iTech Minerals (ASX:ITM) has reported hitting antimony in three holes drilled on-site its NT-based Reynolds Range project east of known mineralisation, and, gold intercepts at depths below 113m in certain areas.
The company reported the following hits on Thursday:
- 6m @ 1.64% antimony (Sb) and 0.43g/t gold (Au) from 54m, including:
- 2m @ 4.3% Sb and 1.15g/t Au from 54m depth
- 10m @ 0.9% Sb from 50m depth, including:
- 1m @ 3.72% Sb and 1.48g/t Au from 50m depth
- 9m @ 0.57% Sb from 43m depth, including:
- 1m @ 3.55% Sb and 1.96g/t Au from 43m depth
Management was particularly focused on gold below depths of 115m on Thursday which is the deepest recorded gold hit on-site the Falchion target area of interest at Reynolds.
Managing Director Mike Schwarz is optimistic there’s plenty of scope to continue expanding the known mineral system on-site; follow-up drilling is planned at Falchion, and, diamond drilling is to re-commence at a separate target of interest called Sabre halfway through November.
Falchion continues to grow, with every step-out hole to the east intersecting antimony mineralisation and the strongest grades returned from the easternmost hole drilled to date. Importantly, we are also seeing a strong association between gold and antimony, with gold grades of up to 1.96 g/t occurring within the higher-grade antimony intervals.
This is particularly encouraging as it supports our interpretation that we may be exploring the upper levels of a larger gold-antimony system, with the potential for gold mineralisation to become more prominent at depth.
The Reynolds Range project is 100% owned by ITM and right now geotechs are first and foremostly interested in an eastern antimony zone where drilling activity has been focused.
It spans four licences and covers some 791sq.km of the Aileron Province which straddles the underlying North Australian Craton. SQM International sit on the bench as a potential JV partner with an option to earn up to 70% of the lithium rights across the project if deemed desirable.
The nearest boundary of the Reynolds Range project is located some 90km north-northwest from Alice Springs.
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Disclaimer: HotCopper had a commercial relationship with ITM at the time this article was crafted and published.