Oversubscribed Placement Raises $1.5M for Litchfield’s 14-Hole Drilling Campaign
Litchfield Minerals has successfully raised $1.5 million through an oversubscribed placement and share purchase plan, fueling an ambitious 14-hole drilling campaign at its flagship Oonagalabi Project.
- Oversubscribed shortfall offer raises additional $527,000
- Total capital raised reaches approximately $1.5 million
- 14-hole reverse circulation drilling program to start late September
- Drilling targets multiple high-priority geophysical anomalies
- Exploration focuses on potential gold, bismuth, copper, and zinc mineralisation
Strong Market Confidence Drives Capital Raise
Litchfield Minerals Limited has announced the successful completion of its shortfall offer under a recent Share Purchase Plan, raising an additional $527,000. This brings the total funds raised through the capital raise and SPP to approximately $1.5 million. The oversubscription and subsequent scaling back of bids underscore robust investor confidence in the company’s exploration strategy and flagship Oonagalabi Project.
Ambitious Drilling Program Set to Commence
With the fresh capital secured, Litchfield is poised to commence a 14-hole reverse circulation drilling campaign starting in late September. The program aims to test up to 3,750 metres across priority targets identified through a combination of geophysical techniques including VTEM conductivity, magnetic, gravity, and chargeability anomalies. These targets are considered highly prospective for a large-scale mineral system with potential for gold, bismuth, copper, and zinc mineralisation.
Exploration Targets and Geological Context
The drilling will focus on several key target zones such as the “Bomb Diggity” cluster, which exhibits a rare coincident gravity, magnetic, and VTEM signature indicative of a system core. Other targets include highly conductive VTEM plates and magnetic anomalies with historic mineralisation intersections. The Oonagalabi system is interpreted as a SEDEX-style deposit with possible intrusion-related overprinting, a combination that is characteristic of some of the world’s most significant mineral systems.
Strategic Implications and Next Steps
Managing Director Mathew Pustahya highlighted the strong shareholder and new investor support as a reflection of growing conviction in the project’s potential. The company plans to provide ongoing updates as drilling progresses, which will be closely watched by the market. While the exploration results remain forward-looking and subject to geological risk, the scale and quality of the targets provide a compelling case for Litchfield’s next phase of growth.
Bottom Line?
Litchfield’s oversubscribed raise sets the stage for a pivotal drilling campaign that could redefine its resource potential.
Questions in the middle?
- Will the upcoming drilling confirm the presence of economically viable mineralisation?
- How might the dual SEDEX and intrusion-related system influence future exploration strategy?
- What are the potential timelines and capital requirements following this drilling phase?
