Mount Read Volcanics Project

Iltani applied for, and has been granted EL33/2022, a 99km2 exploration licence (EL) located in the Cambrian age Mount Read Volcanics (MRV), a 30km wide belt of volcanic and sedimentary rocks located in Western Tasmania.

The MRV is widely recognised as Australia’s premier address for high grade volcanic hosted massive sulphide (VHMS) deposits and hosts multiple known occurrences of base metal and precious metal rich mineralisation including three world class VHMS deposits (Rosebery, Hellyer and Mount Lyell). The VHMS mineralisation is hosted at the same time horizon through the MRV (approx. 500Ma age rocks – the “Holy Host”).

EL33/2022 is located along strike (approx. 10km north-northwest) of the Rosebery operation and along strike (approx. 5km south-southwest) of the Hellyer operation and the Que River deposit.

Rosebery has been in continuous operation since 1936 and is owned by MMG Limited. Rosebery produces zinc, lead and copper concentrates plus gold-silver dore bullion. Rosebery’s estimated pre-mining resource is in excess of 50Mt @ 13% Zn, 4% Pb, 0.5% Cu, 1.9 g/t Au & 132 g/t Ag. Rosebery (30 June 2022) had a Mineral Resource of 20Mt @ 7.1% Zn, 2.3% Pb, 0.2% Cu, 92 g/t Ag & 1.1 g/t Au.

Que River was mined from 1981 to 1991 (estimated pre-mining resource of 3.3Mt @ 13.3% Zn, 7.4% Pb, 0.7% Cu, 195 g/t Ag & 3.3 g/t Au) and Hellyer was mined from 1989 to 2000 (estimated pre-mining resource of 16.5Mt @ 13.9% Zn, 7.2% Pb, 0.4% Cu, 169 g/t Ag & 2.6 g/t Au).

MRV Project (EL33/2022)

Iltani has commenced a review of historical exploration data and targets on EL33/2022 and high priority targets include Hollway (4.1m @ 11.1% Zn, 4.5% Pb and 68 g/t Ag including 1.0m @ 34.6% Zn, 14.8% Pb and 235 g/t Ag) and the Boco prospect where previous exploration has defined a pyrite-sericite-quartz alteration zone extending 1km along strike.

Iltani is working with Bruce Gemmell, an expert on the MRV and associated mineralisation, seeking to generate new drill targets and to utilise advanced geophysical exploration techniques to target blind massive sulphide deposits.

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