Iltani Resources (ASX:ILT) has released an initial exploration target that it says could position the Orient Project in north Queensland as “Australia’s largest silver-indium deposit”.
Mining One Consultants has independently estimated an initial target of 74-100 million tonnes @ 55-65 grams per tonne (g/t) silver equivalent, using a 30g/t cut-off, for the Orient West Prospect.
This includes a “high-grade” target of 20-24 million tonnes @ 110-120g/t silver equivalent, using an 80g/t cut-off.
A high-grade core was confirmed at Orient West after Iltani intersected up to 1,552g/t silver equivalent.
Managing Director Donald Garner says the exploration target is based on 22 holes drilled to date at the prospect, which have also demonstrated a high-grade core at Orient West.
“We are pleased to announce the Orient West exploration target and believe that this is a very strong indication that the Orient Deposit, comprising the Orient West, Orient East and Deadman Creek prospects, will be Australia’s largest silver-indium deposit,” he says.
The $9 million market capitalised explorer is aiming to deliver a maiden resource for Orient West by the end of this year, and says there is still exploration upside to increase the overall Orient Deposit target.
“This exploration target is the first defined for the Orient Project, as Orient West is the most advanced of the three prospects,” Garner says.
“We expect to define an exploration target for Orient East and potentially Deadman Creek once further drilling is complete.”
Iltani has so far drilled 1,098m across 10 reverse circulation holes at Orient East which has confirmed the presence of extensive silver-lead-zinc-indium mineralisation.
Peak results included 38m @ 190.4g/t silver equivalent from 19m, including 7m @ 454.9g/t from 27m.
Iltani recently began exploration at Deadman Creek, which sits 2km north of Orient East.
The company says the generally north-south oriented ridgeline hosting stockwork-style sulphide veinlets at Deadman Creek appear to be similar to the mineralisation at Orient East, and extends over an area of 1km by 400m.
The majority of observable outcropping mineralisation appears to be gossan stockworks with little or no quartz, suggesting a style similar to the other Orient prospects.
Iltani believes that Orient West, Orient East and Deadman Creek are all part of the same mineralising system.
The company has completed reconnaissance outcrop sampling to determine the style and tenor of silver-indium-lead-zinc mineralisation at Deadman Creek with a view to drill testing.
Results are pending.
Iltani plans to begin an infill drilling program in the current quarter to pave the way for an initial resource at the Orient Project.
The Orient Project forms part of the Herberton Project. Mining started in the Herberton Region in 1880 with the discovery of tin. There are over 2,400 known historical mines and mineral occurrences in the area (tin, copper, zinc, lead, silver, antimony and tungsten).
Write to Angela East at Mining.com.au
Images: Iltani Resources