grams per tonne silver, and 0.08 grams per tonne gold from 20.75 meters.
Drill hole LMRD002 also reported notable intercepts, including 3.9 meters at 0.11% copper, 0.28% zinc, 363 parts per million lead, and 1.27 grams per tonne silver from 25.26 meters, as well as 2.1 meters at 3.78% zinc, 0.93% lead, 343 parts per million copper, 5.79 grams per tonne silver, and 0.01 grams per tonne gold from 66.2 meters. The widespread sulphide distribution observed in these holes indicates a fertile system with potential for further scale and higher-grade mineralization.
Matthew Pustahya, Managing Director and CEO of Litchfield Minerals, commented,
"We are excited by our recent discovery of intrusion-related base metal sulphides in the early stages of our exploration drilling program at the Silver King Project, located in the Aileron province of the West Arunta, Northern Territory. The widespread distribution of sulphides is an initial indication of a fertile system with additional holes designed to demonstrate scale and potentially identify higher-grade mineralisation. The journey has only just begun."
The company has completed a total of 1,769 meters of combined Diamond and Reverse Circulation drilling across the Silver King, Mount Irene, and Copper Flats prospects during this maiden campaign. Assays from an additional 10 drill holes are pending and will be reported as they become available.
Relating to the Copper Market:
The confirmation of copper mineralisation at Silver King comes at a pivotal time for the global copper market. Copper, often referred to as "Dr. Copper" for its widespread use in economic activities, is experiencing strong demand due to its essential role in the transition to green energy and electric vehicles (EVs). The metal's critical application in renewable energy systems, including wind turbines and solar panels, as well as in the infrastructure needed for EVs, makes it indispensable for the global push towards decarbonization.
Recent market analyses indicate a potential supply deficit in the coming years, driven by robust demand growth outpacing new supply sources. This dynamic underscores the importance of new discoveries and developments in copper exploration, positioning companies like Litchfield Minerals at the forefront of meeting future demand.
Next Steps:
Litchfield Minerals plans to expand its geological knowledge and database to cover the entire Mount Doreen tenement package. The company aims to explore the underexplored areas of Mount Doreen, presenting substantial opportunities for the project and shareholders.
The West Arunta region is witnessing heightened exploration activity, and Litchfield Minerals is well-positioned to contribute to the discovery of valuable mineral resources in this promising area.
About us:
About Litchfield Minerals
Litchfield Minerals is a critical mineral explorer, primarily searching for base metals and uranium out of the Northern Territory of Australia. Our mission is to be a pioneering copper exploration company committed to delivering cost-effective, innovative and sustainable exploration solutions.
We aim to unlock the full potential of copper and other mineral resources while minimising environmental impact, ensuring the longevity and affordability of this essential metal for future generations.
Contact details:
For further information
Jane Morgan jm@janemorganmanagement.com.au
