Litchfield Minerals Heads To The ASX With Northern Territory Critical Minerals Focus

Litchfield Minerals Ltd (ASX: LMS) will hit the ASX boards on Friday 15th March at 11 am AEDT, after raising $5 million through the issue of 25 million shares at $0.20.

In total, there will be 27,562,497 quoted securities, along with some restricted securities and options with a $0.30 strike price.

Market capitalisation for Litchfield Minerals at issue price is between $6,580,769 and $7,580,769.

Litchfield will focus on mineral exploration in the Northern Territory of Australia, primarily for copper tungsten, rare earth elements, uranium and gold.

There is potential for major near-term discoveries as the company’s projects are surrounded by high-quality critical minerals explorers and developers.

Drill Ready

Drilling is expected to commence at Silver King, Clark Mine, and Mount Irene following the listing on the ASX.

Mount Doreen hosts four historical mines; Wolfram Hill, Silver King, Mount Irene, and the Clark Mines.

Mount Doreen is located 350 kilometres northwest of Alice Springs.

The projects have significant concentrations of base and precious metals, covering an area of 390 square kilometres.

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

Recent induced polarisation surveys at Silver King and Mount Irene have produced numerous drill targets.

Supporting infrastructure is in place, including a well-maintained two-lane road leading directly to the Mount Doreen tenement, with potential long-term access to a fully equipped and serviced camp.

Lucy Creek is situated 400 kilometres northeast of Alice Springs, is highly prospective for manganese, sedimentary base metals, and rare earths, spanning an area of ~790 square kilometres.

Field work from Elkedra Diamonds NL in 2002 describes numerous surface occurrences of manganese.

Many of the surface samples were considered by Elkedra to contain ‘ore grade’ manganese with low-phosphorous content.

Historical rock chip sampling shows as high as 60% manganese.

 

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