ITech Minerals : Eyre Peninsula Kaolin-REE Maiden Drilling Completed

ASX RELEASE

7 April 2022

BOARD & MANAGEMENT

For personal use only

Glenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec

CAPITAL STRUCTURE

Ordinary Shares Issued 96.1M

Options Issued 3.0M

CONTACT

Address:

Level 3, 170 Greenhill Rd PARKSIDE SA 5063

Email:[e-mail]:www.itechminerals.com.auTelephone: [phone]

Location - Eyre Peninsula Project, South

Australia

Contact: Michael Schwarz Managing Director

E:[e-mail]

Ph: [phone]

W:www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory Novus Capital

Mob: [phone] Main: [phone]

E:[e-mail]

EYRE PENINSULA KAOLIN-REE MAIDEN

DRILLING COMPLETED

• • Drilling has been completed at:

  • o Ethiopia Kaolin-IAC REE Prospect

  • o Bartels IAC REE Prospect

  • o Burtons IAC REE Prospect

  • o Caralue Bluff Kaolin Prospect

• • 478 drill holes completed, averaging 20m in depth across the three prospects for a total of 9,805m

• • To date, results from 49 of ~ 478 drill holes (10%) have been received

• • Additional 108 drill holes completed at Ethiopia and Caralue Bluff due to positive visual results for kaolin

• • Sample analysis is progressing with the next batch of results due within the next two weeks

• • Drillholes are undergoing a mixture of REE and kaolin test work with turnaround times of between 6-8 weeks

iTech Minerals Ltd (ASX: ITM, iTech or Company) is pleased to report that its maiden drilling campaign has been completed at the Company's Eyre Peninsula tenement package, targeting REE ionic adsorption clay (IAC REE) and high purity kaolin mineralisation.

The Company has completed a total of 478 drill holes across 4 prospects for a total of 9,805m of drilling. Most samples have already been submitted for analysis with the remaining holes to be submitted over the coming weeks.

Figure 1. Managing Director Mike Schwarz examining samples from the drilling program while in the field

"iTech has reached a significant milestone with the completion of its maiden drilling program on the Eyre Peninsula. Promising early results from Bartels have identified a new clay hosted REE prospect with further results from Ethiopia and Burtons IAC Kaolin-REE prospects and Caralue Bluff kaolin prospect eagerly anticipated."

Managing Director Mike Schwarz

www.itechminerals.com.au

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ASX RELEASE

7 April 2022

Prospect	Target	Drillholes	Metres Completed	Average Depth (m)	Status
Ethiopia	Kaolin - IAC REE	115	2,040	18	Completed
Bartels	IAC REE	49	643	13	Completed
Burtons	Kaolin - IAC REE	54	1,164	22	Completed
Caralue Bluff	Kaolin	260	5,958	23	Completed
Total	478	9,805	20

Table 1. Eyre Peninsula Kaolin-REE Prospect summary with drill hole statistics

Figure 2. Location of the Kaolin and REE prospects - Eyre Peninsula, South Australia

www.itechminerals.com.au

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ASX RELEASE

7 April 2022

Ethiopia Kaolin - IAC REE Prospect

Having identified extensive enrichment of REE's in kaolinitic clays, across an area more than 1.3 km x 1 km, at the Ethiopia Prospect, iTech has drilled 115 additional holes. The average hole depth was 18m which demonstrates a thick weathered profile in which to host kaolin and REE mineralisation. The program has been expanded due to the identification of thick intervals of bright white kaolin in the west of the project area. The zone of drilling is now designed to infill and extend the mineralisation to an area of approximately 4.6 km x 3 km with a focus on extending high grade mineralisation at the end of historical drilling in ETH-029 which intersected 32m @ 1,633 ppm TREO (<45m) (Fig. 3). Approximately 64 of the 115 drill holes (56%) have been submitted for analysis with the remaining 51 drill holes to be submitted in coming weeks.

Figure 3. Location of the Ethiopia Kaolin IAC-REE Prospect and completed drill holes - Eyre Peninsula,

South Australia

Burtons Kaolin - IAC REE Prospect iTech has identified significant rare earth element mineralisation in the clay rich, weathering profile at the Burtons Prospect on the Eyre Peninsula, South Australia (Fig. 4). The rare earths display significant enrichment of neodymium and praesidium (~23% Nd+Pr), which are critical in the production of permanent magnets for electric vehicles and renewable energy. They also display significant enrichment in desirable heavy rare earth element oxides (~39% HREO) which command a premium price. iTech has currently drilled 54 holes at the Burtons Prospect over an area of 12km x 3km to test the full extent of the clay hosted REE mineralisation. All 54 drill holes have been submitted for analysis (100%).

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ASX RELEASE

7 April 2022

Figure 4. Location of the Burtons Prospect and completed drilling holes - Eyre Peninsula, South Australia

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ASX RELEASE

7 April 2022

Caralue Bluff Kaolin Prospect

The Caralue Bluff Prospect has bright white kaolin confirmed in drilling at <10m depth, up to 17m thick, in two drill holes over 5 km apart (Fig. 5). Historical partial chemical and mineralogical analyses of the bulk raw clay from one drill hole recorded relative high kaolinite content (~70%) with total Fe2O3 of 0.55% and raw brightness of 87% according to the TAPPI 646m-54 standard. The high purity and brightness of this material makes it well suited to high purity alumina feedstock, paper coating and filler applications (ASX Release, Replacement Prospectus, 19 October 2021). The Company has now completed an extensive drilling program covering an area of 12 km x 12 km for a total of approximately 260 holes. Approximately 130, or 50%, of drill holes have been submitted for analysis with the remaining samples to be submitted in the coming two weeks.

Figure 5. Location of the Caralue Bluff Kaolin Prospect with completed drill holes - Eyre Peninsula, South

Australia

Bartels IAC REE Prospect

As announced on 22 March 2022, iTech has identified REE mineralisation in the weathered, clay rich horizon at the Bartels Prospect, in the southernmost part of the Eyre Peninsula tenement package (Fig. 6). iTech has completed 49 drill holes for 630m at an average depth of 13m across an area of approximately 4km x 2km (Fig. 6) to test this target.

• • Significant intersections include:

  • o BAAC22-008 - 15m @ 1,594 ppm TREO from 12m

  • o BAAC22-010 - 16m @ 936 ppm TREO from 4m

  • o BAAC22-021 - 15m @ 724 ppm TREO from 0 m

  • o BAAC22-007 - 17m @ 583 ppm TREO from 13m

In the southern region, mineralisation covers an area of over 1.3 km x 1 km and is open in multiple directions. Additional mineralisation occurs a further 2 km to the north-west, with further drilling required to fully test the extent at both locations. Analysis is largely complete for this prospect other than 4 drill holes which have kaolin analyses pending.

www.itechminerals.com.au