Iltani Resources (ASX:ILT) is working alongside landowners and the First Nations group to expedite drilling activities at the Antimony Reward Project in Herberton, North Queensland.
Drilling is planned to occur at the end of September or early October 2024.
The news comes after Iltani completed an initial mapping and sampling program at the project, which confirmed the presence of at least two parallel structures with multiple epithermal quartz veins hosting extensive stibnite and minor stibiconite mineralisation, with a strike extent of 800m.
Iltani Resources, which has a market capitalisation of $8.35 million, took 19 samples and dispatched them to ALS Townsville for assaying. The results are expected in one to two weeks.
Managing Director Donald Garner says with antimony prices increasing to US$25,100 per tonne, plus a recently announced ban on Chinese antimony exports, the company has accelerated exploration at Antimony Reward.
“The antimony prices look to be staying high — so the question then becomes can we (a) drill out a high-grade resource at Antimony Reward, and (b) if we can drill out a resource, how do we get into production,” Garner tells this news service.
“We await results from sampling and mapping completed at Antimony Reward, which confirmed the presence of extensive antimony mineralisation.
“We have completed the design of an initial 15 to 20 hole (1,500m) reverse circulation drilling program and are working with the landowner and First Nations group to seek to commence drilling by the end of September / early October.”
Garner adds that the Mt Garnet processing plant — which has been disclaimed and is currently in the possession of the Queensland Government — is about 60km by road from Antimony Reward.
He notes that the facility has a 500,000 tonnes per year crush, grind, and float circuit that could be configured to treat the project’s ore.
“This is just conceptual at the moment, but there could be a route to production,” he says.
The Antimony Reward Project is part of the Herberton Project and lies 25km from the Orient Silver-Indium Project.
Iltani Resources is a base and critical metals explorer focused on its advanced exploration project portfolio in Queensland and Tasmania.
Write to Aaliyah Rogan at Mining.com.au
Images: Iltani Resources
