iTech Minerals Ltd (ASX: ITM) Quarterly Activities Report Released
<iTech Minerals Ltd (ASX: ITM) has announced its Quarterly Activities Report for the three months ended 31 December 2024, highlighting significant developments in the Reynolds Range Lithium Project.</iTech Minerals Ltd has announced a binding Memorandum of Understanding with Sociedad Química y Minera de Chile (SQM) for partnership in the Reynolds Range Lithium Project.
SQM Partnership and Project Details
Under the partnership agreement, SQM can earn a 30% interest in lithium mineral rights through an A$2 million payment following a due diligence period. This can increase to 51% with a A$7 million exploration spend and up to 70% based on further fees and resource estimates exceeding 50Mt @ 1.0% lithium oxide or equivalent. SQM will operate the project during the earn-in period, with technical oversight shared between the two companies.
Exploration Progress
Recent exploration results from rock chip sampling at the Reynolds Range include significant values of gold, silver, lead, and antimony. The ongoing fieldwork has expanded the identified mineralisation across multiple prospects, confirming the presence of gold-silver-antimony mineralisation in the Lander Rock Formation.
The project contains over 60km of outcropping spodumene-bearing pegmatites, and ongoing geological assessments at the Sabre, Falchion, and Lander 1 Prospects have identified strong mineral associations that were previously overlooked.
Future Work and Outlook
iTech aims to commence drilling at the Scimitar Copper-Gold Prospect, citing strong logistical support and an established access route. The Company had A$3.47 million in cash available at the end of December 2024, positioning it well for upcoming exploration activities.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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