BOARD & MANAGEMENT

onlyGlenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec

CAPITAL

STRUCTURE

useOrdinary Shares Issu d 96.1M

Options

I ued 3.0M

Performance rights

Iss ed 0.3M

CONTACT

personalAddress:

Level 3, 170 Greenhill Rd PARKSIDE SA 5063

Email:

i fo@itechminerals.com.au

Website:

www.itechminerals.com.au For

ASX RELEASE

21 July 2022

QUARTERLY ACTIVITIES REPORT FOR THREE

MONTHS ENDED 30 JUNE 2022

REE bearing high purity kaolin samples from the Ethiopia Prospect - Eyre

Peninsula Project, South Australia

  • Drill results from the Caralue Bluff, Ethiopia and Burtons regolith hosted REE - Kaolin Prospects return thick, high-grade intervals of REE mineralisation in the clay rich weathering profile, significantly expanding the area of REE mineralisation at all prospects
  • 478 drill holes completed, averaging 20m in depth, across the four prospects for a total of 9,805m
  • Results from 198 of ~ 478 drill holes (41%) have been received by the end of the Quarter
  • At the Campoona PSG Project, bench top scale metallurgical tests have achieved high purity fine flake graphite suitable for purified spherical graphite (PSG) production
    o Average purity of greater than 94% total graphitic carbon (TGC) with estimated recoveries of ~84%
    o >98% of graphite concentrates are less than 150 μm (small flake size) which is used for PSG production

iTech Minerals Ltd (ASX: ITM, iTech or Company) is pleased to present its Quarterly Activities Report for the period ended 30 June 2022.

During the June Quarter iTech completed its maiden drilling campaign at the Company's Eyre Peninsula tenement package, targeting regolith hosted REE and high purity kaolin mineralisation. The Company completed a total of 478 drill holes across 4 prospects for a total of 9,805m of drilling.

During the Quarter, drill results confirmed and expanded REE mineralisation at the following prospects:

  • Caralue Bluff - 10 x 6 km
  • Ethiopia - 1.7 x 1.3 km
  • Burtons - 3 x 3 km
  • Bartels - 3.3 x 1.2 km

Prospect

Target

Drillholes

Drillholes results

Results

reported

progress

Ethiopia

Kaolin - IAC

115

42

37%

REE

Bartels

IAC REE

49

47

96%

Burtons

Kaolin - IAC

54

47

87%

REE

Caralue Bluff

Kaolin

260

62

24%

Total

478

198

41%

Table 1. Eyre Peninsula Kaolin-REE Prospect summary with drill hole statistics

www.itechminerals.com.au

ASX RELEASE

21 July 2022

For personal use only

Figure 1. Location of the Prospects on the Eyre Peninsula, South Australia

iTech completed a 478-hole drill program across four prospects on the Eyre Peninsula in South Australia. The aim of the program was to test the potential for regolith hosted ion adsorption clay (IAC) REEs and high purity kaolin mineralisation. Drill results show that significant intersections of REEs occur within the kaolin (clay) rich weathered horizon over large areas at Caralue Bluff, Ethiopia and Bartels, with results from the last quarter establishing Bartels as a similar REE prospect. (Figure 1). Metallurgical work on mineralised samples confirms that an ionic component is present at Ethiopia and Burtons, however, further test work will be required to test the extent to which the REEs are easily leachable. Samples from Caralue Bluff are currently undergoing leaching test work. Further samples are being prepared for leaching test work at Ethiopia and Burtons as drill results become available.

Caralue Bluff Prospect

The Caralue Bluff Prospect was initially established as a high purity kaolin prospect with the identification of thick intervals of bright white kaolin, close to surface, in historical drill holes. Having identified significant REEs in the kaolin rich intervals at Ethiopia, Burtons and Bartels Prospects, iTech geologists suspected that Caralue Bluff might also be prospective for regolith hosted REE mineralisation. Initial drill results (see ASX Release 14 April 2022) revealed thick intervals of elevated REE mineralisation over 8 km. The more recent results extend this to an area of approximately 10 km x 6 km (see ASX Release 20 June 2022). A total area of 12 km x 12 km was tested by drilling of 260 holes, the results of which will determine the continuity of mineralisation within this already extensive area.

