Newly ASX-listed mineral exploration company iTech Minerals (ASX:ITM) reports it has received all drilling approvals at both its Lacroma and Sugarloaf Graphite prospects, as part of its Campoona Graphite Project in South Australia’s Eyre Peninsula.
The $4.5 million drilling program will comprise over 12,000m of drilling, as well as additional metallurgical test work and is expected to commence once the annual harvest has been completed per landowner agreements.
Drilling will focus on the Lacroma prospect, where metallurgy has confirmed graphite mineralisation and can produce a high-quality concentrate, as well as the Sugarloaf Prospect to test the extent of graphite mineralisation and obtain further samples for metallurgical testwork.
Metallurgical testwork is currently ongoing at the Sugarloaf prospect and has the potential to expand the number of holes if positive test results are received.
The combined drilling program is expected to take up to 10 weeks to complete with assay results to follow.
Addressing the drilling approvals, iTech Minerals Managing Director, Mike Schwarz says: “With all drilling approvals now in place, iTech is poised to commence one of the most ‘significant’ graphite exploration programs undertaken in South Australia.
“With all drilling approvals now in place, iTech is poised to commence one of the most ‘significant’ graphite exploration programs undertaken in South Australia”
Drill rigs and support staff have been secured to commence drilling as soon as the company is clear to access the drill sites.
Investors should be aware that the potential quantity and grade of the exploration target reported are conceptual in nature, there has been insufficient exploration to estimate a mineral resource and it is uncertain if further exploration will result in the estimation of a mineral resource.”
The company also notes that drilling was planned to commence at the end of December, however due to unseasonal weather events the annual harvest is now expected to finish in early January.
In addition, it is reported that the latest round of metallurgy at the Caralue Bluff Kaolin-REE Project has shown no ‘significant’ increase in rare earth element (REE) extractions, however further testwork is still ongoing.
iTech Minerals’ is a mineral exploration company that is currently exploring for and developing battery materials and critical minerals within its 100% owned Australian projects.
The company’s Campoona project is located in South Australia’s Eyre Peninsula and represents a ‘significantly’ de-risked opportunity to supply graphite into the growing battery technology market. The project currently boasts a JORC 2012 Global Mineral Resource Estimate (MRE) of 8.55Mt at an average grade of 9.0% total graphitic carbon (TGC) across 3 project areas, Campoona, Campoona Central, and Wilclo South.
The project’s Lacroma prospect extends across a conductivity anomaly measuring 6km by 3km with graphite outcropping at surface, while the Sugarloaf prospect boasts an exploration target of 158 million tonnes to 264 million tonnes @ 7% to 12% TGC.
With the commencement of drilling now imminent, iTech Minerals announces it is monitoring the progress of the harvest and will commence drilling as soon as access is available.
Images: iTech Minerals Ltd
