Graphite explorer iTech Minerals (ASX:ITM) is continuing drilling work across its Lacroma Graphite Project in South Australia even as it posts new ‘significant’ hits from the Lacroma Central prospect.
All up, iTech, which has an $18.93 million market capitalisation, has drilled 88 holes across the prospect area, with the latest 16 holes striking further graphite mineralisation and suggesting a continuation of mineralisation to the south.
The company has moved its drill rig to the southern 1km of strike, where it claims the potential for further significant graphite mineralisation remains strong.
Resource drilling so far has now covered a strike area of 1.1km and is expected to continue for the next 2 to 3 months to test the full potential of the resource area.
The latest results from Lacroma Central include hole LARC23-113 with 92m @ 6.7% total graphitic carbon (TGC) from 30m, including 25m @ 8.3% TGC from 38m; and hole LARC23-114 with 92m @ 5.7% TGC from 21m, including 6m @ 7.9% TGC from 30m and 12m @ 8.1% TGC from 93m.
Managing Director of iTech Minerals Mike Schwartz says: “With multiple holes intersecting more than 90 metres of graphite mineralisation, Lacroma Central continues to deliver significant resource potential.”
“With multiple holes intersecting more than 90 metres of graphite mineralisation, Lacroma Central continues to deliver significant resource potential”
The Lacroma prospect lies roughly 20km southeast of Kimba on the Centre Eyre Peninsula and 20km from iTech’s proposed graphite processing plant for the Campoona Spherical Graphite Project.
According to iTech, the Lacroma Central area comprises a graphite-rich horizon that forms a north-south structure with a shallow easterly dip.
As of 30 September 2023, iTech had $5.23 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: iTech Minerals
