Litchfield Mining (ASX:LMS) has raised a total of $1.5 million via an oversubscribed placement, share purchase plan, and shortfall offer to fund drilling at its flagship Oonagalabi Project in the Northern Territory.
The greater equity offering closed with the shortfall offer, retaining an additional $527,000 within the share purchase plan.
Funding will be used to expedite a 14 drillhole program spanning a 3,750m area across the Oonagalabi Project.
The company anticipates drilling to commence later this month, through the six pads constructed over the past week, while four holes are intended to utilise the previous campaign’s existing pads.
Managing Director Matthew Pustahya says the board is pleased with the “overwhelming support” returned in this equity offering.
“The strength of demand reflects growing conviction in our flagship Oonagalabi Project and the high-priority targets we are about to test,” Pustahya says.
“Oonagalabi exhibits many of the traits we look for in tier-one or large-scale systems: laterally extensive mineralised strike; multiple strong VTEM/sulphide conductor responses; coincident magnetic and gravity anomalies aligned with structure; supporting geochemical anomalism; robust alteration and sulphide development; and favourable host stratigraphy and structural preparation.
“The geophysical footprint is coherent and consistent with scale.”
Litchfield Minerals is a critical minerals explorer focused on sourcing base metals and uranium across its portfolio of Northern Territory-based projects.
Write to Maddison Elliott at Mining.com.au
Images: Litchfield Minerals
