The latest assay results from the Reynolds Range Project in the Northern Territory gives iTech Minerals (ASX:ITM) confidence to forge ahead with drill testing of the 1.7km long electromagnetic conductor at the Scimitar copper-gold prospect.
The company says the exploration potential of Reynolds Range has been revealed after rock chip assays returned up to 18.2% copper and 1,490 grams per tonne silver.
The results sent shares up over 46% on Tuesday to an intra-day high of $0.11.
During a sampling trip, copper-gold-silver and gold prospects were visited and sampled, including the Scimitar prospect, which is a 1.5km long north-south trending copper-gold-silver soil and rock chip anomaly.
iTech Minerals, which has a market capitalisation of $9.17 million, collected eight rock chip samples which returned 18.2% copper, 285 grams per tonne (g/t) silver, 1g/t gold; 14.2% copper, 1,490g/t silver, and 3.3g/t gold.
The Reward prospect — which is considered prospective for copper, gold, and silver and hosts some shallow copper oxide workings — returned up to 16.4% copper, 57.2g/t silver, 2.8% lead, and 1g/t gold.
Managing Director Mike Schwarz says the latest results, combined with previously released results of up to 182g/t gold, paint an “exciting” picture of the potential for “high-grade” mineralisation.
“To get results like 18% copper, 1,490g/t silver, and 182g/t gold from rock chip sampling, over a wide area, demonstrates the potential for large-scale mineralising systems at Reynolds Range,” Schwarz says.
“The results give us confidence to forge ahead with drill testing of the significant 1.7km long electromagnetic conductor at the Scimitar copper-gold prospect, with geophysical modelling and drill permitting already underway.”
Geophysical consultants have been engaged to undertake modelling and refine the electromagnetic drill targets at both prospects, as well as review regional targets. Drill permitting and landowner negotiations have begun and a contractor will be engaged to begin drilling in the coming months.
iTech Minerals is an explorer focused on battery and critical minerals within its wholly owned projects in Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: iTech Minerals
