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iTech Minerals (ASX:ITM) - Managing Director, Michael Schwarz
Managing Director, Michael Schwarz
Source: iTech Minerals
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  • iTech Minerals (ITM) identifies rare earth element (REE) mineralisation at the Salt Creek prospect within the Eyre Peninsula project in South Australia
  • The company has reviewed historical data from drilling undertaken by Archer Materials (AXE) which highlighted rare earth oxides enriched with neodymium and praesidium
  • Of the 19 drill holes reportedly drilled, 15 holes had high levels of REE mineralisation consistent with ion adsorption clay style mineralisation.
  • iTech says samples are being sent to a lab in Sydney for specialised metallurgical testing
  • iTech’s shares are trading steady at 24.5 cents

iTech Minerals (ITM) has identified rare element mineralisation (REE) at the Salt Creek prospect which is part of the Eyre Peninsula project in South Australia.

The company claims over 3000 parts per million (ppm) of rare earth oxides are enriched with neodymium and praesidium, used in the production of magnets for electric cars and wind turbines. iTech said the minerals also display enrichment in desirable heavy rare earth element oxides it believes command a premium price.

Drilling was undertaken by Archer Materials (AXE) in 2011 to explore for manganese mineralisation. After iTech conducted a review of the historical data, it identified thick intervals of up to 32 metres of REE-rich, clay dominant material, over a one-kilometre strike in a north-south direction.

Of the 19 drill holes reportedly drilled, 15 holes had high levels of REE mineralisation
consistent with ion adsorption clay style mineralisation.

According to iTech, Archer mothballed the project after limited success finding manganese mineralisation.

The company said results from the initial drilling will help to focus upcoming drill programs on known areas of mineralisation. It also said the new discovery will help to plan upcoming drill programs across the Eyre Peninsula Kaolin prospect.

Samples from the site will be sent to a Sydney-based lab for specialised metallurgical analysis.

iTech’s shares were trading steady at 24.5 cents at 2:54 pm AEDT.

ITM by the numbers
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