Graphite Mineralisation Expands In Lacroma Central Resource Drilling

The Lacroma Graphite Prospect is located approximately 20km south-west of Kimba on the central Eyre Peninsula and <20km from iTech’s proposed graphite processing plant for the Campoona Spherical Graphite Project. The graphite at this location occurs within the Paleoproterozoic Hutchison Group Metasediments and is likely to have formed from organic rich stratigraphic horizons metamorphosed during regional upper greenschist to lower amphibolite facies metamorphism during the Kimban Orogeny. The Central Lacroma graphite rich horizon forms a north-south trending structure with a shallow easterly dip. Drill Results Assay results have been received for all holes drilled 25m apart along the east-west traverse 6,316,800mN at Lacroma Central. This traverse is located 200m north of where mineralisation was first drilled at Lacroma as announced on 29 May 2023. The assays from this traverse demonstrate that mineralisation at this location extends ~150m across strike, from ~40m below surface to >150m deep, strikes NNW-SSE and dips 450 to the east. (Figure 3).

These results, along with results released on 5 June 2023 as “High grade Core Identified in New Lacroma Drill Results”, have confirmed a high-grade graphite core in the mineralisation at Lacroma. Drill results from the first drill traverse defined an extensive graphite horizon which extends ~150-200m across strike, from surface to >150m deep, strikes NNW-SSE and dips 450 to the east. The mineralisation has a true thickness of approximately 50-60m of 5-7% TGC with a 25m thick high-grade core of 8-9% TGC (Figure 4).