Numerous outcropping low-sulphide gold style veins systems have been identified and sampled at iTech’s Reynold Range project in the NT. Pic: Getty Images.
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Special report: Gold assays from rock chips at iTech Minerals’ Reynolds Range project have returned up to 182g/t.
The results have highlighted the potential to establish high grade and low sulphide gold veins bearing mineralisation at the asset in the Northern Territory, with the high grade samples sending the explorer’s shares 10% higher in early trade on Friday July 5.
iTech Minerals (ASX:ITM) 375km2 Reynolds Range project, 40km from Arafura Rare Earth’s (ASX:ARU) Nolans rare earth project, consists of three exploration licences ~230km north-west of Alice Springs.
It is acquiring the projects in a $100,000 deal that will open a significant swathe of exploration ground proximal to the Stuart Highway to a fresh set of eyes and new investment.
Recent exploration work carried out by ITM has identified widespread copper, gold and silver potential with previous drilling returning thick, economic grades including a highlight 17m at 3.93g/t gold.
Fast tracked results have now been received from a reconnaissance sampling field trip to check the validity of existing gold and copper prospects identified by previous explorers.
To get a short-term understanding of the gold potential of the prospects, the gold analyses – undertaken by the fire assay method – were fast tracked to get early results ahead of assays for copper-silver and base metals.
These preliminary results confirm that there is significant potential for gold mineralisation within the Reynolds Range tenements, both in gold only low-sulphide vein style systems such as Sabre and Falchion, but also with polymetallic styles of mineralisation, such as at Scimitar and Reward, which have appreciable amounts of copper and silver associated with gold.
Location of rock chip samples taken and significant gold results. Pic: iTech Minerals
Of the 16 samples taken from the low-sulphide gold vein systems, four met or exceeded 1g/t gold with an outstanding assay of 182g/t gold at Sabre.
Of the 11 samples taken for gold with copper, silver and other base metals, four met or exceeded 1g/t gold with an assay of 3.4g/t Au associated with copper mineralisation at Scimitar.
Considering the reconnaissance nature of sampling, ITM says it is pleased with the strike rate of significant gold results.
Mapping and sampling have also confirmed the potential for widespread copper, gold and silver mineralisation across the ~70km of strike Lander Shear Zone covered by the tenement package.
“The results show great potential for both high grade low-sulphide gold style veins systems at the Sabre and Falchion prospects with outstanding rock chips up to 182g/t gold and gold associated with copper mineralisation at both the Scimitar and Reward prospects,” ITM managing director Mike Schwarz says.
“The company eagerly awaits the remaining copper, silver and base metal assays in the coming weeks.”
The remaining copper-silver-base metal and lithium assay results will help the company prioritise the copper-gold and gold targets for drill testing.
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.
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