iTech Minerals identifies promising new copper-gold targets at Reynolds Range project
iTech Minerals (ASX: ITM) has reported significant rock chip assay results from its Reynolds Range copper-gold project in the Northern Territory.
Widespread outcropping copper mineralisation was identified and sampled at the Scimitar and Reward prospects with coincident levels of gold, silver and lead.
A 1.7-kilometre electromagnetic (EM) target at Scimitar with a coincident multi-element soil anomaly and outcropping mineralisation suggests a high-priority drill target for the company.
New assay results
The new assays add to previously reported rock chip results of up to 182g/t gold.
Best among them included 18.2% copper, 285 grams per tonne silver and 1g/t gold, 14.2% copper, 1,490g/t silver and 3.3g/t gold, 16.4% copper, 57.2g/t silver and 1g/t gold.
Other highlights were 9.4% copper, 24.2g/t silver, 2.8% lead and 0.6g/t gold, 5.9% copper, 36.8g/t gold, 2.7% lead and 1g/t gold and 950g/t silver, 1.0% antimony and 5.3% lead.
Project potential
Managing Director Mike Schwarz said the company was beginning to fully recognise the potential of Reynolds Range.
“The new copper-silver results, combined with previous gold results, provide an exciting picture of the potential for a large-scale and high-grade mineralised system at this project,” he said.
“It gives us confidence to forge ahead with drill testing and geophysical modelling of the EM target at the Scimitar prospect.”
Exploration licences
iTech is in the process of acquiring the three exploration licences that make up the Reynolds Range project.
Prodigy Gold (ASX: PRX) holds 100%-equity in two of the licences and 80% in another, with the remaining 20% owned by private company Select Resources.
Reynolds Range covers 375 sq km of the Aileron Province, part of the Paleoproterozoic North Australian Craton.
Mr Schwarz and iTech director Gary Ferris visited the project area in May to assess 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.