iTech Minerals (ASX:ITM) - Managing Director Michael Schwarz
Managing Director Michael Schwarz
Source: iTech Minerals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • iTech Minerals (ITM) receives a fresh batch of results from drilling at its Eyre Peninsula rare earths project in South Australia
  • The program returned significant intervals of rare earth element (REE) mineralisation, including up to 1016 ppm total rare earth oxides (TREO), which confirms the Caralue Bluff area as a fourth ion adsorption clay (IAC) REE prospect
  • The recent drilling shows the weathering profile at Caralue Bluff is very similar to the Ethiopia, Bartels and Burtons prospects where elevated REEs are known to occur
  • iTech believes mineralisation at the Caralue Bluff prospect may extend for at least eight kilometres
  • ITM shares are up 18.5 per cent to trade at 48 cents

The latest round of drilling by iTech Minerals (ITM) on its Eyre Peninsula project has revealed its Caralue Blue deposit as a source of ion adsorption clay (IAC) rare earth element (REE) mineralisation.

The drilling returned significant intervals of REE mineralisation in the clay rich, weathering profile and confirmed Caralue Bluff as a fourth IAC REE prospect after its Ethiopia, Bartels and Burtons prospects.

The Caralue Bluff prospect was initially established as a high purity kaolin prospect with thick intervals of bright white, near-surface kaolin. However, during the recent drilling program, geologists noticed the weathering profile was very similar to the Ethiopia, Bartels and Burtons prospects where elevated REEs are known to occur.

Results from Caralue Bluff include 23 metres at 1016 parts per million (ppm) total rare earth oxides (TREO) from three metres and eight metres at 768 ppm TREO from five metres.

The results from Caralue Bluff suggest mineralisation may extend for at least eight kilometres but this is yet to be confirmed.

iTech also received results from the Burtons prospect which also confirmed REE mineralisation in the weathering profile.

Results include five metres at 1552 ppm TREO from 10 metres and 27 metres at 968 ppm TREO.

“The discovery of thick intervals of REEs in the weathering profile at Caralue Bluff, over a distance of eight kilometres, has been a highlight of iTech’s maiden exploration program to date,” Managing Director Mike Schwarz said.

iTech Minerals said all four prospects can now be confirmed to have the potential to form IAC REE-style mineralisation.

The company will conduct metallurgical work on mineralised samples to test the extent to which the REEs are easily leachable.

ITM shares were up 18.5 per cent to trade at 48 cents at 12:26 pm AEST.

ITM by the numbers
More From The Market Herald
Countplus (ASX:CUP) - Incoming CEO, Hugh Humphrey

" Hugh Humphrey appointed CEO of Countplus (ASX:CUP)

Investment services company CountPlus (ASX:CUP) has appointed Hugh Humphrey as the company's CEO, effective July 1.

" ASX employee tests positive for Covid-19

The ASX says an employee has contracted Covid-19.

" ASIC launches official investigation into ASX market outage

The ASX has confirmed today it is officially under investigation from the Australian Securities and Investments…

" ASX sheds more light on last week’s market tech failure

The Australian Securities Exchange has shed some more light on the nature of last week's market…