Litchfield Minerals Unveils Promising Geophysical Targets at Patmungala and Dumunzi
LMS (LMS) Share Update July 2024 Monday 29th
Litchfield Minerals Announces New Geophysical Findings at Patmungala and Dumunzi
Litchfield Minerals Limited (ASX:LMS) has announced the commencement of a ground gravity survey at its Mt Doreen project, focusing on the Patmungala and Dumunzi areas. These surveys aim to further investigate large magnetic anomalies that could indicate substantial mineral deposits.
Instant Summary:
- A 3.5km wide, pipe-shaped magnetic anomaly confirmed at Patmungala.
- Initiation of a gravity survey program to assist in drillhole targeting.
- Support from the Northern Territory Geological Survey for deep drilling at Patmungala.
- Additional gravity survey to be conducted at the Dumunzi magnetic target.
- Soil sampling to complement data acquisition for these gravity surveys.
Patmungala Megalith Target
The Patmungala area has revealed a significant magnetic anomaly, named 'megalith,' which spans 3.5km in width. This anomaly was identified through inversion modeling of a 1997 Rio Tinto Aeromagnetic survey. The anomaly is deep and sub-vertical, and its origin remains unknown. The Northern Territory Geological Survey (NTGS) has pledged up to $140,000 to support deep drilling of this target.
Historical exploration in the Patmungala area has identified copper and galena-bearing quartz veins with rock chips containing up to 6.2% copper. The area also features numerous ferruginous, carbonate-rich horizons within the volcano-sedimentary Patmungala Beds.
Dumunzi Target
The Dumunzi target, located north of the Silver King prospect, has also shown promising magnetic anomalies. This target lies at the intersection of several prominent geological structures and is covered by shallow alluvial sediments. A gravity survey will be conducted over this anomaly, and preliminary soil sampling will be performed to test for base metal and rare earth element fertility.
The data from these surveys will help refine drillhole targeting and provide a clearer understanding of the mineral potential in these areas. The results of these surveys are eagerly anticipated by the company and its investors.
The confirmation of large magnetic anomalies at Patmungala and Dumunzi could significantly impact Litchfield Minerals' stock price. The potential discovery of substantial mineral deposits, particularly copper, could attract investor interest and drive up the company's valuation. The support from the Northern Territory Geological Survey adds credibility to the company's exploration efforts and increases the likelihood of successful drilling outcomes.
Investor Reaction:
Analysts are likely to react positively to this announcement, given the potential for significant mineral discoveries. The support from the Northern Territory Geological Survey is seen as a strong endorsement of the company's exploration strategy. However, investors will be closely monitoring the results of the upcoming gravity and soil surveys to gauge the true potential of these targets.
Conclusion:
Investors should keep a close eye on the results of the gravity and soil surveys at Patmungala and Dumunzi. The potential for significant mineral discoveries could present a lucrative opportunity for those invested in Litchfield Minerals. Stay tuned for further updates as the company progresses with its exploration efforts.