Litchfield Minerals logs 100m copper-zinc at Oonagalabi; shares jump on field update

Key highlights

• Litchfield Minerals (ASX: LMS) reported more than 100 metres of copper–zinc mineralisation indicated by a handheld scanner (pXRF) in Hole OGRC010 at the Oonagalabi project, NT; samples have been rushed to the lab. 
• Standout pXRF intervals include 104m @ 1.37% CuEq from surface, with a 21m @ 2.26% CuEq from 144m high-grade zone inside a broader 33m run. pXRF is indicative only; laboratory assays will confirm grades. 
• The intercept sits over a strong chargeability (IP) zone, which the company links to disseminated copper–zinc sulphides at Oonagalabi; drilling of additional geophysical targets is in progress. 
  
   

Litchfield Minerals has flagged a long zone of copper–zinc mineralisation at its Oonagalabi project in the Northern Territory based on on-site handheld scanner readings (pXRF). The company has sent samples to the lab for full chemical assays and says those results should take about four weeks. These results could be transformative in critical minerals discovery. 

What Litchfield reported

In Hole OGRC010, Litchfield’s geologists logged abundant copper and zinc sulphides and took multiple spot checks with a portable X-ray fluorescence scanner (pXRF). Those field readings pointed to:

• 104 metres @ 1.37% copper equivalent (CuEq) from surface, comprised of:
  
  
  • 41m @ 1.42% CuEq from surface
  • 30m @ 1.02% CuEq from 98m
  • 21m @ 2.26% CuEq from 144m (within 33m @ 1.69% CuEq from 144m) 
    
     

The hole sits over a strong “chargeability” zone from an induced-polarisation (IP) survey. In simple terms, rocks that contain disseminated sulphides (the minerals that can host copper and zinc) often create strong chargeability signals. The company says this western IP anomaly was the target for OGRC010 and that similar eastern IP zones will be tested later in the program. 

Important context: pXRF is a quick field tool. It helps geologists decide where to keep drilling, but it’s not a lab test and is not suitable for resource estimates. Litchfield includes that caution in the announcement and has fast-tracked lab assays to confirm the numbers. 

Where the drills are pointing next

Source: LMS ASX Update

Alongside OGRC010, Litchfield is testing other geophysical leads:

• VT2 conductor: a ~500m-long, highly conductive plate now being drilled (OGRC11P). The company plans to insert casing and run downhole EM to sharpen the model for follow-up. 
• VT1 area: surface sampling over the VT1 conductor returned 0.6% copper, 0.6 g/t gold, 14 g/t silver and 7 ppm tellurium from a gossanous outcrop—useful clues that the electrical conductor could be linked to sulphides rather than non-metallic material. 
• Other Phase-2 targets (19P, 14P, 20P): preliminary logging notes zones of copper–zinc mineralisation near surface and magnetite-rich bands in places; assays will clarify the metal content. 
  
   

How to read today’s numbers

• What is pXRF? A handheld scanner that gives quick, indicative reads of elements in rock at the drill site. Think of it as a pre-test; it’s not the final grade. The company states this explicitly. 
• What is CuEq? A way to combine different metals (mainly copper and zinc here) into a single comparable figure using prices and assumed recoveries. Litchfield discloses the formula and the prices used for transparency. It’s a benchmark, not a guarantee of recoverability. 
• Why chargeability matters: If IP shows a chargeable zone and drilling in that spot hits sulphides, it supports the targeting model—helpful when planning the next holes. 
  
   

Managing Director- Matthew Pustahya commented:

Source: LMS ASX Update

Today’s market context

As per the session snapshot provided: LMS traded around A$0.55 (+197.3%) by early afternoon, on ~12.8m shares. The company lists a market cap ~A$24.2m, 44.05m shares on issue, and a 52-week range of A$0.094–0.745. Price and volumes are delayed and may differ at the close.

What readers can track next

1. Assay results for OGRC010 and other holes: The lab will confirm or adjust the field readings and outline true metal grades across the interval. Turnaround is flagged at ~four weeks in the announcement. 
2. Follow-up on VT2/VT1: How the conductors relate to sulphides once drilling and downhole EM are complete; the rock chip above VT1 is a useful clue but assays from the holes will matter more. 
3. IP–sulphide link at Oonagalabi: The company’s model ties chargeability to disseminated copper–zinc. More holes through IP highs will test how consistent that relationship is across the area. 
   
    

Today’s update tells us where Litchfield is seeing mineralised rock and how the geophysical model is guiding drilling. It’s not a resource statement and not an economic study. The company has set clear next steps—confirm grades in the lab and test additional targets—and has disclosed the assumptions behind any “copper equivalent” figures. We’ll revisit the story when assay results are released.