www.itechminerals.com.au

ASX RELEASE

21 July 2022

For personal use only

Figure 2. Drill results from the Caralue Bluff Prospect - Eyre Peninsula, South Australia

Caralue Bluff Significant Intersections

During the Quarter, iTech reported results from 62 drill holes, of which 25, were drilled into shallow unweathered granite (Figure 2), in the northern part of the prospect, and therefore did not test geology suitable for regolith hosted REE mineralisation. A further 4 holes were not able to penetrate the hard silcrete surface layer and therefore did not test the underlying target horizon. 29 drill holes had significant intervals of REEs above the cut-off grade of 350 ppm, with only 4 drill holes intersecting the weathered horizon but not having elevated REEs.

Of the 260 holes drilled at Caralue Bluff, 62 have now been reported with results from a further 198 still to come.

Ethiopia Prospect

The Ethiopia Prospect was initially established as a high purity kaolin prospect with the identification of thick intervals of bright white kaolin, close to surface, in several historical drill holes. iTech released the first batch of results from 42 drill holes during the quarter. The results revealed thick intervals of elevated REE mineralisation in the fine (-45µm), kaolin rich fraction (see ASX Release 18 May 2022, 20 June 2022).

In the last 3 months, 115 drill holes were completed across an area of 5 km by 3 km at the Ethiopia Prospect. Thick intervals of kaolin were visually identified over large areas in the drilling program, and selected number of holes were submitted for kaolin test work and REE analysis to test the high purity kaolin and IAC REE potential of the prospect. The Company is very pleased to receive positive results for REEs from these 42 drill holes and will now eagerly await the results from the remaining drill holes across the prospect.

www.itechminerals.com.au

ASX RELEASE

21 July 2022

For personal use only

Figure 3. Drill results from the Ethiopia Prospect - Eyre Peninsula, South Australia

Ethiopia Significant intersections

Of the 42 drill holes reported during the quarter, 28 had significant kaolin intersections and were submitted for kaolin test work. The test work involves separating the kaolin rich portion of the sample and testing its technical characteristics for a variety of industrial uses. As iTech sees value in the potential extraction the REEs from this portion, the samples were submitted for REE analysis and reported as part of this ASX release. The remaining 14 holes did not have sufficient kaolin to warrant kaolin test work or did not have significant levels of REEs (>350 ppm).

To clarify, these results pertain to the fine fraction of the whole drill hole sample which has been sieved to -45 µm and is not representative of the complete sample, it is sourced from the beneficiated portion.

The current results suggest that mineralisation extends over a distance of at least 1.7 km by 1.3 km, however results from pending drill holes have the potential to significantly expand this area (Figure 3).

Of the 115 holes drilled at Ethiopia, 42 have now been reported with results from a further 73 holes still to come.

Burtons

iTech has identified significant rare earth element mineralisation in the clay rich, weathering profile at the Burtons Prospect on the Eyre Peninsula, South Australia (Figure 1). The rare earths display significant enrichment of neodymium and praseodymium (~23% Nd + Pr), which are critical in the production of permanent magnets for electric vehicles and renewable energy. They also display significant enrichment in desirable heavy rare earth element oxides (~39% HREO) which command a premium price. iTech completed 54 holes at the Burtons Prospect over an area of 12 km x 3 km to test the full extent of the clay hosted REE mineralisation. All 54 drill holes have been submitted for analysis. In the analysis received during the quarter, iTech has received results for the bulk of the drill holes. Drill results for which results are pending have been submitted for kaolin and REE analysis which have a longer lead time for results.

www.itechminerals.com.au

ASX RELEASE

21 July 2022

The results from Burtons are very encouraging, with kilometre scale REE mineralisation in the weathering profile identified by the drilling and confirm the thick, high-grade nature of mineralisation identified in historical drilling by Archer Materials in 2011. Mineralisation has now been extended from the historical drill holes to and area of over 3 km x 3 km (Figure 4).

For personal use only

Figure 4. Drill results from the Burtons Prospect - Eyre Peninsula, South Australia

www.itechminerals.com.au

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Itech Minerals Ltd. published this content on 20 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2022 23:33:06 UTC.