Newly-listed Litchfield Minerals well underway with Silver King drilling prep

Critical minerals explorer Litchfield Minerals Limited (ASX:LMS) has announced that preparations for its maiden drilling program are well underway at the Silver King prospect within the Mount Doreen tenement, about 350km from Alice Springs in the Northern Territory.

This significant step follows the company’s successful listing on the ASX on March 15 and marks the commencement of its planned drilling and exploration program, targeting notable copper, silver, and lead occurrences.

In a recent development, the maiden Induced Polarisation (IP) survey conducted in May 2023 has delineated a discrete, strong chargeable zone near the historic copper workings.

This finding suggests a potential vertical, pipe-like structure that could extend to significant depths, laying a solid foundation for the identification of drill targets.

The combination of Diamond and RC drill rigs will soon be deployed to the Silver King target area to explore these promising findings further.

The Litchfield Minerals team is currently on-site, actively marking drill pads and sumps, preparing for the imminent arrival of drilling equipment and machinery.

This preparation follows the outstanding results from rock chip samples collected in November 2023, which indicated high-grade mineralisation, including assays of up to 22.5% Copper, 551 g/t Silver, and 28.9% Lead.

Litchfield Minerals managing director Matthew Pustahya is enthusiastic about the upcoming drilling program.

“Following our successful listing on the ASX, our plans are now being enacted and we are excited to commence our productive drilling & exploration season, starting at Silver King,” he said.

“The 2023 IP survey and rock chip results give us confidence that we are targeting the right area for our maiden campaign at Silver King, which will be tested with this round of our preliminary diamond and RC drilling program.

“We look forward to updating the market with drilling results as they become available.”

The company has secured all necessary permissions for drilling, including Mining Management plans with the NTGS and Land Access agreements with station owners.

With contractors engaged and the deployment of drill rigs from Alice Springs to the Mount Doreen site imminent, weather permitting, Litchfield Minerals is poised to embark on a significant exploration endeavour.

Litchfield Minerals is a critical mineral explorer, primarily searching for base metals, including copper, and uranium out of the Northern Territory of Australia.

The company’s initial public offering (IPO) raised $5m at A$0.20 per share, with this capital going towards the commencement of drilling activities at the company’s approved Silver King and other exploration projects.

Litchfield Minerals is capitalising on the increasing global demand for clean energy solutions, with a portfolio that includes significant drill-ready copper assets and uranium holdings.

Its Mount Doreen tenement features an 8km long uranium, radiometric anomaly adjacent to Energy Metals’ Bigryli uranium deposit, underscoring the area’s rich uranium potential.

Litchfield Minerals chair Dr Peter Eaglen says “with uranium spot prices currently at 16-year highs coupled with the continued growth in demand for carbon-free energy, the listing is timely and presents a significant opportunity to create significant shareholder value through the systematic exploration of our projects”.