Join our daily newsletter At The Bell to receive exclusive market insights
- iTech Minerals (ITM) receives the first batch of assay results from the resampling program at the Ethiopia Prospect in South Australia
- This sampling confirmed iTech’s view of dual potential for high-priority kaolin and coincident ion adsorption clay rare earth element (REE) mineralisation
- Best results include six metres at 896 parts per million (ppm) total rare earth oxides (TREO) including two metres at 1104 ppm TREO
- iTech has resampled a further 12 holes with results expected in the next five to six weeks
- Shares in iTech are up 16.7 per cent on the market and are trading at 28 cents
iTech Minerals (ITM) has received the first batch of assay results from the resampling program at the Ethiopia Prospect in South Australia.
Previous aircore drilling by Adelaide Exploration in 2007 identified thick intervals with 41 holes drilled and 10 sampled to assess the potential for high purity kaolin and ion adsorption clay rare earth element (REE) mineralisation.
This sampling confirmed iTech’s view of dual potential for high-priority kaolin and coincident ion adsorption clay rare earth element (REE) mineralisation.
These rare earths have significant neodymium and praesidium which are critical in the production of magnets for electric vehicles and renewable energy.
Best results include six metres at 896 parts per million (ppm) total rare earth oxides (TREO) from zero metres including two metres at 1104 ppm TREO.
Managing Director Mike Schwarz commented on the sampling program and results.
“The nature of high purity kaolin and REE mineralisation at Ethiopia opens the path for the potential of an extremely low-cost source of these two critical minerals,” Mr Schwarz said.
“Processing of the high purity kaolin increases the REE grades and extracting the REEs makes a higher quality kaolin product, potentially leading to more financially robust project economics.”
iTech has resampled a further 12 holes with cerium values above 100 ppm to analyse for the full suite of REEs.
Results from the holes are expected in the next five to six weeks, and they will be used to focus the drilling program on the areas with the best potential for coincident high purity kaolin and REE mineralisation.
Once drilling is completed, iTech will have enough samples to optimise REE extraction.
Shares in iTech were up 16.7 per on the market and were trading at 28 cents at 11:36 am AEDT.
