Litchfield Minerals (ASX:LMS) said an induced polarization survey at the Oonagalabi copper-zinc project in the Northern Territory confirmed the presence of a large, high-chargeability system untested by historical drilling, according to a Wednesday Australian bourse filing.
It finalized plans for a phase one drilling program to test the anomalies, with six reverse circulation drill holes, planned to begin in March or April.
The mining firm is awaiting final government approval of an environmental mining license for the project.
Litchfield secured a drilling-for-equity partnership with Bullion Drilling, and Bullion will complete up to 2,000 meters of reverse circulation drilling for 50% equity. Litchfield will issue Bullion with equity of up to AU$300,000 worth of shares at AU$0.12 per share.
The firm's shares surged 47% on market close on Wednesday.
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