Explorer iTech Minerals has commenced a major 10,000m Reverse Circulation (RC) drilling program at the Lacroma graphite prospect on the Eyre Peninsula in South Australia.

The program will test the northern 6km of a 12km long anomaly defined from an airborne electromagnetic survey (AEM) and historical drill holes – which included an intersection of 60m at 6.8% total graphitic carbon (TGC) in WG021.

Preliminary metallurgy of drill hole WG021 demonstrates that a high-grade graphite concentrate of >90% TGC with recoveries of ~83% can be achieved using the same flowsheet established for the company’s nearby Campoona graphite deposit.

With a cash balance of $8.5m at 31 December 2022, the company is confident its well placed to successfully execute one of the largest graphite exploration programs on the Eyre Peninsula in recent years.

Potential to determine an inferred resource

Due to the extensive nature of the drill program, it would have likely impacted on the normal cropping activities of the landowners, with crops due to be sown in May, however iTech Minerals (ASX:ITM) has negotiated access to the land over the Central Lacroma drill target through the cropping season and into next year.

The company has also been granted an ongoing EPEPR (Exploration Program for Environmental Protection and Rehabilitation), from the government, to undertake infill drilling to determine an inferred Mineral Resource if results are successful.

“Lacroma constitutes a near surface, large-scale graphite drill target extending for over 6km,” MD Mike Schwarz said.

“With confirmed graphite mineralisation in drilling, positive metallurgical results, landowner approvals and government approvals in place for ongoing drilling, iTech is excited to have this significant drilling program underway.”

This article was developed in collaboration with iTech Minerals Limited, a Stockhead advertiser at the time of publishing.  

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.