Critical minerals and base metals explorer Iltani Resources (ASX:ILT) has begun trading on the Australian Securities Exchange (ASX) following the completion of an oversubscribed $5 million initial public offering (IPO).
The company reports that the funds raised in the offer will be used to advance exploration across its Herberton, Northern Base Metal, Rookwood, and Southern Gold projects in Queensland, as well as the Mt Read Volcanics Project in Tasmania. Canary Capital and Sanlam Private Wealth were joint lead managers to the $5 million public offer.
Iltani reports it will initially focus on drilling at Orient East within the Herberton Project, targeting a ‘large’ alteration zone where only 2 holes have been drilled to date. These holes intersected 75m and 30m of silver-lead-zinc mineralisation, respectively, with the former hole ending in mineralisation. The company also plans to drill at Orient West.
Additionally, the company will carry out additional geophysical exploration at Orient to better define the porphyry target in preparation for drilling to test the target. Iltani also plans to drill the Isabel, Isabel Extended, and Antimony Reward areas to better understand the size and scale of the mineralisation present.
Meanwhile, the company plans to conduct drill target generation activities at its Tasmanian and Rookwood projects, aiming for ‘high-grade’ massive sulphide mineralisation.
Commenting on the start of trading on the ASX, Iltani Resources Managing Director Donald Garner says: “We would like to acknowledge the support of our shareholders and advisers who have enabled us to successfully list on the ASX.
“Now we can begin our exploration program, which will deliver exciting results as we systematically explore our exceptional project portfolio”
Now we can begin our exploration program, which will deliver exciting results as we systematically explore our exceptional project portfolio.
We will commence exploration at our exciting Orient Silver-Lead-Zinc-Indium-Antimony Project, where we will start with a stage one RC drilling program, targeting the mineralisation at Orient East and West followed by a geophysical exploration program, and then we will commence a stage two RC and diamond drilling program targeting extensions to the mineralisation targeted in stage one plus the deeper porphyry target.”
The Herberton Project in Northern Queensland includes the Orient epithermal and porphyry projects, along with the Isabel and Isabel Extended polymetallic massive sulphide deposits and the Antimony Reward ‘high-grade’ Antimony Vein Project.
Iltani believes Orient to be Australia’s ‘most exciting’ silver exploration project, with both ‘high-grade’ and bulk tonnage silver-lead-zinc-indium-antimony vein systems at Orient East and West.
Meanwhile, Isabel is a ‘high-grade’ polymetallic massive sulphide deposit that the company says is the ‘highest-grade’ known indium resource in Australia. Indium is a critical mineral identified by the Australian Trade and Investment Commission due to a combination of geological scarcity and supply chain risk.
Iltani has also lodged an application for a ‘highly strategic’ 99km-square licence in Tasmania’s Mt Read Volcanics Belt, which lies between the Rosebery and Hellyer-Que River volcanic-hosted massive sulphide (VHMS) deposits.
Iltani Resources is a newly listed critical minerals and base metals explorer focused on its portfolio of projects in Queensland and Tasmania. The company says its projects host multiple ‘high-quality’ and drill-ready targets, including a ‘high-priority’ silver target at Orient, which will be the initial focus for exploration.
The company has $4.7 million in estimated cash at hand according to its investor presentation published on Friday (30 June 2023).
Write to Harry Mulholland at Mining.com.au
Images: Iltani Resources Ltd
