Search

Thursday 25 July 2024

iTech (ASX: ITM): Expands graphite mineral resources

Tech Minerals Ltd (ASX: ITM) is pleased to announce a 300% increase in the global Measured, Indicated, and Inferred Mineral Resource Estimate (MRE) to 35.2 Mt at 6.0% total graphitic carbon (TGC), at a minimum cut-off grade of 2% TGC, at the Company’s 100% owned Eyre Peninsula Graphite Project (formerly the Campoona Graphite Project), in South Australia (Figure 2).

The reported MRE increase is a result of approximately 12 months of drilling from early 2023 to 2024. This was the largest drilling program undertaken by the company since listing in 2021. The combined reverse circulation and diamond drilling program focussed on the Lacroma Graphite Deposit.

iTech has achieved its targeted and ambitious goal of adding significant new graphite resources with the right mix of metallurgical properties and geology that allow for low-risk processing into battery anode material for the lithium-ion market.

NEXT STEPS:

iTech believes it is crucial in a time of volatile graphite pricing to develop a project that has:

• potentially low capital costs

• potentially low operational costs and

• low technical risk.

The Lacroma Graphite Deposit has the following favourable characteristics:

• Mineralisation occurs from surface with a moderately shallow dip of ~40 0 – 700 east, implying a likely low strip ratio and early delivery of product to market

• Graphite mineralisation is highly weathered and dominantly clay hosted with potential for free dig in large sections of the deposit adding to the potential for low mining costs

• The groundwater table is over 60-80m deep which alleviates problems with groundwater management.

• There are negligible sulphides in the weathered horizon above 60-80m with sulphide percentage increasing to a few percent below this level, this alleviates problems with acid mine drainage and sulphide affecting flotation properties; and

• The metallurgy appears simple with exceptionally high recoveries.

Highlights:

• The global Mineral Resource Estimate for iTech’s Eyre Peninsula Graphite Project increased by over 300% for a total Measured, Indicated and Inferred Mineral Resource of 35.2 Mt at 6.0% TGC, at a minimum cut-off grade of 2% TGC for 2 Mt of contained graphite

• Add new high-quality mineralization with excellent metallurgical characteristics (proven 95% recoveries of 94% TGC concentrate)

• Excellent geological properties with the characteristics of a potential low-cost mining and processing operation

Commentary:

“A 300% increase of the global graphite Mineral Resource Estimate at our Eyre Peninsula Graphite Project is a massive achievement for iTech after just 12 months of exploration and resource drilling. Importantly, the simple geology and metallurgy of the Lacroma Deposit gives it all the hallmarks of a low-risk and potentially low-cost mining operation which will no doubt prove especially important in a global market that has shown volatile graphite pricing. With the definition of a significant resource, we have the confidence to move forward to the next phase of developing this exciting project and look forward to helping the world meet the graphite shortages that many analysts are predicting over the next decade.”

Managing Director Mike Schwarz

ASX annoucement:

Free stock updates

Subscribe to receive the latest stock news, CEO interviews, expert insights, events and offers directly into your inbox