Iltani Resources (ASX:ILT) is working to fine-tune a stage-two drilling plan at its Orient Project in North Queensland as recent reverse circulation (RC) results point to a potential ‘major’ silver-indium discovery.
The $7.52 million market capitalisation company says all 8 RC holes drilled at the project in December 2023 struck ‘extensive’ silver-lead-zinc-indium vein mineralisation, highlighting the potential of Orient to host a ‘world-class’ resource.
At the Orient West prospect, the top RC hits from the December drilling include 5m @ 43 grams per tonne (g/t) silver, 0.7% lead, 5% zinc, and 149g/t indium from 117m, including 1m @ 141g/t Ag, 1.7% Pb, 18.8% Zn, and 500g/t In from 117m.
Iltani says the mineralisation intersected in the 5 holes at the Orient West prospect remains open along strike and down-dip, with the mapped vein systems extending for at least 1,500m to the northeast and 250m to the southwest.
Meanwhile, at Orient East, Iltani struck ‘excellent’ mineralisation, including 14m @ 103g/t AgEq from 10m, including 6m @ 189g/t AgEq from 20m and 1m @ 785g.t AgEq from 24m.
Iltani says the known strike extent of the Vein 3 in this area is roughly 1,500m in a northeast-southwest direction, though the system likely extends for at least 1,000m to the south.
The company has now engaged Mining One to help build a 3D model of the Orient System, which comprises Orient West, East, and Deadman Creek, using all available exploration data.
This work will help Iltani design its next stage of drilling for the area, which is currently slated for March or April 2024, depending on when the Queensland wet season abates.
Stage two drilling is designed to help the company better understand the size and grade of the overall Orient System, with multiple outstanding targets still to be drilled in the area.
Iltani Managing Director Donald Garner says the company’s drilling so far has delivered ‘outstanding’ intersections, including what he believes to be the highest-grade indium drill intersections ever publicly reported on the ASX.
“Indium is classed as a strategic and critical mineral, based on its uses in multiple high-tech devices such as touchscreens, flat screen displays, solar panels and microchips, plus its aerospace and defence applications.
We have engaged Mining One to build a model of the Orient System, bringing together the historical drilling, Iltani’s drilling, reprocessed geophysical data plus Nick Tate’s mapping. We will use this model to optimise the remaining drillholes planned in the Stage 2 drilling- program and to better inform us of the potential of Orient to host a world-class silver-lead-zinc-indium resource.”
Iltani Resources is focused on the exploration of base metals and critical raw materials necessary for green energy.
The company holds a portfolio of assets in Queensland and Tasmania including the Herberton Project, the Norther Base Metal, Southern Gold, Rookwood, and Mt Read Projects.
Iltani had around $3.5 million cash and cash equivalents at hand at the end of December 2023, according to its latest quarterly report.
Images: Iltani Resources
