Litchfield Minerals Uncovers High-Grade Silver and Western IP Anomalies at Silver Valley

Litchfield Minerals Uncovers Western Anomalies at Silver Valley

Litchfield Minerals (ASX: LMS) has released an update on its initial Induced Polarisation (IP) geophysical survey at the Silver Valley Project in the Northern Territory, revealing elevated chargeability responses to the west of known historical workings. The Litchfield Minerals Silver Valley high grade silver rock chip results and western IP anomalies have become a focal point for investors tracking the company's progress. While the three completed survey lines did not define a discrete high-priority drill target within the surveyed area, the results have redirected the company's exploration focus. New rock chip samples collected from historical workings have also returned high-grade assays, including 470g/t silver, 19.2% copper and 23.2% lead from sample SV2_06.

The announcement covers two active work fronts: the IP survey interpretation at Silver Valley and final assay results from the Oonagalabi drilling campaign, both feeding into the next phase of exploration across Litchfield's Northern Territory portfolio.

IP Survey Challenges the Original Model

Three IP survey lines, totalling 5.1 line-kilometres, were completed at Silver Valley between 8 and 17 July 2026. Rather than confirming the original structural interpretation, the data has prompted a reassessment of where the most prospective ground may lie.

Key observations from the survey include:

• Northern line (21100N): A chargeability response of approximately 8 mV/V immediately west of the known Silver Valley 2 workings, with modelling suggesting possible continuation at depth towards the west
• Southern line (20700N): Near-surface elevated chargeability of approximately 10 mV/V towards the western end, alongside deeper low-resistivity zones that may map geological structure
• Southern line (20500N): Chargeability values of approximately 4.5 mV/V against a background of 2 to 2.5 mV/V, and deeper low-resistivity features on the western end

Independent geophysical consultant Mitre Geophysics noted that the weak chargeability responses are consistent with the style of mineralisation observed at surface. Galena, the primary host of lead and associated silver mineralisation at Silver Valley, is conductive but typically generates a weaker IP response than other sulphide minerals such as pyrite. This means meaningful silver-lead mineralisation can exist without producing a strong anomaly.

Rather than proceeding with additional lines under the original survey design, Litchfield elected to pause, integrate the data, and investigate the emerging western structural corridor before completing the program.

Managing Director Matthew Pustahya said: "The value of these first three IP lines is that they have challenged our original interpretation and given us a better basis for the next phase of work. Rather than continue spending money against a survey design that may no longer be optimally positioned, we made the decision to stop, integrate the data and investigate the western side of the system before completing the program."

"This is the exploration discipline and agility that we continue to apply across Litchfield: let the data challenge the model, change the plan when the evidence changes, and make sure each additional dollar is spent testing the best geological interpretation available."

New Rock Chips Reinforce the High-Grade Story

Alongside the geophysical program, five new rock chip samples were collected from dumps adjacent to historical shafts and workings at Silver Valley in May 2026. According to the announcement, the Litchfield Minerals Silver Valley high grade silver rock chip results and western IP anomalies rank among the strongest reported from the project to date.

These results build on previously reported rock chip assays from elsewhere at Silver Valley of up to 378g/t Ag, 44.9% Pb and 5.04% Cu, reinforcing the high-grade character of the surface mineralisation identified across the project area to date.

Rock chip samples are selective by nature, collected from visible mineralisation at historical workings, and are not representative of average grade across the broader mineralised system. They do, however, indicate that high-grade material is present and support the case for continued geophysical and structural investigation.

Understanding the IP Method: What It Tells Investors

What Is Induced Polarisation (IP) Surveying?

Induced Polarisation is a ground-based geophysical technique used in mineral exploration to detect electrically chargeable materials beneath the surface, typically disseminated sulphide minerals commonly associated with base metal and precious metal deposits.

The method works by injecting an electrical current into the ground and measuring how rocks respond once the current is switched off. Rocks containing sulphide minerals tend to hold a charge briefly, a phenomenon known as "chargeability", while the resistivity component of the measurement reflects how easily electrical current flows through different rock types.

Why Does It Matter to Investors?

IP surveying offers a relatively low-cost way to identify buried mineralisation before committing to the significant expense of drilling. At Silver Valley, the survey was designed to trace known high-grade silver-lead-copper mineralisation at depth and assist with refining drill targets.

The emerging western responses, while modest in absolute terms, have directed exploration attention toward a structural corridor that had not been adequately tested by the original survey footprint. That reorientation, based on data rather than assumption, is intended to inform more efficiently positioned follow-up work.

Key Glossary Terms

• Chargeability (mV/V): A measure of how well rock holds an electrical charge after a current is switched off. Higher values suggest the presence of sulphide minerals.
• Resistivity: A measure of how strongly rock resists the flow of electrical current. Low-resistivity zones can indicate structural features, weathered rock, or conductive material.
• 2D Inversion: A mathematical process that converts raw IP measurements into a model of the subsurface showing how chargeability and resistivity vary with depth.
• Galena: The primary ore mineral of lead, often associated with silver mineralisation. Galena is conductive but generates a weaker chargeability response than many other sulphides.
• Pole-dipole array (PDIP): The electrode configuration used during this survey, a standard industry arrangement that balances depth penetration with resolution.

