iTech to purchase three tenements from Prodigy Gold
Reynolds Range hosts copper, gold, lithium and REE mineralisation
Tenure is just 40km from Arafura Rare Earths’ huge Nolans REE project
Special Report: iTech Minerals has inked an agreement to buy Prodigy Gold’s tenements in the highly prospective Reynolds Range district in the Northern Territory, adding further exposure to the company’s critical minerals portfolio, including copper, rare earths and lithium – with gold to boot.
iTech Minerals’ (ASX:ITM) 375km2 Reynolds Range tenure is just a hop, skip and jump from Arafura Rare Earths’ (ASX:ARU) $1.6 billion Nolans REE project, which is pegged to produce 4,440tpa of high-value magnetic rare earths neodymium and praseodymium over a 38-year mine life.
Exploration-ready Reynolds Range
While previous exploration has focused on copper, gold and silver, ITM says it’s also focusing on Reynolds Range’s identified REE and lithium mineralisation.
It couldn’t come at a more opportune time, says ITM, as exploration winds down at its Campoona graphite prospect in South Australia, with a maiden resource also being calculated for its Lacroma Central project.
Radiometric and uranium channel images provided by the Northern Territory’s geological survey service has assessed the project to demonstrate Nolans-style REE mineralisation and lithium mineralisation in abundant outcropping pegmatites.
On-ground exploration is seeking to generate targets that build upon work previously done by Prodigy Gold (ASX:PRX).
Three tenements make up the Reynolds Range project. Pic: Supplied (ITM)
ITM managing director Mike Schwarz says the acquisition of the tenements in the mining-friendly Northern Territory boosts the company’s exposure to copper, gold, REE and lithium prospectivity at a time when the exploration team is handing over the Lacroma Central resource data to independent consultants in preparation for the maiden mineral resource estimation.
“Our exploration team plans to build on the excellent exploration work already undertaken by Prodigy Gold to quickly generate new critical minerals targets within the Reynolds Range project,” he says.
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.
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