ITech Minerals : New REE Drill Results Expand Caralue Bluff Prospect

BOARD &

MANAGEMENT

onlyGlenn Davis - Chair

Michael Schwarz - MD

Gary Ferris - NED

Jarek Kopias - Co Sec

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Address: personalLevel 3, 170 Greenhill Rd

PARKSIDE SA 5063

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Website:

www.itechminerals.com.au

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[phone]

ForLocation - Eyre

Peninsula Project, South

Australia

Contact:

Michael Schwarz

Managing Director

E:[e-mail]

Ph: [phone]

1. www.itechminerals.com.au

Or

Gavan H Farley

Director - Corporate Advisory

Novus Capital

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Main: [phone]

1. [e-mail]

ASX RELEASE

18 JULY 2022

NEW REE DRILL RESULTS EXPAND

CARALUE BLUFF PROSPECT, SOUTH AUSTRALIA

Kaolin and REE rich samples from the Caralue Bluff Prospect, Eyre Peninsula,

South Australia

• Additional drill results from the Caralue Bluff regolith hosted REE - Kaolin Prospect return thick, high-grade intervals of REE mineralisation in the clay rich weathering profile, further expanding the area of REE mineralisation
• Intersections at Caralue Bluff include:

1. CBAC22-077- 18m @ 2,050 ppm TREO from 4m

1. CBAC22-083- 32m @ 1,223 ppm TREO from 4m

1. CBAC22-121- 13m @ 1027 ppm TREO from 23m

1. CBAC22-086- 4m @ 1,810 ppm TREO from 18m

1. CBAC22-092- 5m @ 1,056 ppm TREO from 15m

1. CBAC22-129- 20m @ 959 ppm TREO from 13m

1. CBAC22-150- 4m @ 1,147 ppm TREO from 21m

• 1. CBAC22-054- 22m @ 794 ppm TREO from 20m
• At Caralue Bluff, REEs in clay now extend over an area of 10 km x 9 km with significant results reported in the south-east of the prospect
• Results from a further 68 drill holes are reported here with a significant amount of drilling still to be reported
• All drill results are expected by the end of July

"This batch of drill results show a significant extension of the REE

mineralised clays in the south-east of the Caralue Bluff Prospect, with

additional infill results suggesting that the prospect is consistently

mineralised over a large area."

Managing Director Mike Schwarz

www.itechminerals.com.au

ASX RELEASE

18 JULY 2022

For personal use only

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

iTech Minerals Ltd (ASX: ITM, iTech or Company) completed a 478-hole drill program, in April 2022, across four prospects on the Eyre Peninsula in South Australia. The aim of the program was to test the potential for regolith hosted ion adsorption clay (IAC) REEs and high purity kaolin mineralisation. The third batch of drill results, from Caralue Bluff, show that significant intersections of REEs occur within the kaolin (clay) rich weathered horizon over larger areas (Figures 1 & 2). Metallurgical work on 60 mineralised samples from Caralue Bluff are currently undergoing leaching test work with results due within the next 4 weeks. Further samples are being prepared for leaching test work as drill results become available.

Caralue Bluff Prospect

The Caralue Prospect was initially established as a high purity kaolin prospect with the identification of thick intervals of bright white kaolin, close to surface, in several historical drill holes. Having identified significant REEs in the kaolin rich intervals at Ethiopia, Burtons and Bartels Prospects, iTech geologists suspected that Caralue Bluff might also be prospective for regolith hosted REE mineralisation. Initial drill results (see ASX Release 14 April 2022) revealed thick intervals of elevated REE mineralisation over 8 km. The latest results extend this to an area of approximately 10 km x 9 km. A total area of 12 km x 12 km was tested by drilling of 260 holes, the results of which will determine the continuity of mineralisation within this already extensive area.

www.itechminerals.com.au

ASX RELEASE

18 JULY 2022

For personal use only

Figure 2. Third batch of drill results from the Caralue Bluff Prospect - Eyre Peninsula, South Australia

