ASX RELEASE
14 April 2022
SIGNIFICANT REE PROSPECT DISCOVERED AT
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:info@itechminerals.com.auWebsite:www.itechminerals.com.auTelephone: +61 2 5850 0000
Location - Eyre Peninsula Project, South
Australia
Contact: Michael Schwarz Managing Director
E:mschwarz@itechminerals.com.au
Ph: +61 2 5850 0000
W:www.itechminerals.com.au
Or
Gavan H Farley
Director - Corporate Advisory Novus Capital
Mob: +61 420 520 300 Main: +61 2 9375 0114
E:gavan.farley@novuscapital.com.au
CARALUE BLUFF, EYRE PENINSULA
Watch MD Mike Schwarz discuss the results here
• The second batch of results from recently completed drilling at the Caralue Bluff and IAC REE - Kaolin Prospect confirms significant intervals of REE mineralisation in the clay rich, weathering profile
• Caralue Bluff confirmed as a fourth IAC REE prospect in addition to the Ethiopia, Bartels and Burtons Prosects
• Significant intersections from Caralue Bluff include:
o CBAC22-049 - 23m @ 1,016 ppm TREO from 3m
o CBAC22-050 - 8m @ 768 ppm TREO from 5m
o CBAC22-015 - 10m @ 600 ppm TREO from 3 m
o CBAC22-035 - 30m @ 540 ppm TREO from 1m
• This second batch of results also includes the first samples from the Burtons Prospect and confirm significant REE mineralisation in the weathering profile
• Significant intersections from Burtons include:
o BUAC22-021 - 5m @ 1,552 ppm TREO from 10m
o BUAC22-019 - 5m @ 1,221 ppm TREO from 9m
o BUAC22-023 - 27m @ 968 ppm TREO from 0 m
o BUAC22-002 - 6m @ 1,101 ppm TREO from 13m
• Drill holes from Ethiopia and Burtons that are undergoing kaolin test work, in addition to REE analysis, have a longer lead time with results from early batches expected in the next two weeks
"The discovery of thick intervals of REEs in the weathering profile at
Caralue Bluff, over a distance of 8 km, has been a highlight of iTech's maiden exploration program to date. Having recently completed 260 drill holes, covering an area of ~12km x 12km, we look forward to receiving further results from this project. The new results from Burtons are also very encouraging with kilometre scale REE mineralisation in the weathering profile identified by the recent drilling."
Managing Director Mike Schwarz
For personal use only
ASX RELEASE
14 April 2022
Figure 1. Location of the Ethiopia Prospect - Eyre Peninsula, South Australia
The aim of the initial phase of drilling by iTech Minerals Ltd (ASX: ITM, iTech or Company) was to test the potential for ion adsorption clay (IAC) REE mineralisation at the Ethiopia, Bartels, Burtons and Caralue Bluff Prospects on the Eyre Peninsula in South Australia. iTech has confirmed, from recently received drill results, that significant intersections of REEs occur within the weathered horizon at both the Caralue Bluff Prospect and Burtons Prospect, in addition to the previously confirmed Ethiopia and Bartels Prospects. All these prospects can now be confirmed to have the potential to form IAC REE style mineralisation. Metallurgical work on mineralised samples will be required to test the extent to which the REEs are easily leachable.
Caralue Bluff
The Caralue Bluff Prospect was initially established as a high purity kaolin prospect with the identification of thick intervals of bright white kaolin, close to surface, in several historical drill holes. During the recently completed drilling program, iTech geologists noticed that the weathering profile was very similar to prospects at Ethiopia, Bartels and Burtons, where elevated REEs are known to occur. While thick intervals of white kaolin were visually identified over large areas in the current drilling program, a selected number of holes were also submitted for REE analysis to test the IAC REE potential. The Company was very pleased to receive positive results for REEs for these drill holes and will now analyse all drill holes at the prospect for REEs (260 holes covering an area of 12km x 12km).
The current results suggest the mineralisation may extend over a distance of at least 8km, however results from drill holes between the current results will need to be received to confirm continuity (Fig. 2).
