Litchfield Minerals Fully Funded for Critical Minerals Exploration in the Northern Territory

Litchfield Minerals (ASX: LMS) has set its sights on exploration in the Northern Territory.

Where this story takes an interesting turn, is from a valuation perspective.

Litchfield is capped around $4.8 million, based on the last trade of $0.18, with the company recently minted through an IPO.

Then take into consideration cash of $4.4 million at the end of March 2024, less some exploration spend, this delivers an enterprise value of somewhere in the $1 million range.

Adding to the financials, Litchfield has now confirmed it will be a recipient of two grants from the Geophysics and Drilling Collaborations program totalling $300,000.

This program is administered by the Northern Territory Geological Survey, and was designed to encourage exploration drilling in underexplored areas.

Mount Doreen

The Litchfield exploration plan is based on exploring the state in historically overlooked areas.

The company’s Mount Doreen tenement is located 350 kilometres northwest of Alice Springs, prospective for base and precious metals.

Recent induced polarisation surveys across Mount Doreen’s, Silver King and Mount Irene produced numerous drill targets.

Adding to the potential of the area, Mount Doreen sits in close proximity to the Energy Metals Ltd’s (ASX: EME) Bigryli uranium deposit, and Trinex Minerals Ltd’s (ASX: TX3) Mt Hardy project.

Mount Doreen also hosts four historical mines known as Wolfram Hill, Silver King, Mount Irene and Clark Mines.

At Clark Mines, historical drilling reported up to 3.6% copper, along with rock chip sampling returning 1.52 g/t gold and 19.7% copper.

Lucy Creek

Also in the portfolio is Lucy Creek, situated 400 kilometres northeast of Alice Springs.

The tenement is prospective for manganese, sedimentary base metals, and rare earths, spanning an extensive 790 square kilometres.

Historical rock chip sampling delivered up to 60% manganese.

Timeline

The exploration timeline at Mount Doreen will include drilling, along with reconnaissance and soil surveys from mid-2024.

At Lucy Creek, plans are in place for early-2025.

 

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