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iTech Minerals (ASX:ITM) has jumped +15% on Tuesday as the company extended gold and antimony shoots on-site its Northern Territory (NT) based Reynolds Range project.
The extensions comes on the back of reverse circulation (RC) drilling done at the project’s Sabre target with the company highlighting the following results on Tuesday:
- 25m @ 4.9g/t gold & 0.85% antimony from 240m depth
- 28m @ 3.2g/t gold & 0.40% antimony from 192m depth
- 21m @ 2.04g/t gold from 81m depth
- 06m @ 2.6g/t gold from 67m depth
Meanwhile, drilling that went steeply down a recently identified ‘Shoot 2’ target on-site returned 209m @ 1.14g/t gold from 24m depth and 136m @ 1.6g/t gold from 140m depth, though these were reported as ‘not true widths.’
The company also noted on Tuesday that the highest gold grades recorded included 04m @ 11.4g/t gold and 2.35% antimony at 230m depth.
All in all, the market’s liking what the geodata may show for iTech: that underlying its Reynolds Range acreage is a mineralised gold system bigger than previously thought.
“The latest results are highly significant … firstly, the two deep holes have confirmed our belief that the main Sabre shoot plunges steeply, and we now know that the high-grade mineralised zone continues down 270 metres below the surface and remains open at depth,” ITM MD Mike Schwarz said.
“In addition, identifying a second gold shoot 120m to the south gives us strong encouragement that we are cracking the code at Reynolds Range and with 13km of highly anomalous ground to explore, there are more gold-antimony shoots to be discovered.”
ITM last traded at 6cps.
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