ITech Minerals : Drilling Confirms Third REE Prospect at Bartels

BOARD &

MANAGEMENT

onlyGlenn Davis - Chair

Michael Schwarz - MD

Gary Ferris - NED

Jarek Kopias - Co Sec

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STRUCTURE

useOrdinary Shares Issu d 96.1M

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I ued 3.0M

CONTACT

Address:

personalLevel 3, 170 Greenhill Rd PARKSIDE SA 5063

Em il: [e-mail]

Website:

www.itechminerals.com.au

Teleph ne:

[phone]

Location - Eyre

ForPeninsula Project, South

Australia

C ntact:

Michael Schwarz

Managing Director

E:[e-mail]

Ph: [phone]

W:www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory

Novus Capital

Mob: [phone]

Main: [phone]

1. [e-mail]

ASX RELEASE

22 March 2022

DRILLING CONFIRMS THIRD REE PROSPECT AT

BARTELS, EYRE PENINSULA

Drilling at iTech Minerals' Eyre Peninsula REE Project

• First batch of results from the recently completed drilling at the Bartels IAC REE Prospect confirms significant intervals of REE mineralisation in the clay rich, weathering profile
• This confirms Bartels as a third IAC REE prospect in addition to the more advanced Ethiopia and Burtons Prosects
• Significant intersections include:

• 1. BAAC22-008- 15m @ 1594 ppm TREO from 12m o BAAC22-010 - 16m @ 936 ppm TREO from 4m o BAAC22-021 - 15m @ 724 ppm TREO from 0 m o BAAC22-007 - 17m @ 583 ppm TREO from 13m
• In the southern area, mineralisation covers an area of over 1.3km x 1 km and is open in multiple directions
• Additional mineralisation occurs a further 2 km to the north-west, with further drilling required to fully test the extent at both locations
• Samples from Ethiopia and Burtons are currently being analysed and will be reported as they become available

The aim of the initial phase of drilling was to test the potential for ion adsorption clay (IAC) REE mineralisation at the Bartels Prospect on the Eyre Peninsula in South Australia. iTech has confirmed, from recently received drill results, that significant intersections of REEs occur within the weathered horizon at Bartels and have the potential to form IAC REE style mineralisation. Metallurgical work on mineralised samples will be required to test the extent to which the REEs are easily leachable.

"The Bartels prospect was the most early-stage target of the four prospects being tested in the current drilling program at the Eyre Peninsula Kaolin-REE Project, so the fact that our first pass of drilling has returned thick intervals of high grade REE's f rom surface over a large area is very encouraging and really highlights the prospectivity our ground in the area.

Managing Director Mike Schwarz

www.itechminerals.com.au

ASX RELEASE

22 March 2022

For personal use only

Figure 1. Location of the Ethiopia Prospect - Eyre Peninsula, South Australia

Significant intersections

Bartels Drilling Program - February 2022

Hole Id		Depth		Depth	Interval	TREO			High Value (Magnet) Rare Earths
		From		To
							Neodymium	Praseodymium	Dysprosium	Terbium
							Nd2O3		Pr6O11	Dy2O3		Tb4O7
		(m)		(m)	(m)	ppm	ppm	%TREO	ppm		%TREO	ppm	%TREO	ppm		%TREO
BAAC22_001		4		6	2	401	66.8	16.7%	16.9		4.2%	10.96	2.73%	1.98		0.49%
BAAC22_003		0		7	7	563	99.8	17.7%	27.0		4.8%	13.20	2.35%	2.63		0.47%
BAAC22_007		13		30	17	583	100.1	17.2%	27.8		4.8%	9.44	1.62%	1.89		0.32%
BAAC22_008		12		27	15	1594	298.4	18.7%	88.2		5.5%	16.3	1.02%	3.62		0.23%
BAAC22_009		9		13	4	739	142.3	19.3%	39.6		5.4%	8.33	1.13%	1.83		0.25%
BAAC22_010		4		20	16	936	160.4	17.1%	43.8		4.7%	12.80	1.37%	2.60		0.28%
BAAC22_015		8		10	2	425	59.0	13.9%	15.1		3.6%	9.59	2.26%	2.28		0.54%
BAAC22_021		0		15	15	724	130.7	18.1%	35.4		4.9%	15.20	2.10%	2.77		0.38%
BAAC22_027		8		13	5	516	67.1	13.0%	16.4		3.2%	19.40	3.76%	2.82		0.55%
BAAC22_035		7		15	8	382	64.4	16.9%	18.8		4.9%	6.54	1.71%	1.30		0.34%
BAAC22_041		7		13	6	646	138.8	21.5%	37.2		5.8%	12.17	1.88%	2.39		0.37%
BAAC22_044		2		5	3	773	130.1	16.8%	35.2		4.5%	20.26	2.62%	3.39		0.44%
	Table 1.	Significant REE intersections at the Bartels Prospect - Eyre Peninsula, South Australia

www.itechminerals.com.au

ASX RELEASE

22 March 2022

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Figure 2. Drill results from the Bartels Prospect - Eyre Peninsula, South Australia

