• Resource drilling at Lacroma Central extends mineralisation over 1.7km, where a resource is due in May
  • iTech says this points to the potential for a low-cost graphite operation
  • An RC drill rig begins testing an airborne electromagnetic anomaly twice the size of Lacroma Central


Special Report: Resource drilling at the Lacroma graphite prospect – part of the Campoona project in South Australia – has more than tripled the strike of mineralisation, which now extends over 1.7km.

Assays from resource drilling carried out on the southern extension of graphite mineralisation at iTech Minerals’ (ASX:ITM) Lacroma Central prospect with a series of widely spaced drill traverses varying from 150-250m apart over a distance of more than 1.2km have now been received.

The program, which kicked off late last year, has confirmed that the mineralisation extends south for the full extent of the drilling, expanding the resource area from 500m to over 1,700m – more than tripling the strike of graphite mineralisation.

Thick, near surface graphite mineralisation has been demonstrated, varying in thickness from ~20m to over 80m true thickness and dipping shallowly at ~300 to the east.

iTech’s graphite deposits and prospects on South Australia’s Eyre Peninsula. Pic: Supplied (ITM)


Low-cost graphite operation on the horizon

Some of the more significant graphite results from the latest drill assays include:

  • 10m @ 6% total graphitic carbon (TGC) from 8, including 30m @ 4.9% TGC from 24m;
  • 30m @ 7.3% TGC from 33m, including 12m @ 8.9% TGC from 47m; and
  • 28m @ 5.1% TGC from 10m, including 34m @ 7.3% TGC from 48m.

With a maiden resource due for the Lacroma Central prospect in May 2024, ITM managing director Mike Schwarz says the tripling of strike length is an outstanding result.

“Mineralisation now extends over 1.7km, is shallow with little to no overburden and is highly weathered with a deep-water table,” he says.

“All these factors point to the potential for a low-cost graphite operation.”

Samples from the remaining 14 holes have been submitted to the laboratory for assay and are expected to be received by early March.


Testing of anomaly twice the size of Lacroma Central begins

Resource drilling at Lacroma Central has wrapped up and diamond drilling has kicked off in a program comprising six holes to collect core for quality control and geotechnical information for the resource calculation.

This is expected to take several weeks to complete; in the meantime, a reverse circulation drill rig (RC) has moved ~2km north to Lacroma North to test a second airborne electromagnetic anomaly, twice the size of Lacroma Central.

This anomaly is believed to be caused by a continuation of graphite mineralisation along strike from Lacroma Central.

Graphite mineralisation has been intersected in historical drilling at this location but was never assayed. Around 2,000-3,000m of drilling is planned at Lacroma North, but this may vary depending on results.


This article was developed in collaboration with iTech Minerals, 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.