iTech Minerals (ASX:ITM) confirms fourth rare earths prospect on the Eyre Peninsula – The Market Herald
- iTech Minerals (ITM) receives a new batch of drill results from its Eyre Peninsula rare earths project in South Australia
- The program returned significant intervals of rare earth element (REE) mineralization, including up to 1016 ppm rare earth oxide (TREO), confirming the Caralue Bluff area as a fourth clay prospect ion adsorption (IAC) REE
- Recent drilling shows that the alteration profile at Caralue Bluff is very similar to the Ethiopia, Bartels and Burtons prospects where high REEs are known to occur
- iTech believes mineralization at the Caralue Bluff prospect could extend for at least eight kilometers
- ITM shares are up 18.5% to trade at 48 cents
iTech Minerals’ (ITM) latest round of drilling on its Eyre Peninsula project has revealed that its Caralue Blue deposit is a source of ion adsorption clay (IAC) rare earth element (REE) mineralization.
The drilling returned significant intervals of rare earth mineralization within the clay-rich and altered profile and confirmed Caralue Bluff as the fourth IAC rare earth prospect after its Ethiopia, Bartels and Burtons prospects.
The Caralue Bluff prospect was originally established as a high purity kaolin prospect with thick intervals of near surface bright white kaolin. However, during the recent drilling program, geologists noticed that the alteration profile was very similar to that of the Ethiopia, Bartels and Burtons prospects where high REEs are known to occur.
Caralue Bluff results include 23 meters at 1016 parts per million (ppm) total rare earth oxides (TREO) from three meters and eight meters at 768 ppm TREO from five meters.
The results of Caralue Bluff suggests that the mineralization could extend for at least eight kilometres, but this remains to be confirmed.
iTech also received results from the Burtons prospect which also confirmed REE mineralization in the alteration profile.
Results include five meters at 1552 ppm TREO from 10 meters and 27 meters at 968 ppm TREO.
“The discovery of thick REE intervals within the Caralue Bluff alteration profile, over a distance of eight kilometres, has been one of the highlights of iTech’s first exploration program to date,” said said general manager Mike Schwarz.
iTech Minerals said all four prospects can now be confirmed to have the potential to form REE IAC type mineralization.
The company will perform metallurgical work on mineralized samples to test how easily REE is leachable.
ITM shares rose 18.5% to trade at 48 cents at 12:26 a.m. AEST.