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Significant intersections
ASX RELEASE
14 April 2022
Caralue Bluff Drilling Program - Preliminary Results
High Value (Magnet) Rare Earths
(m)
(m)
(m)ppmppm
Neodymium | Praseodymium | Dysprosium | Terbium |
Nd2O3 | Pr6O11 | Dy2O3 | Tb4O7 |
%TREOppm
%TREOppm
%TREOppm
%TR EO
CBAC22_010
and
10 42
22 49
7
12
527 438
86.9
97.7
18.54% 19.84%
23.7
28.2
5.35% 5.41%
4.5
4.5
0.85% 1.03%
1.11 1.12
0.21% 0.26%
CBAC22_015
CBAC22_014
2 3
30 13
28 10
532 600
117.7
105.9
19.91% 19.62%
32.4
28.9
5.43% 5.40%
3.9
5
0.94% 0.65%
1.06
1.3
0.24% 0.18%
CBAC22_035
CBAC22_045
CBAC22_046
CBAC22_021
CBAC22_037
and
18 15
3 1 1 3
7
31 21
22 27
6
12
30 20
3
4 4
394 540 461 464 653 368
97.9
104.3
74.7
145.8
62.1
84
15.76% 18.13% 18.22% 22.48% 22.33% 20.30%
29
27.3
20.1
24.6
39 20
5.10% 5.37% 5.34% 5.88% 5.97% 5.43%
3.4
3.3
3.6
2.5
3.4
4.7
0.63% 0.63% 0.74% 0.71% 0.72% 0.98%
0.9
0.8
0.65
0.88 0.91 1.15
0.16% 0.17% 0.19% 0.20% 0.18% 0.22%
CBAC22_050
CBAC22_049
3 5
26 13
8
23
798
1016
161.8
225.1
22.16% 20.28%
41.4
59.2
5.83% 5.19%
6.2
5.4
0.53% 0.78%
1.41 1.44
0.14% 0.18%
Table 1. Significant REE intersections at the Caralue Bluff Prospect - Eyre Peninsula, South Australia
Figure 2. Partial drill results from the Caralue Bluff Prospect - Eyre Peninsula, South Australia
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ASX RELEASE
14 April 2022
Burtons 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. 3). 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 completed 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. In the current batch of results iTech has received results for the bulk of the drill holes. Drill results for which results are pending have been submitted for kaolin and REE analysis which have a longer lead time for results.
The new results from Burtons are very encouraging with kilometre scale REE mineralisation in the weathering profile identified by the drilling and confirm the thick, high-grade nature of mineralisation identified in historical drilling by Archer Materials in 2011. Mineralisation has now been extended by kilometres to the east and southeast of the historical drilling (Fig. 3).
Significant intersections
Burtons Drilling Program - Preliminary Results | ||||||||||||
Hole Id | Dept h From | Depth To | Interval | TREO | High Value (Magnet) Rare Earths | |||||||
Neodymium Nd2O3 | Praseodymium Pr6O11 | Dysprosium Dy2O3 | Terbium Tb4O7 | |||||||||
(m) | (m) | (m) | ppm | ppm | %TREO | ppm | %TREO | ppm | %TREO | ppm | %TREO | |
BUAC22_002 | 13 | 19 | 6 | 1101 | 151.0 | 14% | 43.2 | 3.9% | 13.66 | 1.2% | 3.76 | 0.34% |
BUAC22_004 | 18 | 43 | 25 | 513 | 100.3 | 20% | 26.9 | 5.2% | 10.19 | 2.0% | 2.07 | 0.40% |
inc | 18 | 21 | 3 | 1248 | 290.4 | 23% | 69.0 | 5.5% | 41.40 | 3.3% | 8.19 | 0.66% |
BUAC22_005 | 10 | 22 | 12 | 515 | 77.9 | 15% | 23.2 | 4.5% | 7.75 | 1.5% | 1.50 | 0.29% |
inc | 14 | 16 | 2 | 1204 | 198.3 | 16% | 56.1 | 4.7% | 18.48 | 1.5% | 3.74 | 0.31% |
BUAC22_006 | 38 | 49 | 11 | 552 | 90.4 | 16% | 25.8 | 4.7% | 9.77 | 1.8% | 1.83 | 0.33% |
BUAC22_019 | 9 | 14 | 5 | 1221 | 219.5 | 18% | 60.5 | 5.0% | 34.29 | 2.8% | 6.17 | 0.51% |
BUAC22_020 | 23 | 36 | 13 | 759 | 121.1 | 16% | 33.3 | 4.4% | 22.22 | 2.9% | 3.82 | 0.50% |
BUAC22_021 | 10 | 15 | 5 | 1552 | 450.7 | 29% | 116.7 | 7.5% | 25.60 | 1.6% | 5.90 | 0.38% |
BUAC22_023 | 0 | 27 | 27 | 968 | 152.6 | 16% | 50.4 | 5.2% | 7.22 | 0.7% | 1.47 | 0.15% |
BUAC22_024 | 9 | 27 | 18 | 539 | 77.3 | 14% | 24.1 | 4.5% | 5.68 | 1.1% | 1.06 | 0.20% |
BUAC22_025 | 2 | 30 | 28 | 572 | 95.3 | 17% | 28.5 | 5.0% | 5.97 | 1.0% | 1.23 | 0.22% |
BUAC22_026 | 2 | 10 | 8 | 729 | 114.5 | 16% | 37.2 | 5.1% | 4.40 | 0.6% | 0.97 | 0.13% |
BUAC22_038 | 11 | 22 | 11 | 648 | 120.6 | 19% | 32.8 | 5.1% | 8.68 | 1.3% | 1.85 | 0.29% |
BUAC22_054 | 24 | 40 | 16 | 406 | 82.3 | 20% | 21.5 | 5.3% | 7.30 | 1.8% | 1.52 | 0.37% |
Table 2. Significant REE intersections at the Burtons Prospect - Eyre Peninsula, South Australia
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ASX RELEASE
14 April 2022
Figure 3. Drill results from the Burtons Prospect - Eyre Peninsula, South Australia
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Itech Minerals Ltd. published this content on 13 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2022 23:44:08 UTC.