iTech Minerals' Reynolds Range Project Shows Promising Copper-Gold Potential
ITM (ITM) Share Update August 2024 Thursday 1st
iTech Minerals Provides Promising Update on Reynolds Range Copper-Gold Exploration
iTech Minerals Ltd (ASX: ITM) has released a promising update on its Reynolds Range Project, highlighting significant copper and gold findings from recent exploration activities.
Instant Summary:
- High-grade gold vein at Sabre extended to over 280m.
- New copper-gold prospects identified at Pine Hill and Stanley.
- Additional mapping and sampling at Trout 2 and Falchion gold prospects.
- Logistics and access preparations for drilling at Scimitar Copper-Gold target.
- Results from rock chip samples expected in late August to early September.
Exploration Update
In late July, iTech Minerals' geologists revisited the Reynolds Range Project to follow up on high-grade copper and gold results from previous sampling. The team focused on extending the high-grade gold vein at the Sabre Prospect, which now spans over 280 meters.
New copper-gold prospects were identified at Pine Hill and Stanley, where copper-stained rocks were sampled. Additional mapping and sampling were also conducted at the Trout 2 and Falchion gold prospects, revealing gossanous quartz veins known to host gold mineralization in the district.
Detailed Findings
At the Sabre Prospect, follow-up mapping and sampling extended the zone of interest for the high-grade gold vein (182 g/t Au) to over 280 meters. The team also identified copper mineralization at both Pine Hill and Stanley, with copper-stained rocks sampled from these locations.
The Trout 2 and Falchion gold prospects were revisited, and gossanous quartz veins were identified, which have been known to host gold mineralization within the district. Logistics and access requirements for drilling at the Scimitar Copper-Gold target were also identified, preparing the site for future exploration activities.
Future Work
The results from the second rock chip sampling program are eagerly awaited and expected to be available in late August to early September. These results will help develop a strong pipeline of copper and gold targets across the tenement package.
Managing Director Mike Schwarz expressed optimism about the findings, stating, 'We recently returned to Reynolds Range to follow up on a high-grade, 182 g/t Au, rock chip assay at Sabre and assess two additional copper-gold prospects at Pine Hill and Stanley that we had not previously visited. While in the area, we took the opportunity to follow up with additional sampling and mapping at the Falchion and Trout 2 gold prospects.'
The positive exploration results at Reynolds Range are likely to boost investor confidence in iTech Minerals. The identification of new copper-gold prospects and the extension of the high-grade gold vein at Sabre are significant milestones that could enhance the project's overall value. The upcoming rock chip sample results will be crucial in determining the project's future potential and could lead to increased stock interest.
Investor Reaction:
Analysts are likely to view the update positively, given the promising copper and gold findings. The extension of the high-grade gold vein and the identification of new prospects are key highlights that could attract investor interest. However, the final impact will depend on the results of the rock chip samples expected in late August to early September.
Conclusion:
Investors should keep an eye on the upcoming rock chip sample results and iTech Minerals' strategic plans for further exploration at Reynolds Range. The recent findings indicate significant potential for copper and gold mineralization, making it a project worth monitoring closely.