iTech Minerals Ltd (ASX:ITM) has reported rock chip grading up to 182 grams per tonne of gold through a fast-track process of assaying at the Reynolds Range project in the Northern Territory, which the company is in the process of acquiring.
iTech undertook reconnaissance and sampling work at the play, mainly to assess the validity of prospects which had been identified by previous explorers. From this, a number of samples were collected, with assays of copper, silver, base metals and lithium still pending and due in the next few weeks.
Reynolds Range – which covers 375 square kilometres within the Aileron Province, part of the Paleoproterozoic North Australian Craton – is comprised of three explorations licenses, two held by Prodigy Gold NL (ASX:PRX), which also holds 80 percent of the third.
The remaining 20 percent of the third license is held by Select Resources Pty Ltd, and iTech is in the process of acquiring all three, with the license area as a whole located between 90 and 230 kilometres from Alice Springs.
Managing Director Mike Schwarz said the assaying work indicated strong potential for the project.
“iTech Minerals fast tracked gold assays from the Reynolds Range Project to get an early indication of the gold potential of the prospects visited in the recent rock chip sampling program,” he said.
“The results show great potential for both high grade low-sulphide gold style veins systems at the Sabre and Falchion Prospects with outstanding rock chips up to 182 grams per tonne gold and gold associated with copper mineralisation at both the Scimitar and Reward Prospects.
“The company eagerly awaits the remaining copper, silver and base metal assays in the coming weeks.”
iTech has been trading at 6.2 cents.