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Iltani Resources (ASX:ILT) has further grown confidence in what it believes could be Australia’s largest silver-indium deposit.
That confidence comes by way of a sensational headline drill hit – an assay coming back at 1,064g/t of silver equivalent (AgEq) at Orient East, a silver-indium project.
Assays for five RC drill holes recently completed on-site, part of a larger batch of 33, were highlighted on Wednesday; the 1,064g/t AgEq read only came from a 01m wide section of a larger ‘core.’
Other results more indicative of the character of overall mineralisation included:
- 07m @ 167g/t AgEq from 129m depth
- 08m @ 79g/t AgEq from 210m depth
- 30m @ 86g/t AgEq from 52m depth, including:
- 03m @ 292g/t AgEq from 66m
- 27m @ 105g/t AgEq from 102m depth, including:
- 02m @ 448g/t AgEq from 104m
- 07m @ 342g/t AgEq from 37m depth, including:
- 01m @ 1,063g/t AgEq from 40m
- 14m @ 122g/t AgEq from 89m depth
Located in North Queensland, Iltani management on Wednesday re-stated their belief the company may just have Australia’s largest known silver-indium deposit on its books.
“Our drilling to date demonstrates the size and scale of the Orient System which we believe is Australia’s largest silver-indium deposit,” company MD Donald Garner said.
“Drilling activities at Orient have been paused for the wet season, and we will return to site as soon as we can in 2025… We are expecting to receive more assay results over the coming weeks and this data will be incorporated into the Orient East geological model.”
That model will go towards the determination of an exploration target for Orient East, but those are conceptual in nature and won’t be bankable – work towards a fully JORC-compliant Mineral Resource Estimate (MRE) will likely be the gist of 1HCY25.
One could perhaps divine that through what are categorically plans for aggressive exploration.
“We are planning to mobilise multiple drill rigs to continue drilling at Orient East and Orient West plus seek to test Orient North,” Garner added.
Notably, Indium prices are up nearly 30% YoY and have been one of the few critical metals to exit the COVID-19 years still climbing, according to Shanghai Metals Market futures.
ILT last traded at 15cps.
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