battery and critical minerals exploration company iTech Minerals (ASX:ITM) will continue work at the Lacroma Graphite prospect in South Australia with several infill holes to be completed in this area, after which the drill rig will move south to test the southern extension of mineralisation.
Drilling is expected to continue for the next 2-3 months to test the full potential of the resource area.
More than 60 drillholes have been completed in the northern part of the Lacroma Central resource drilling area with a total of 5 east-west traverses extending over 500m, from north to south, completed at 100m intervals.
The $14 million market capitalisation company says the drilholes have extended mineralisation 500m to the north of the first ‘positive’ drill result at Lacroma, as mineralisation appears to be offset to the east from the main airborne electromagnetic (EM) anomaly in the northern traverses.
This has resulted in thinner mineralised intervals being intersected in the current traverses.
iTech is planning to extend the traverses to the east where the mineralisation is predicted to grow in thickness and grade.
‘Significant’ intersections recorded at hole LARC23-093 include 20m @ 7.9% total graphite concentrate (TGC) from 58m, including 11m @ 9% TGC from 63m; and LARC23-100 with 18m @ 7.1% TGC from 99m, including 5m @ 8.6% TGC from 71m.
The company’s Managing Director Mike Schwarz says: “The latest results from the Lacroma Graphite prospect have demonstrated that strong graphite mineralisation continues 500m north of the first traverse drilled at Lacroma Central.
The drilling program continues to deliver significant results with over 60 holes of the resource drilling program completed to date.”
The Lacroma prospect is located 20km southwest of Kimba on the central Eyre Peninsula in South Australia.
As of 30 June 2023, the company had $6.778 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: iTech Minerals
