NEW RARE EARTH PROSPECT UNCOVERED AT THE EYRE PENINSULA PROJECT

“The Salt Creek (Burtons) Prospect confirms the prospectivity of the Eyre Peninsula for REE. With over 1,400km2 of ground in the region, and a huge amount of historical data from Archer Materials to guide us, we are in a very strong position to capitalise on this potential.”

Highlights

  • Over 3,000 ppm total rare earth element oxides in weathered horizon from surface (Ion Adsorption Clay setting)

  • Enriched in high value rare earths used in permanent magnets in wind turbines and electric vehicles

  • Enriched in high value heavy rare earths

  • Mineralisation drilled over 1.1 km in north-south direction

  • Open in multiple directions

  • Emerging REE potential across the region

  • Metallurgical test work program initiated to determine recoveries

DETAILS:

iTech Minerals has identified significant rare earth element mineralisation in the clay rich, weathering profile at the Salt Creek Prospect on the Eyre Peninsula, South Australia. The rare earths display significant enrichment of neodymium and praesidium (~23% Nd+Pr), which are critical in the production of permanent magnets for electric vehicles and renewable energy. They also display significant enrichment in desirable heavy rare earth element oxides (~39% HREO) which command a premium price.

Drilling was undertaken by Archer Materials in 2011 while exploring for manganese and returned significant REE results including:

  • SRC11-002 – 30 m @ 511 ppm TREO from 3m o including 2m @ 1306 ppm TREO from 4m

  • o and 3m @ 1327 ppm TREO from 30m

  • SRC11-003 – 13m @ 1047 ppm TREO from 0m

  • SRC11-004 – 6m @ 1507 ppm TREO from 16m

    o and 4m @ 1307 ppm TREO from 30m

  • SRC11-006 – 12m @ 1698 ppm TREO from 0m

    o including 4m @ 3093 ppm TREO from 0m

    o and 5m @ 1439 ppm TREO from 8m

  • SRC11-012 – 32m @ 891 ppm TREO from 6m

    o including 16m @ 1137 ppm TREO from 10m

    o and 2m @ 1079 ppm TREO from 35m

  • SRC11-014 – 3m @ 1015 ppm TREO from 0m

  • SRC11-015 – 8m @ 790 ppm TREO from 4m

    o including 4m @ 1157 ppm TREO from 8m

  • SRC11-016 – 23m @ 1065 ppm TREO from 12m

    o including 4m @ 3019 ppm TREO from 20m

    o and 4m @ 1090ppm TREO from 28m

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