ITech Minerals : Drilling Confirms Third REE Prospect at Bartels

About this update from Itech Minerals Ltd

BOARD & MANAGEMENT only Glenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec CAPITAL STRUCTURE use Ordinary Shares Issu d 96.1M Options I ued 3.0M CONTACT Address: personal Level 3, 170 Greenhill Rd PARKSIDE SA 5063 Em il: [email protected] Website: www.itechminerals.com.au Teleph ne: +61 2 5850 0000 Location - Eyre For Peninsula Project, South Australia C ntact: Michael Schwarz Managing Director E: [email protected] Ph: +61 2 5850 0000 W: www.itechminerals.com.au Or Gavan H Farley Director - Corporate Advisory Novus Capital Mob: +61 420 520 300 Main: +61 2 9375 0114 [email protected] ASX RELEASE 22 March 2022 DRILLING CONFIRMS THIRD REE PROSPECT AT BARTELS, EYRE PENINSULA Drilling at iTech Minerals' Eyre Peninsula REE Project First batch of results from the recently completed drilling at the Bartels IAC REE Prospect confirms significant intervals of REE mineralisation in the clay rich, weathering profile This confirms Bartels as a third IAC REE prospect in addition to the more advanced Ethiopia and Burtons Prosects Significant intersections include: BAAC22-008 - 15m @ 1594 ppm TREO from 12m o BAAC22-010 - 16m @ 936 ppm TREO from 4m o BAAC22-021 - 15m @ 724 ppm TREO from 0 m o BAAC22-007 - 17m @ 583 ppm TREO from 13m In the southern area, mineralisation covers an area of over 1.3km x 1 km and is open in multiple directions Additional mineralisation occurs a further 2 km to the north-west, with further drilling required to fully test the extent at both locations Samples from Ethiopia and Burtons are currently being analysed and will be reported as they become available The aim of the initial phase of drilling was to test the potential for ion adsorption clay (IAC) REE mineralisation at the Bartels Prospect on the Eyre Peninsula in South Australia. iTech has confirmed, from recently received drill results, that significant intersections of REEs occur within the weathered horizon at Bartels and have the potential to form IAC REE style mineralisation. Metallurgical work on mineralised samples will be required to test the extent to which the REEs are easily leachable. "The Bartels prospect was the most early-stage target of the four prospects being tested in the current drilling program at the Eyre Peninsula Kaolin-REE Project, so the fact that our first pass of drilling has returned thick intervals of high grade REE's f rom surface over a large area is very encouraging and really highlights the prospectivity our ground in the area. Managing Director Mike Schwarz www.itechminerals.com.au ASX RELEASE 22 March 2022 For personal use only Figure 1. Location of the Ethiopia Prospect - Eyre Peninsula, South Australia Significant intersections Bartels Drilling Program - February 2022 Hole Id Depth Depth Interval TREO High Value (Magnet) Rare Earths From To Neodymium Praseodymium Dysprosium Terbium Nd 2 O 3 Pr 6 O 11 Dy 2 O 3 Tb 4 O 7 (m) (m) (m) ppm ppm %TREO ppm %TREO ppm %TREO ppm %TREO BAAC22_001 4 6 2 401 66.8 16.7% 16.9 4.2% 10.96 2.73% 1.98 0.49% BAAC22_003 0 7 7 563 99.8 17.7% 27.0 4.8% 13.20 2.35% 2.63 0.47% BAAC22_007 13 30 17 583 100.1 17.2% 27.8 4.8% 9.44 1.62% 1.89 0.32% BAAC22_008 12 27 15 1594 298.4 18.7% 88.2 5.5% 16.3 1.02% 3.62 0.23% BAAC22_009 9 13 4 739 142.3 19.3% 39.6 5.4% 8.33 1.13% 1.83 0.25% BAAC22_010 4 20 16 936 160.4 17.1% 43.8 4.7% 12.80 1.37% 2.60 0.28% BAAC22_015 8 10 2 425 59.0 13.9% 15.1 3.6% 9.59 2.26% 2.28 0.54% BAAC22_021 0 15 15 724 130.7 18.1% 35.4 4.9% 15.20 2.10% 2.77 0.38% BAAC22_027 8 13 5 516 67.1 13.0% 16.4 3.2% 19.40 3.76% 2.82 0.55% BAAC22_035 7 15 8 382 64.4 16.9% 18.8 4.9% 6.54 1.71% 1.30 0.34% BAAC22_041 7 13 6 646 138.8 21.5% 37.2 5.8% 12.17 1.88% 2.39 0.37% BAAC22_044 2 5 3 773 130.1 16.8% 35.2 4.5% 20.26 2.62% 3.39 0.44% Table 1. Significant REE intersections at the Bartels Prospect - Eyre Peninsula, South Australia www.itechminerals.com.au ASX RELEASE 22 March 2022 For personal use only Figure 2. Drill results from the Bartels Prospect - Eyre Peninsula, South Australia www.itechminerals.com.au For personal use only ASX RELEASE 22 March 2022 Discussion In January this year, iTech announced it had identified a new zone of REE mineralisation in a weathered, clay rich horizon at the Bartels Prospect, in the southernmost part of the Eyre Peninsula tenement package (Fig. 1). In 2012, Archer Materials drilled 3 reverse circulation drill holes targeting gold mineralisation in epithermal systems. One drill hole, EPIRC12_003, intersected significant rare earth elements in what is described as kaolinised coarse grained felsic, this