Iltani Resources (ASX:ILT) has defined an exploration target for the Orient East deposit in North Queensland, which is considered a material step forward to delivering an initial resource estimate.
The exploration target, which has been independently estimated by Mining One Consultants, ranges between 25 and 35 million tonnes @ 77 to 95 grams per tonne silver-equivalent.
This includes a high-grade core comprising 12 to 18 million tonnes @ 110 to 130g/t silver equivalent.
The new exploration target has increased the Orient deposit’s overall target to between 99 and 135 million tonnes @ 61 to 73g/t silver-equivalent.
The overall target includes a high-grade core of 32 to 42 million tonnes @ 110 to 124g/t silver equivalent,
Iltani, which has a market capitalisation of $11.47 million, says the exploration target estimate is based on 35 reverse circulation holes drilled to date.
Managing Director Donald Garner says the Orient East exploration target indicates that the deposit is “Australia’s largest silver-indium-lead-zinc deposit and on track to being a large silver deposit.”
“This exploration target is the second defined for the Orient Project, in addition to the Orient West exploration target,” Garner says.
“Mining One also estimated a more discrete high-grade exploration target for Orient East of 3.5 to 4 million tonnes @ 280 to 340 grams per tonne silver-equivalent.
“We believe that Orient West will also be able to add to this higher grade mineralisation and are looking forward to seeing the results from the drilling planned to commence in March.
“These results set up some strong deliverables for the coming 2025 Orient exploration program, which is scheduled to start mid-March, subject to the end of the wet season.”
Iltani is planning to complete an inferred resource drill out program at Orient West and Orient East, as well as continue to explore the broader Orient system.
An initial resource estimate for both of these deposits is targeted for this year.
The company plans to target extensions to known mineralisation, as well as test new areas such as Orient North and South.
Further, Iltani will test the area between Orient West and East with one drillhole.
The Orient deposit is part of the broader Herberton Project in Northern Queensland. Orient is considered an extensive precious metal-rich epithermal system with a likely intrusion at depth and has similarities to the Bolivian systems.
Iltani Resources is a precious and base metals explorer focused on delivering the metals and critical minerals required to create a low emission future.
Write to Aaliyah Rogan at Mining.com.au
Images: Iltani Resources
