Junior explorer iTech Minerals (ASX:ITM) will keep drill rigs spinning into the new year at its Lacroma Graphite prospect in South Australia as ‘significant’ new results come to hand.
The $15.27 million market capitalisation company says recent drillholes completed at the prospect demonstrate an increase in thickness and grade from north to south and that mineralisation shallows to the west and outcrops at surface.
Key results include hole LARC23-108 with 93m @ 6.9% total graphitic carbon (TGC) from 64m, including 12m @ 8% TGC from 67m and 43m @ 8.4% TGC from 85m; and LARC23-109 with 74m @ 7.7% TGC from 85m, including 53m @ 8.3% TGC from 104m.
With over 1km of strike yet to be drilled to the south, iTech Minerals reports drilling will continue for the next 2-3 months to test the full potential of the Lacrome Central resource area.
To date, 70 drillholes have been completed in the northern part of the Lacroma Central resource, with 5 east-west traverses extending over 500m from north to south completed at 100m intervals.
Managing Director of iTech Minerals, Mike Schwarz, says: “The latest drilling results from the Lacroma Graphite prospect have demonstrated that graphite mineralisation increases in thickness and grade to the south of the prospect and comes to surface in the west.
The drilling program continues to deliver significant results, with over 70 holes of the resource drilling program completed to date.”
“The drilling program continues to deliver significant results, with over 70 holes of the resource drilling program completed to date”
ASX-listed iTech Minerals is focused on graphite, kaolinite-halloysite, and regolith-hosted clay rare earth element (REE) mineralisation exploration and the development of the Campoona Graphite deposit in South Australia.
The company’s Lacroma Graphite prospect lies about 20km southwest of Kimba on the central Eyre Peninsula and 20km from its proposed graphite processing plant for Campoona.
As of 30 September, iTech had $5.233 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: iTech Minerals