Caralue Bluff Drilling Program - Batch 3 Significant Results

	Hole Id			Depth			Depth			Interval			TREO								High Value (Magnet) Rare Earths
				From			To									Neodymium			Praseodymium			Dysprosium			Terbium	Tb4O7			%MREO
																	Nd2O3				Pr6O11				Dy2O3
				(m)			(m)			(m)			ppm			ppm		%TREO			ppm		%TREO			ppm		%TREO			ppm		%TREO
	CBAC22_011	7		19		12		396		64		16%		18		5%		5.2		1.3%		1.1		0.3%		22%
	incl			7			11			4			520			91		17%			26		5%			5.1		1.0%			1.2		0.2%			24%
	CBAC22_016	6		30		24		697		135		19%		37		5%		7.1		1.0%		1.8		0.3%		26%
	CBAC22_023			4			5			1			594			114		19%			30		5%			2.9		0.5%			0.7		0.1%			25%
	CBAC22_038	4		39		35		417		74		18%		22		5%		4.7		1.1%		1.1		0.3%		24%
	CBAC22_054			20			42			22			794			137		17%			41		5%			6.2		0.8%			1.4		0.2%			23%
	CBAC22_075	12		16		4		498		81		16%		26		5%		2.9		0.6%		0.6		0.1%		22%
	CBAC22_076			12			19			7			482			76		16%			25		5%			5.4		1.1%			1.1		0.2%			22%
	CBAC22_077	4		22		18		2050		350		17%		109		5%		9.3		0.5%		2.4		0.1%		23%
	CBAC22_080			2			27			25			630			113		18%			33		5%			4.6		0.7%			1.0		0.2%			24%
	CBAC22_082	20		24		4		540		96		18%		29		5%		6.8		1.3%		1.2		0.2%		25%
	CBAC22_083			4			36			32			1223			220		18%			66		5%			8.3		0.7%			1.9		0.2%			24%
	CBAC22_084	11		27		16		548		101		18%		30		6%		6.3		1.1%		1.4		0.3%		25%
	CBAC22_086			18			22			4			1810			286		16%			96		5%			10.8		0.6%			2.4		0.1%			22%
	CBAC22_088	11		21		10		562		92		16%		30		5%		4.6		0.8%		1.0		0.2%		23%
	CBAC22_090			16			37			21			369			57		15%			17		5%			6.1		1.7%			1.0		0.3%			22%
	CBAC22_091	5		39		34		419		77		18%		22		5%		4.9		1.2%		1.1		0.3%		25%
	CBAC22_092			15			25			10			727			114		16%			39		5%			3.2		0.4%			0.7		0.1%			22%
	incl	15		20		5		1056		172		16%		57		5%		4.0		0.4%		1.0		0.1%		22%
	CBAC22_102			17			25			8			449			87		19%			25		6%			7.1		1.6%			1.7		0.4%			27%
	CBAC22_103	17		42		25		507		86		17%		27		5%		4.7		0.9%		0.9		0.2%		23%
	CBAC22_104			11			36			25			541			102		19%			29		5%			4.1		0.8%			1.0		0.2%			25%

