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iTech Minerals Ltd (ASX:ITM) has pinned down a 26-kilometre-long horizon within the Lander Rock Formation at its Reynolds Range copper-gold project in the Northern Territory, providing an extension to the play’s copper-gold-silver prospectivity.
iTech has been undertaking fieldwork – including mapping and sampling – at Reynold’s Range in previous months, and this has yielded crucial information about the horizon, which sits above a regionally extensive magnetic complex.
This complex includes conformable mafic rocks, and the fieldwork has indicated that it is coincident with rocks chips at the Scimitar and Reward prospects which are rich in copper-gold-silver-lead mineralisation.
On the basis of these polymetallic indications, iTech is proposing that a volcanogenic massive sulphide (VMS) style of mineralisation could be found at the site.
Recent results from the Reward copper-gold prospect include 19.5% copper (Cu), 3.15 grams per tonne (g/t) gold (Au) and 2,090.0g/t silver (Ag); 19.6% Cu and 12.2g/t Au and 785.0g/t Ag; and 13.8% Cu and 19.4g/t Ag.
Managing director Mike Schwarz said the fieldwork and other exploration was leading to an imminent drill campaign.
“Ongoing fieldwork, including mapping and sampling is allowing iTech to develop a model for regional polymetallic copper-gold-silver mineralisation across the Reynolds Range Project,” he said.
“The coincidence of an extensive magnetic complex, high-grade mineralisation in rock chips and regionally significant electromagnetic anomalies suggest a compelling exploration target for volcanogenic massive sulphide mineralisation across a strike length of over 26km.
“iTech plans to drill test the most compelling target at Scimitar in coming months.”
By 13:48 AEST, iTech was trading at 7.2 cents – a rise of 4.35% since the market opened.
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