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ASX RELEASE

22 March 2022

Discussion

In January this year, iTech announced it had identified a new zone of REE mineralisation in a weathered, clay rich horizon at the Bartels Prospect, in the southernmost part of the Eyre Peninsula tenement package (Fig. 1). In 2012, Archer Materials drilled 3 reverse circulation drill holes targeting gold mineralisation in epithermal systems. One drill hole, EPIRC12_003, intersected significant rare earth elements in what is described as kaolinised coarse grained felsic, this hole was drilled to identify strike extensions to gold mineralisation.

• EPIRC12_003 intersected 21m @ 2298 ppm TREO from 55-76mo including 9 m @ 3054 ppm TREO from 55-64m
  o and 7 m @ 2626 ppm TREO from 69-76m

EPIRC12_001 and EPIRC12_002 intersected alteration and significant gold mineralisation but didn't intersect the kaolinitic felsic unit identified in EPIRC12_003.

iTech has now completed first pass drilling over the prospect and has identified a large area of approximately 1.3 km by 1 km with significant REEs close to the historical "discovery" hole EPIRC12_003 (Fig. 2). Mineralisation appears to be in the weathered horizon close to surface and relatively thick with intersections up to 17 metres. Importantly, the mineralisation is open in multiple directions and has the potential to expand with further drilling. An additional zone of mineralisation was identified, in three drill holes, approximately 2 km to the north-west. Further drilling is required to establish continuity and extent of mineralisation at this location.

Next Steps

Discussions have been held with ANSTO to determine the best sample size, location, and leaching conditions to undertake a comprehensive program of metallurgical optimisation. Options include varying a range of conditions including varying pH and leach times, multiple leach stages and the additional washing steps.

Having received positive drilling results from Bartels, iTech is eagerly waiting on results from the recently completed drilling programs at Ethiopia and Burtons. Once results have been received and announced, the Company will select representative samples from all three prospects to undergo a program of metallurgical optimisation. Samples will be selected to broadly assess metallurgical performance of mineralisation from differing geological characteristics such as regolith zones and varying depths from surface

www.itechminerals.com.au

For personal use only

ASX RELEASE

22 March 2022

For further information please contact the authorising officer Michael Schwarz:

Michael Schwarz, FAusIMM, AIG

Managing Director

1. [e-mail]: [phone]

1. www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory

Novus Capital

Mob: [phone]

Main: [phone]

1. [e-mail]

COMPETENT PERSON STATEMENT

The information which relates to exploration results is based on and fairly represents information and supporting documentation compiled by Michael Schwarz. Mr Schwarz has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Schwarz is a full-time employee of iTech Minerals Ltd and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy. Mr Schwarz consents to the inclusion of the information in this report in the form and context in which it appears.

ABOUT iTECH MINERALS LTD

iTech Minerals Ltd is a newly listed mineral exploration company exploring for and developing battery materials and critical minerals within its 100% owned Australian projects. The company is exploring for kaolinite-halloysite, ion adsorption clay rare earth element mineralisation and developing the Campoona Graphite Deposit in South Australia. The company also has extensive exploration tenure prospective for Cu-Au porphyry mineralisation, IOCG mineralisation and gold mineralisation in South Australia and tin, Tungsten, and polymetallic Cobar style mineralisation in New South Wales.

This announcement contains results that have previously released as "Replacement Prospectus" on 19 October 2021, "Rare Earth Potential Identified at Kaolin Project" on 21 October 2021, "Rare Earth Potential Confirmed at Kaolin Project" on 12 November 2021, "New Rare Earth Prospect on the Eyre Peninsula" on 29 November 2021, "Positive Results Grow Rare Earth Potential at Kaolin Project" on 13 December 2021, "More Positive Rare Earth Results - Ethiopia Kaolin Project" on 12 January

2022 and "Exploration Program Underway at EP Kaolin-REE Project" on 19 January 2022. iTech confirms that the Company is not aware of any new information or data that materially affects the information included in the announcement.

GLOSSARY

CREO = Critical Rare Earth Element Oxide

HREO = Heavy Rare Earth Element Oxide IAC = Ion Adsorption Clay

LREO = Light Rare Earth Element Oxide REE = Rare Earth Element

REO = Rare Earth Element Oxide

TREO = Total Rare Earth Element Oxides

%NdPr = Percentage amount of neodymium and praseodymium as a proportion of the total amount of rare earth elements

wt% = Weight percent

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