Iltani Resources Expands Sampling at Deadman Creek After Positive Assay Results
ILT (ILT) Share Update August 2024 Monday 5th
Iltani Resources Reports Positive Sampling Results at Deadman Creek
Iltani Resources Limited (ASX: ILT) has reported promising assay results from its recent reconnaissance sampling at the Deadman Creek Stockwork target, part of the larger Orient Silver-Indium Project in Queensland.
Instant Summary:
- 26 rock chip samples from a 400m by 500m area.
- Peak assay results: 8.6 g/t Ag, 33.1 g/t In, 0.61% Pb, and 0.22% Zn.
- No evidence of historic workings in the sampled area.
- Next phase of sampling to commence in August, targeting the Southern Deadman Creek area.
Sampling Results
Iltani Resources has completed a reconnaissance sampling program in the northern Deadman Creek area, collecting 26 rock chip samples from outcrops of altered and mineralized ignimbritic rhyolite rocks. The sampling covered an area of 400 by 500 meters and returned peak assay grades of 8.6 g/t Ag, 33.1 g/t In, 0.61% Pb, and 0.22% Zn.
These results confirm the presence of stockwork silver-lead-zinc-indium mineralization over a significant area. The average assay grades across the 26 samples were 2.60 g/t Ag, 4.02 g/t In, 0.11% Pb, and 0.06% Zn. The samples were taken from in-situ material within alteration zones of the ignimbritic rhyolite host rocks, containing oxidized sulphide veinlets.
Next Steps
The next phase of sampling will target the southern Deadman Creek area, extending towards Orient East. This phase is expected to commence in August, prior to reverse circulation (RC) drilling at Orient West and East. The aim is to further delineate the stockwork mineralization and identify high-grade zones for future drilling.
In addition to sampling, Iltani Resources plans to undertake drill program design work at Orient West and East, with the goal of delivering a Mineral Resource Estimate and an Exploration Target, respectively. Preliminary flora and fauna studies, as well as a drone lidar survey, are also scheduled to support future resource assessment work.
The positive assay results from Deadman Creek are a strong indicator of the potential for significant silver-indium mineralization in the area. This could enhance Iltani Resources' exploration prospects and attract investor interest. The planned extension of sampling and subsequent drilling could lead to the discovery of additional high-grade zones, further boosting the company's stock value.
Investor Reaction:
Analysts are likely to view the assay results favorably, given the high grades of silver and indium reported. The absence of historic workings suggests that the area is relatively unexplored, presenting a significant opportunity for Iltani Resources. Investors may respond positively to the news, anticipating further successful exploration outcomes.
Conclusion:
Investors should keep an eye on Iltani Resources' upcoming sampling and drilling activities at Deadman Creek. The company's strategic approach to exploring this promising area could yield substantial returns. Stay informed on Iltani Resources' progress and consider the potential long-term benefits of their exploration efforts.