Exploration Risks and Rewards: iTech Targets Untested High-Grade Zones at Reynolds Range
iTech Minerals reports significant high-grade antimony, gold, and copper discoveries at its Reynolds Range Project, alongside the launch of a lithium joint venture with SQM. The company prepares for targeted drilling following promising geophysical surveys and soil sampling.
- High-grade antimony and gold rock chip assays at Sabre and Falchion prospects
- New gold-copper mineralisation identified at Bayonet prospect
- Induced polarisation survey reveals compelling new chargeability anomaly
- Lithium joint venture with SQM initiated, $2 million payment received
- Planned drilling program targeting key antimony-gold zones with government approvals secured
Exploration Breakthroughs at Reynolds Range
iTech Minerals Ltd (ASX – ITM) has delivered a robust quarterly update highlighting significant exploration progress at its Reynolds Range Project in the Northern Territory. The company reported exceptional surface rock chip assays, with antimony grades exceeding 30% and gold assays reaching up to 24 g/t at the Sabre and Falchion prospects. These results confirm the presence of continuous high-grade mineralisation zones extending over 300 metres, a marked improvement over previously isolated samples.
Adding to the excitement, new rock chip sampling at the Bayonet prospect unveiled a gold-copper mineralised structure extending over 200 metres, with assays up to 15.4 g/t gold and 10.1% copper. This discovery complements the antimony-gold focus and broadens the project's multi-commodity potential.
Geophysical Surveys Highlight New Targets
iTech's recent dipole-dipole induced polarisation (DDIP) survey has confirmed a 650-metre-wide high chargeability zone at Sabre, consistent with disseminated sulphide mineralisation associated with antimony and gold. Importantly, a new chargeability anomaly was detected 600 metres southeast of Sabre, along strike from Falchion, presenting a compelling new target for exploration. These geophysical insights, combined with detailed soil sampling that delineates a mineralised corridor over 6 km long and 2 km wide, underscore the project's scale and prospectivity.
Lithium Joint Venture with SQM Commences
In a strategic development, iTech has formalised a farm-in and joint venture agreement with SQM Australia Pty Ltd for the lithium rights at Reynolds Range. The Central Land Council's consent triggered an initial $2 million payment to iTech for a 30% interest in lithium mineral rights. SQM holds options to increase its stake to 51% and eventually 70% through staged exploration expenditures and resource milestones. SQM will operate the lithium project during the earn-in period, positioning iTech to benefit from lithium's growing demand without immediate capital outlay.
Upcoming Drilling and Financial Position
With government approvals in place, iTech plans to mobilise a drill rig imminently to test the Sabre, Falchion, and Lander prospects. This targeted drilling aims to validate and expand the high-grade antimony and gold zones identified at surface. Financially, the company reported $604,000 spent on exploration activities during the quarter and maintained a healthy cash balance of $6.29 million, providing a solid runway for ongoing work programs.
Overall, iTech Minerals is advancing multiple fronts at Reynolds Range, combining high-grade surface discoveries, sophisticated geophysical targeting, and a strategic lithium partnership. These developments position the company well in the critical minerals sector amid growing market interest.
Bottom Line?
As iTech prepares to drill its high-grade targets and advance its lithium JV, the coming months will be pivotal in defining the project's commercial potential.
Questions in the middle?
- How will upcoming drilling results at Sabre and Falchion impact resource estimates and project valuation?
- What exploration strategies will SQM deploy to meet earn-in milestones for lithium rights?
- Could the newly identified chargeability anomaly southeast of Sabre reveal a major new mineralised zone?
