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iTech Minerals set to double Reynolds Range landholding with new tenement application

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By Imelda Cotton - 
iTech Minerals ASX ITM Reynolds Range tenement application
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iTech Minerals (ASX: ITM) has applied for a new tenement at its Reynolds Range copper-gold project in the Northern Territory.

The application is adjacent to the three tenements being acquired from Prodigy Gold (ASX: PRX) which have returned strong gold, copper-gold-silver and lithium rock chip samples from the Sabre and Scimitar prospects and the GMF pegmatite.

The new tenement will add 416 square kilometres to iTech’s total acreage in the region, boosting it from 375 sq km to over 792 sq km.

Same trends

Managing Director Mike Schwarz said the new tenement would capture the same prospective trends as the company’s existing targets at Reynolds Range.

“We have been able to apply for vacant ground adjacent to the tenements currently being acquired at Reynolds Range, which will effectively double our tenure in the area,” he said.

Mr Schwarz is currently in the field with iTech geologists to follow up the latest rock chip results and assess the potential of the new tenement application.

Additional rock chip results from the same program are expected to be available within the next six weeks.

Rock chip assays

Earlier this week, iTech reported significant rock chip assays from sampling at Reynolds Range.

Widespread outcropping copper mineralisation was identified and sampled at the Scimitar and Reward prospects with coincident levels of gold, silver and lead.

Ongoing exploration at the project will be funded by a $2.8 million share placement and share purchase plancombined with the company’s cash reserves of $2.7m.

Project acquisition

iTech is in the process of acquiring the three exploration licences that make up the Reynolds Range project in the Aileron Province.

A recent trip to the project by Mr Schwarz and iTech Director Gary Ferris assessed the potential for copper-gold mineralisation following a review of historical exploration data.

The trip aimed to field-check prospects identified by previous explorers, confirm the scale of the regional mineralising systems and sample outcropping mineralisation.