MORE THICK, HIGH-GRADE REE RESULTS AT CARALUE BLUFF PROSPECT, EYRE PENINSULA PROJECT

WATCH: MD Mike Schwarz discusses the drilling results and the next steps (4:30)

HIGHLIGHTS

Further drill results from the Caralue Bluff regolith hosted REE – Kaolin Prospect return thick, high-grade intervals of REE mineralisation in the clay rich weathering profile, consolidating and expanding the area of REE mineralisation

Intersections at Caralue Bluff include:
• CBAC22-071 – 12m @ 2,343 ppm TREO from 9m

• CBAC22-074 – 17m @ 1,774 ppm TREO from 4m

• CBAC22-068 – 12m @ 1,326 ppm TREO from 6m

• CBAC22-013 – 16m @ 776 ppm TREO from 2m

• CBAC22-064 – 12m @ 784 ppm TREO from 11m

• CBAC22-055 – 15m @ 747 ppm TREO from 4m

These results infill and expand the thick, high-grade nature of clay hosted REE mineralisation in the south-east of the prospect

Results from a further 27 drill holes are reported here with over 100 drill holes still to be reported

All drill results are expected by the end of July

"The Caralue Bluff Prospect continues to deliver thick, high-grade clay hosted REE mineralisation, close to surface, over a large area of more than 10 km by 9 km. With over 100 drill holes still to be reported we hope to see the prospect continue to deliver."

Exploration Results for Rare Earth Element Projects can be a bit more complicated than for projects targeting metals like Gold and Copper. WATCH iTech Minerals Managing Director Mike Schwarz explains what you need to know and what to look out for.

DETAILS

iTech Minerals (ASX: ITM,) completed a 478-hole drill program, in April 2022, across four prospects on the Eyre Peninsula in South Australia. The aim of the program was to test the potential for regolith hosted ion adsorption clay (IAC) REEs and high purity kaolin mineralisation. The fourth batch of drill results, from Caralue Bluff, show that significant intersections of REEs occur within the kaolin (clay) rich weathered horizon over larger areas (Figures 1 & 2). Metallurgical work on 60 mineralised samples from Caralue Bluff are currently undergoing leaching test work with results due within the next 4 weeks. Further samples are being prepared for leaching test work as drill results become available.

Caralue Bluff Prospect

The Caralue Prospect was initially established as a high purity kaolin prospect with the identification of thick intervals of bright white kaolin, close to surface, in several historical drill holes. Having identified significant REEs in the kaolin rich intervals at Ethiopia, Burtons and Bartels Prospects, iTech geologists suspected that Caralue Bluff might also be prospective for regolith hosted REE mineralisation. The latest results extend and infill the areas of thick, high-grade REEs, particularly in the south-east of the prospect area. A total area of 12 km x 12 km was tested by drilling of 260 holes, the results of which will determine the continuity of mineralisation within this already extensive area.

Next Steps 60 samples from Caralue Bluff are currently undergoing metallurgical test work. Samples are being tested for their easily leachable REE component with a straight acid leach at pH 1-2 and then for the ionic component with a leaching solution at pH 4 and 0.5M ammonium sulphate. For all potential IAC REE projects, samples are being selected to be representative of the entire range of geological environments within the prospect, not only laterally (east-west and north-south), but also at various levels within the weathering profile (vertically).

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