Untested EM Target at Reward Could Redefine iTech Minerals’ Reynolds Range Outlook

Exploration Breakthrough at Reward Gold Prospect

iTech Minerals Ltd (ASX, ITM) has announced a compelling new moving loop electromagnetic (MLEM) target at its Reward Gold Prospect, part of the broader Reynolds Range Project in the Northern Territory. The 1.3-kilometre-long conductor lies beneath known high-grade polymetallic mineralisation including copper, gold, silver, lead, and zinc, and notably extends beyond the current survey boundary to the north-west.

This discovery is significant because the EM target sits largely below the depth of historic drilling, which was mostly shallow and failed to fully test the conductor. The Reward Prospect is characterised by outcropping massive sulphide mineralisation and quartz veining associated with a northwest-southeast structural trend, suggesting a gold-rich polymetallic system potentially analogous to volcanic-hosted massive sulphide (VMS) deposits.

Supporting Evidence from Rock Chips and Historical Data

Recent rock chip sampling at Reward has returned exceptional grades, including copper concentrations near 20%, gold up to 12.2 grams per tonne, and silver exceeding 2,000 grams per tonne in some samples. These results reinforce the prospectivity of the area and the potential for significant mineralisation at depth.

Historical drilling, dating back to the mid-20th century, has been sporadic and largely unsuccessful in intersecting the main Reward Lode, with many holes missing the target or only encountering weak base metal anomalism. The new EM data suggests that the most conductive and mineralised zones may lie northwest of the current workings, in an area that remains completely untested by drilling.

Insights from Scimitar Prospect Drilling

Approximately six kilometres northwest of Reward, iTech recently completed two diamond drill holes at the Scimitar Prospect targeting strong EM conductors identified in a 2020 survey. While the drilling intersected thin polymetallic veins rich in lead, zinc, and silver, it did not fully explain the EM anomalies. To resolve this, downhole EM surveys are planned to determine whether the conductors have been adequately tested or if further drilling is warranted.

Next Steps and Broader Exploration Program

iTech is currently advancing a large-scale geophysical program across the Reynolds Range Project, focusing on multiple prospects including Pine Hill, Sabre, Falchion, and Lander. The company intends to prioritise drill targets based on the geophysical results, with drilling expected to commence later this year.

Managing Director Michael Schwarz highlighted the significance of the Reward EM conductor, noting its size, strength, and position beneath high-grade surface mineralisation as compelling reasons to include it in the upcoming drilling campaign. The project’s location within the Stafford Gold Trend and its geological setting within the Paleoproterozoic Aileron Province add further weight to its exploration potential.

iTech Minerals retains 100% ownership of the Reynolds Range tenements and has a binding memorandum of understanding with SQM Australia to partner on lithium development in the region, underscoring the strategic value of its portfolio.