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For personal use only

ASX RELEASE

18 JULY 2022

Caralue Bluff Drilling Program - Batch 3 Significant Results

	Hole Id			Depth			Depth			Interval			TREO								High Value (Magnet) Rare Earths
				From			To									Neodymium			Praseodymium			Dysprosium			Terbium	Tb4O7			%MREO
																	Nd2O3				Pr6O11				Dy2O3
				(m)			(m)			(m)			ppm			ppm		%TREO			ppm		%TREO			ppm		%TREO			ppm		%TREO
	CBAC22_105	17		39		22		643		115		18%		36		6%		4.2		0.7%		0.9		0.1%		24%
	CBAC22_107			7			34			27			562			106		19%			30		5%			3.6		0.6%			0.9		0.2%			25%
	CBAC22_109	9		21		12		414		71		17%		21		5%		4.4		1.1%		0.8		0.2%		23%
	CBAC22_112			23			31			8			393			53		13%			17		4%			3.0		0.8%			0.6		0.1%			19%
	CBAC22_116	11		34		23		408		68		17%		18		4%		7.0		1.7%		1.2		0.3%		23%
	CBAC22_119			17			22			5			623			108		17%			32		5%			7.5		1.2%			1.7		0.3%			24%
	CBAC22_121	23		36		13		1027		182		18%		54		5%		6.7		0.7%		1.6		0.2%		24%
	CBAC22_123			11			24			13			838			144		17%			43		5%			6.7		0.8%			1.6		0.2%			23%
	CBAC22_124	27		42		15		738		129		18%		38		5%		6.4		0.9%		1.4		0.2%		24%
	CBAC22_125			5			19			14			430			80		19%			22		5%			4.2		1.0%			1.0		0.2%			25%
	CBAC22_127	20		23		3		534		92		17%		29		5%		2.8		0.5%		0.6		0.1%		23%
	CBAC22_129			13			33			20			959			168		18%			51		5%			7.6		0.8%			1.6		0.2%			24%
	CBAC22_135	16		30		14		441		80		18%		24		5%		3.3		0.7%		0.7		0.2%		24%
	CBAC22_146			15			18			3			358			67		19%			20		5%			2.4		0.7%			0.6		0.2%			25%
	CBAC22_148	27		33		6		796		168		21%		46		6%		7.7		1.0%		1.7		0.2%		28%
	CBAC22_150			10			13			3			810			128		16%			41		5%			6.9		0.9%			1.4		0.2%			22%
	and	21		25		4		1147		191		17%		56		5%		12.2		1.1%		2.2		0.2%		23%
	CBAC22_152			3			11			8			627			123		20%			34		5%			3.8		0.6%			1.0		0.2%			26%
	CBAC22_153	6		23		17		455		87		19%		24		5%		4.2		0.9%		1.0		0.2%		25%
	CBAC22_154			4			19			15			462			86		18%			25		5%			3.5		0.8%			0.9		0.2%			25%
	CBAC22_171	13		27		14		496		66		13%		20		4%		12.8		2.6%		2.0		0.4%		20%
	CBAC22_176			11			18			7			519			92		18%			27		5%			3.9		0.8%			0.9		0.2%			24%
	CBAC22_183	11		16		5		413		84		20%		22		5%		5.8		1.4%		0.5		0.1%		27%
	CBAC22_184			10			17			7			605			125		21%			38		6%			5.5		0.9%			1.1		0.2%			28%
	CBAC22_189	11		18		7		576		133		23%		34		6%		3.8		0.7%		1.0		0.2%		30%
	CBAC22_197			8			12			4			444			69		16%			20		5%			8.0		1.8%			1.5		0.3%			22%
	CBAC22_205	1		3		2		391		73		19%		20		5%		3.6		0.9%		0.8		0.2%		25%
	CBAC22_227			14			20			6			401			74		19%			21		5%			4.5		1.1%			1.0		0.2%			25%

Table 1. Significant REE intersections at the Caralue Bluff Prospect - Eyre Peninsula, South Australia

Caralue Bluff Significant Intersections

A further 68 drill holes are reported, of which 47 contained significant intervals of REEs above 350 ppm TREO (Figure 2, Table 1). A further 6 holes were not able to penetrate the hard silcrete surface layer and therefore did not test the underlying target horizon. Fifteen drill holes did not have significant intervals of REEs above the cut-off grade of 350 ppm.

Of the 260 holes drilled at Caralue Bluff, 130 have now been reported with results from a further 130 expected before the end of July.

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ASX RELEASE

18 JULY 2022

Next Steps

60 samples from Caralue Bluff are currently undergoing metallurgical test work. Samples are being tested for their easily leachable REE component with a straight acid leach at pH 1-2 and then for the ionic component with a leaching solution at pH 4 and 0.5M ammonium sulphate.

For all potential IAC REE projects, samples are being selected to be representative of the entire range of geological environments within the prospect, not only laterally (east-west and north-south), but also at various levels within the weathering profile (vertically).

Figure 3. Chip tray of sample from drill hole CBAC22-077 which contains 18m @ 2050 ppm TREO from 4m

www.itechminerals.com.au