Iltani Resources (ASX:ILT) has been granted a copper prospective exploration licence (EL6/2024), which sits adjacent to the Mt Lyell Project in Tasmania.
The licence, which covers 20km2, increases the company’s exposure to copper, as EL6/2024 contains known secondary copper deposits — Lyell Consols, Lyell Blocks, and King Lyell (the Copper Clays) — alongside multiple additional mineral occurrences and historical exploration targets. The Copper Clays deposits are hosted in highly deformed and intensely weathered limonitic and carbonaceous clays and concretionary iron hydroxides.
Iltani, which has a market capitalisation of $8.77 million, has begun a review of all historical data with an immediate focus on understanding the potential of the secondary copper deposits.
While exploration and development of the Orient and Antimony Reward projects in Queensland remains the company’s focus, Iltani says it believes that the Copper Clays could offer the opportunity to build a low-cost mining operation.
Managing Director Donald Garner says as part of ongoing business development activities, the company is seeking to target opportunities to increase its exposure to critical minerals and copper.
“In this case, we identified an opportunity to apply for vacant ground in Tasmania containing known secondary copper mineralisation which is contiguous with Mt Lyell, a major copper deposit,” Garner says.
“With receipt of the licence, we will commence evaluating the historical exploration data to better understand the Copper Clays’ secondary copper mineralisation and the potential to generate new targets on the licence area.”
Iltani Resources is a base and critical mineral focused explorer. The company’s portfolio of assets lie in Queensland and Tasmania, Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Iltani Resources
