ITech Minerals : Eyre Peninsula Kaolin-REE Maiden Drilling Completed

About this update from Itech Minerals Ltd

ASX RELEASE 7 April 2022 BOARD & MANAGEMENT For personal use only Glenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec CAPITAL STRUCTURE Ordinary Shares Issued 96.1M Options Issued 3.0M CONTACT Address: Level 3, 170 Greenhill Rd PARKSIDE SA 5063 Email: [email protected] Website: www.itechminerals.com.au Telephone: +61 2 5850 0000 Location - Eyre Peninsula Project, South Australia Contact: 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 E: [email protected] EYRE PENINSULA KAOLIN-REE MAIDEN DRILLING COMPLETED • Drilling has been completed at: o Ethiopia Kaolin-IAC REE Prospect o Bartels IAC REE Prospect o Burtons IAC REE Prospect o Caralue Bluff Kaolin Prospect • 478 drill holes completed, averaging 20m in depth across the three prospects for a total of 9,805m • To date, results from 49 of ~ 478 drill holes (10%) have been received • Additional 108 drill holes completed at Ethiopia and Caralue Bluff due to positive visual results for kaolin • Sample analysis is progressing with the next batch of results due within the next two weeks • Drillholes are undergoing a mixture of REE and kaolin test work with turnaround times of between 6-8 weeks iTech Minerals Ltd (ASX: ITM , iTech or Company ) is pleased to report that its maiden drilling campaign has been completed at the Company's Eyre Peninsula tenement package, targeting REE ionic adsorption clay (IAC REE) and high purity kaolin mineralisation. The Company has completed a total of 478 drill holes across 4 prospects for a total of 9,805m of drilling. Most samples have already been submitted for analysis with the remaining holes to be submitted over the coming weeks. Figure 1. Managing Director Mike Schwarz examining samples from the drilling program while in the field " iTech has reached a significant milestone with the completion of its maiden drilling program on the Eyre Peninsula. Promising early results from Bartels have identified a new clay hosted REE prospect with further results from Ethiopia and Burtons IAC Kaolin-REE prospects and Caralue Bluff kaolin prospect eagerly anticipated. " Managing Director Mike Schwarz www.itechminerals.com.au For personal use only ASX RELEASE 7 April 2022 Prospect Target Drillholes Metres Completed Average Depth (m) Status Ethiopia Kaolin - IAC REE 115 2,040 18 Completed Bartels IAC REE 49 643 13 Completed Burtons Kaolin - IAC REE 54 1,164 22 Completed Caralue Bluff Kaolin 260 5,958 23 Completed Total 478 9,805 20 Table 1. Eyre Peninsula Kaolin-REE Prospect summary with drill hole statistics Figure 2. Location of the Kaolin and REE prospects - Eyre Peninsula, South Australia www.itechminerals.com.au For personal use only ASX RELEASE 7 April 2022 Ethiopia Kaolin - IAC REE Prospect Having identified extensive enrichment of REE's in kaolinitic clays, across an area more than 1.3 km x 1 km, at the Ethiopia Prospect, iTech has drilled 115 additional holes. The average hole depth was 18m which demonstrates a thick weathered profile in which to host kaolin and REE mineralisation. The program has been expanded due to the identification of thick intervals of bright white kaolin in the west of the project area. The zone of drilling is now designed to infill and extend the mineralisation to an area of approximately 4.6 km x 3 km with a focus on extending high grade mineralisation at the end of historical drilling in ETH-029 which intersected 32m @ 1,633 ppm TREO (<45  m) (Fig. 3). Approximately 64 of the 115 drill holes (56%) have been submitted for analysis with the remaining 51 drill holes to be submitted in coming weeks. Figure 3. Location of the Ethiopia Kaolin IAC-REE Prospect and completed drill holes - Eyre Peninsula, South Australia Burtons Kaolin - IAC REE Prospect iTech has identified significant rare earth element mineralisation in the clay rich, weathering profile at the Burtons Prospect on the Eyre Peninsula, South Australia (Fig. 4). The rare earths display significant enrichment of neodymium and praesidium (~23% Nd+Pr), which are critical in the production of permanent magnets for electric vehicles and renewable energy. They also display significant enrichment in desirable heavy rare earth element oxides (~39% HREO) which command a premium price. iTech has currently drilled 54 holes at the Burtons Prospect over an area of 12km x 3km to test the full extent of the clay hosted REE mineralisation. All 54 drill holes have been submitted for analysis (100%). www.itechminerals.com.au For personal use only ASX RELEASE 7 April 2022 Figure 4. Location of the Burtons Prospect and completed drilling holes - Eyre Peninsula, South Australia www.itechminerals.com.au For personal use only ASX RELEASE 7 April 2022 Caralue Bluff Kaolin Prospect The Caralue Bluff Prospect has bright white kaolin confirmed in drilling at <10m depth, up to 17m thick, in two drill holes over 5 km apart (Fig. 5). Historical partial chemical and mineralogical analyses of the bulk raw clay from one drill hole recorded relative high kaolinite content (~70%) with total Fe 2 O 3 of 0.55% and raw brightness of 87% according to the TAPPI 646m-54 standard. The high purity and brightness of this material makes it well suited to high purity alumina feedstock, paper coating and filler applications ( ASX Release, Replacement Prospectus, 19 October 2021) . The Company has now completed an extensive drilling program covering an area of 12 km x 12 km for a total of approximately 260 holes. Approximately 130, or 50%, of drill holes have been submitted for analysis with the remaining samples to be submitted in the coming two weeks. Figure 5. Location of the Caralue Bluff Kaolin Prospect with completed drill holes - Eyre Peninsula, South Australia Bartels IAC REE Prospect As announced on 22 March 2022, iTech has identified REE mineralisation in the weathered, clay rich horizon at the Bartels Prospect, in the southernmost part of the Eyre Peninsula tenement package (Fig. 6). iTech has completed 49 drill holes for 630m at an average depth of 13m across an area of approximately 4km x 2km (Fig. 6) to test this target. • Significant intersections include: o BAAC22-008 - 15m @ 1,594 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 region, mineralisation covers an area of over 1.3 km 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. Analysis is largely complete for this prospect other than 4 drill holes which have kaolin analyses pending. 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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