Oonagalabi Drilling Wraps Up: Final Assays from OGDD003

Final assay results from the Oonagalabi prospect's Q3 drilling campaign were received in late June 2026. According to the report, the best intercept from hole OGDD003 was:

5.3 metres at 0.64% Cu, 0.67% Zn and 2.2g/t Ag from 49.5 metres depth

Selected assay intervals from OGDD003 are summarised below:

All widths are downhole; true widths are not yet known. The reported intercept uses a cut-off of 0.1% for copper and zinc. Geological context and drilling descriptions were previously reported in the Oonagalabi announcement dated 3 June 2026.

The Oonagalabi result adds further data to Litchfield's geological and targeting model in the Harts Range area, where magnetotelluric (MT) and gravity programs are currently underway.

What Comes Next: A Sequence of Prioritised Work

Litchfield has outlined a sequenced set of next steps across both project areas, reflecting its stated approach of integrating data before committing capital to follow-up work.

At Silver Valley:

1. Complete targeted geological mapping and structural investigation west of the existing IP survey footprint
2. Integrate field observations with the completed 2D chargeability and resistivity models
3. Use that integrated interpretation to optimise the position and orientation of remaining IP survey lines
4. Recommence the IP survey on revised line positions once field teams are redeployed from Harts Range

At Harts Range / Oonagalabi:

• Complete the current MT and gravity surveys around the Oonagalabi tenement
• Redeploy field resources to Silver Valley upon completion, avoiding unnecessary standby and mobilisation costs

According to the announcement, no drilling is currently planned at Silver Valley. Future drill targeting will depend on the outcome of the revised structural investigation and IP program.

The Investment Thesis: Capital Discipline Meets a High-Grade Target

Litchfield Minerals describes itself as a nimble, capital-efficient explorer applying a Mineral Systems approach with structured decision gates and capital allocation discipline. The Silver Valley update illustrates that approach in practice: three lines of IP data challenged the original model, and the company opted to stop rather than continue spending against a survey design that may not have been optimally positioned.

The underlying quality of the surface mineralisation continues to support the Silver Valley story. Rock chip assays of 470g/t Ag and 342g/t Ag, alongside copper and lead grades that would be notable in any base or precious metals context, indicate that the historical workings intersected genuinely high-grade material. Whether that mineralisation carries meaningful continuity at depth, and whether the emerging western structural corridor holds the answer, remains the central exploration question.

Furthermore, several features of the current situation are relevant for investors tracking the project:

• High-grade surface samples confirm the quality of mineralisation now being systematically tested by geophysics
• The pivot in IP survey design reflects a data-driven approach to decision-making, reducing the risk of misallocating capital on poorly positioned follow-up work
• Concurrent programs at Harts Range are structured to enable an efficient transition of field resources back to Silver Valley, limiting downtime costs
• The project sits within EL32241, a 165.3 km² tenement held 100% by Litchfield through its subsidiary Kalk Exploration Pty Ltd, with no known impediments to continued exploration reported

Why Investors Should Keep Watching Litchfield Minerals

Litchfield Minerals is operating at an early but evidence-rich stage of exploration across its Northern Territory portfolio. The Litchfield Minerals Silver Valley high grade silver rock chip results and western IP anomalies have produced multiple rounds of compelling data, a completed IP survey that has reoriented the structural interpretation, and a defined work program for the next phase.

The Oonagalabi prospect has, in addition, delivered drilling results that continue to build a geological and targeting model for the Harts Range area. The company's stated emphasis on structured decision gates, independent geophysical verification through Mitre Geophysics, and JORC-compliant reporting positions it as an explorer applying methodical technical processes at the small-cap stage.

Upcoming field work at Silver Valley, particularly the western structural investigation and revised IP program, represents the next material information event for investors following the project's progress.

Key Takeaway: Litchfield Minerals (ASX: LMS) has identified an emerging western structural corridor at its Silver Valley Project that was not captured by the initial IP survey design, prompting a deliberate pivot in its exploration approach. With new rock chip results of up to 470g/t silver, 19.2% copper and 23.2% lead reinforcing the high-grade nature of surface mineralisation, and field teams set to return to Silver Valley upon completion of current Harts Range programs, the next phase of work stands as a key catalyst to watch.

Want to Know More About Litchfield Minerals and Its High-Grade Silver Valley Project?

Litchfield Minerals (ASX: LMS) is advancing a compelling exploration story across its Northern Territory portfolio, with high-grade rock chip results of up to 470g/t silver and an evolving structural model at Silver Valley setting the stage for a significant next phase of work. With a capital-disciplined approach, independent geophysical verification, and a sequenced work program already underway, LMS is one to watch as field teams return to Silver Valley. To learn more about the company, its projects, and the investment case, visit www.litchfieldminerals.com.au.