hole was drilled to identify strike extensions to gold mineralisation. EPIRC12_003 intersected 21m @ 2298 ppm TREO from 55-76m o including 9 m @ 3054 ppm TREO from 55-64m o and 7 m @ 2626 ppm TREO from 69-76m EPIRC12_001 and EPIRC12_002 intersected alteration and significant gold mineralisation but didn't intersect the kaolinitic felsic unit identified in EPIRC12_003. iTech has now completed first pass drilling over the prospect and has identified a large area of approximately 1.3 km by 1 km with significant REEs close to the historical "discovery" hole EPIRC12_003 (Fig. 2). Mineralisation appears to be in the weathered horizon close to surface and relatively thick with intersections up to 17 metres. Importantly, the mineralisation is open in multiple directions and has the potential to expand with further drilling. An additional zone of mineralisation was identified, in three drill holes, approximately 2 km to the north-west. Further drilling is required to establish continuity and extent of mineralisation at this location. Next Steps Discussions have been held with ANSTO to determine the best sample size, location, and leaching conditions to undertake a comprehensive program of metallurgical optimisation. Options include varying a range of conditions including varying pH and leach times, multiple leach stages and the additional washing steps. Having received positive drilling results from Bartels, iTech is eagerly waiting on results from the recently completed drilling programs at Ethiopia and Burtons. Once results have been received and announced, the Company will select representative samples from all three prospects to undergo a program of metallurgical optimisation. Samples will be selected to broadly assess metallurgical performance of mineralisation from differing geological characteristics such as regolith zones and varying depths from surface www.itechminerals.com.au For personal use only ASX RELEASE 22 March 2022 For further information please contact the authorising officer Michael Schwarz: Michael Schwarz, FAusIMM, AIG Managing Director [email protected] Ph: +61 2 5850 0000 www.itechminerals.com.au Or Gavan H Farley Director - Corporate Advisory Novus Capital Mob: +61 420 520 300 Main: +61 2 9375 0114 [email protected] COMPETENT PERSON STATEMENT The information which relates to exploration results is based on and fairly represents information and supporting documentation compiled by Michael Schwarz. Mr Schwarz has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Schwarz is a full-time employee of iTech Minerals Ltd and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy. Mr Schwarz consents to the inclusion of the information in this report in the form and context in which it appears. ABOUT iTECH MINERALS LTD iTech Minerals Ltd is a newly listed mineral exploration company exploring for and developing battery materials and critical minerals within its 100% owned Australian projects. The company is exploring for kaolinite-halloysite, ion adsorption clay rare earth element mineralisation and developing the Campoona Graphite Deposit in South Australia. The company also has extensive exploration tenure prospective for Cu-Au porphyry mineralisation, IOCG mineralisation and gold mineralisation in South Australia and tin, Tungsten, and polymetallic Cobar style mineralisation in New South Wales. This announcement contains results that have previously released as "Replacement Prospectus" on 19 October 2021, "Rare Earth Potential Identified at Kaolin Project" on 21 October 2021, "Rare Earth Potential Confirmed at Kaolin Project" on 12 November 2021 , "New Rare Earth Prospect on the Eyre Peninsula" on 29 November 2021, "Positive Results Grow Rare Earth Potential at Kaolin Project" on 13 December 2021, "More Positive Rare Earth Results - Ethiopia Kaolin Project" on 12 January 2022 and "Exploration Program Underway at EP Kaolin-REE Project" on 19 January 2022. iTech confirms that the Company is not aware of any new information or data that materially affects the information included in the announcement. GLOSSARY CREO = Critical Rare Earth Element Oxide HREO = Heavy Rare Earth Element Oxide IAC = Ion Adsorption Clay LREO = Light Rare Earth Element Oxide REE = Rare Earth Element REO = Rare Earth Element Oxide TREO = Total Rare Earth Element Oxides %NdPr = Percentage amount of neodymium and praseodymium as a proportion of the total amount of rare earth elements wt% = Weight percent www.itechminerals.com.au This is an excerpt of the original content. To continue reading it, access the original document here .

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