iTech Minerals Unveils Promising Mineral Results at Reynolds Range
PRX (PRX) Share Update July 2024 Monday 22nd
iTech Minerals Announces Significant Mineral Findings at Reynolds Range
iTech Minerals Ltd (ASX: ITM) has announced significant rock chip results from its Reynolds Range project in the Northern Territory, showcasing high-grade copper, silver, and gold mineralization.
Instant Summary:
- Rock chip results include up to 18.2% copper, 1,490 g/t silver, and 3.3 g/t gold.
- Widespread outcropping copper mineralization identified at Scimitar and Reward prospects.
- Significant 1.7km long EM target at Scimitar suggests a high-priority drill target.
- Geophysical consultants and drilling contractors engaged with permitting underway.
Significant Rock Chip Results
iTech Minerals has reported impressive rock chip results from the Reynolds Range project. Key findings include:
- RR24-009: 18.2% Cu, 285.0 g/t Ag, and 1.0 g/t Au
- RR24-010: 14.2% Cu, 1,490.0 g/t Ag, and 3.3 g/t Au
- RR24-016: 16.4% Cu, 57.2 g/t Ag, and 1.0 g/t Au
- RR24-014: 9.4% Cu, 24.2 g/t Ag, 2.8% Pb, and 0.6 g/t Au
- RR24-015: 5.9% Cu, 36.8 g/t Au, 2.7% Pb, and 1.0 g/t Au
- RR24-013: 950.0 g/t Ag, 1.0% Sb, and 5.3% Pb
Exploration and Sampling
The Reynolds Range project spans 375 km2 in the Aileron Province, part of the Paleoproterozoic North Australian Craton. The project is located 90-230km NNW of Alice Springs. Recent reconnaissance sampling by Managing Director Michael Schwarz and Director Gary Ferris aimed to field check prospects identified by previous explorers. The sampling trip confirmed widespread outcropping copper mineralization at the Scimitar and Reward prospects.
High-Priority Drill Targets
One of the most significant findings is the 1.7km long EM target at the Scimitar Copper-Gold Prospect. This target, combined with coincident multi-element soil anomalies and outcropping mineralization, suggests a high-priority drill target. Geophysical consultants have been engaged to model drill targets, and drilling contractors have been engaged with permitting underway to commence drilling in the coming months.
Project Background
The Reynolds Range project consists of three Exploration Licenses, currently being acquired by iTech Minerals Ltd. Prodigy Gold NL holds 100% of two licenses and 80% of another, with the remaining 20% owned by Select Resources Pty Ltd. The project covers a total of 375 km2 and is accessible from the Stuart Highway and the un-sealed Mt Denison road.
Future Work
iTech Minerals plans to advance exploration for copper, gold, and silver at the Reynolds Range project. The Scimitar Copper-Gold-Silver Prospect presents a compelling drill target with a substantial electromagnetic anomaly. Drill permitting and landowner negotiations have commenced, and a drill contractor has been engaged to start drilling in the coming months.
The high-grade results from the Reynolds Range project are likely to positively impact iTech Minerals' stock, as investors may see significant potential in the company's exploration efforts. The identification of high-priority drill targets and the engagement of geophysical consultants and drilling contractors further bolster investor confidence in the project's prospects.
Investor Reaction:
Analysts have expressed optimism about the high-grade mineral results, noting the potential for large-scale mineralizing systems at Reynolds Range. Investors are closely watching iTech Minerals' next steps, particularly the upcoming drilling activities.
Conclusion:
Investors should keep an eye on iTech Minerals' progress at the Reynolds Range project, particularly the forthcoming drilling activities. The high-grade mineral results and the identification of significant drill targets suggest promising potential for the company's exploration efforts.