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- iTech Minerals (ITM) intersects intervals of rare earth elements (REE) in the first round of drilling at its Ethiopia prospect in South Australia
- Results have been received for the first 23 holes of the company’s 115 hole program with 16 holes returning intervals of kaolin the company considers significant
- The mineralisation extends over 1.3 by 1.2 kilometres, however, ITM says the outstanding results have the potential to significantly expand this area
- The company has also confirmed the presence of an ionic component at the prospect but says further test work is required to test the extent to which the elements are leachable
- Shares have been trading 13.3 per cent higher at 51 cents at 11:29 am AEST
iTech Minerals (ITM) has intersected intervals of rare earth elements (REE) in the first round of drilling at its Ethiopia prospect in South Australia.
The prospect is on the Eyre Peninsula where the company is testing the potential for ion adsorption clay REEs within high purity kaolin mineralisation.
Over the past three months, iTech has completed 115 drill holes at the prospect and has received results from the first 23 holes.
Of the 23 holes, 16 have returned intervals of kaolin the company considers significant and screening was completed to concentrate the kaolin fraction.
Significant rare earth mineralisation in the kaolin fraction was noted in all but one of the 16 holes and ITM said the results confirm sampling of historical holes.
Moreover, the results so far confirm the potential for the formation of ion adsorption clay REE style mineralisation, with metallurgical work confirming an ionic component is present at Ethiopia.
iTech plans to undertake further test work to assess the extent to which the REEs are easily leachable.
So far, the mineralisation has been identified to extend over 1.3 kilometres by 1.2 kilometres, however, with results for the remaining samples pending, Managing Director Mike Schwarz said the company is excited to see the full extent of the mineralisation at the prospect.
Shares were up 13.3 per cent and trading at 51 cents at 11:29 am AEST.
