ITM reels in 18% copper with silver and gold credits at Reynolds Range

Rock chip results add to previously reported assays at the Reynolds Range project in the NT.

iTech says new results will support drill testing of a 1.7km long EM conductor at the Scimitar prospect. Pic: Getty Images.

• Rock chip samples deliver 18.2% copper and up to 182g/t gold at Reynolds Range

• Geophysical consultants have been engaged to model drill targets

• Permitting is underway to drill in coming months

Special report: These results, returned via rock chip sampling at the Scimitar prospect, paint a picture of the potential for high-grade mineralisation at Reynolds Range in the NT.  

iTech Minerals’ (ASX:ITM) Reynolds Range project consists of three exploration licences covering a total 375km2 of the Aileron Province, about 230km north west of Alice Springs in the NT.

The explorer has been carrying out early-stage exploration across the site to get a gauge for critical minerals and gold potential within the Reynolds Range tenements.

Prospects such as Sabre and Falchion are hosted in gold only low-sulphide vein systems with polymetallic styles of mineralisation, while Scimitar and Reward hold appreciable amounts of copper and silver associated with gold.

Gold and copper prices have both hit record levels this year after two years of unfulfilled promise.

Gold hit all-time highs of US$2483.60/oz last week and some analysts think it could go gangbusters. Financial analysts Shaw & Partners have upgraded price predictions almost 40% over the next 24 months to US$3000/oz.

Although copper prices have cooled, the long term thematic is bullish against a string of supply shortages with market analysts tipping a 5Mt deficit in 2030.

Potential for large-scale mineralising systems

Six of eight rock chip samples, taken from a zone of north-south trending outcropping copper mineralisation over 2.1km, have delivered significant results up to 18.2% copper, 1490 g/t silver, 182 g/t gold and 5.3% lead at the Scimitar prospect.

ITM managing director Mike Schwarz says to get results like this from rock chip sampling demonstrates the potential for large-scale mineralising systems at Reynolds Range.

“The results give us confidence to forge ahead with drill testing of the significant 1.7km long EM conductor at the Scimitar copper-gold prospect will geophysical modelling and drill permitting already underway,” he says.

Drilling to begin shortly

The explorer believes the Scimitar prospect presents a compelling drill target with a substantial electromagnetic anomaly, coincident multielement soil anomaly and overlying mineralised rock chips, which remains untested by drilling.

Geophysical consultants have been contracted to model and refine the electromagnetic drill targets at Scimitar and Reward, along with a review of regional targets.

Drill permitting and landowner negotiations have commenced, and a drill contractor has been engaged to begin drilling at Scimitar in the coming months.

All conditions precedent on the tenement acquisition agreement with Prodigy Gold NL, have now been met with completion expected soon.

This article was developed in collaboration with iTech Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as ITM reels in 18% copper with silver and gold credits at Reynolds Range