ITech Minerals : Significant REE Prospect Discovered at Caralue Bluff

ASX RELEASE

14 April 2022

SIGNIFICANT REE PROSPECT DISCOVERED AT

BOARD & MANAGEMENT

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Glenn Davis - Chair Michael Schwarz - MD Gary Ferris - NED Jarek Kopias - Co Sec

CAPITAL STRUCTURE

Ordinary Shares Issued 96.1M

Options Issued 3.0M

CONTACT

Address:

Level 3, 170 Greenhill Rd PARKSIDE SA 5063

Email:[e-mail]:www.itechminerals.com.auTelephone: [phone]

Location - Eyre Peninsula Project, South

Australia

Contact: 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]

E:[e-mail]

CARALUE BLUFF, EYRE PENINSULA

Watch MD Mike Schwarz discuss the results here

• • The second batch of results from recently completed drilling at the Caralue Bluff and IAC REE - Kaolin Prospect confirms significant intervals of REE mineralisation in the clay rich, weathering profile

• • Caralue Bluff confirmed as a fourth IAC REE prospect in addition to the Ethiopia, Bartels and Burtons Prosects

• • Significant intersections from Caralue Bluff include:

  • o CBAC22-049 - 23m @ 1,016 ppm TREO from 3m

  • o CBAC22-050 - 8m @ 768 ppm TREO from 5m

  • o CBAC22-015 - 10m @ 600 ppm TREO from 3 m

  • o CBAC22-035 - 30m @ 540 ppm TREO from 1m

• • This second batch of results also includes the first samples from the Burtons Prospect and confirm significant REE mineralisation in the weathering profile

• • Significant intersections from Burtons include:

  • o BUAC22-021 - 5m @ 1,552 ppm TREO from 10m

  • o BUAC22-019 - 5m @ 1,221 ppm TREO from 9m

  • o BUAC22-023 - 27m @ 968 ppm TREO from 0 m

  • o BUAC22-002 - 6m @ 1,101 ppm TREO from 13m

• • Drill holes from Ethiopia and Burtons that are undergoing kaolin test work, in addition to REE analysis, have a longer lead time with results from early batches expected in the next two weeks

"The discovery of thick intervals of REEs in the weathering profile at

Caralue Bluff, over a distance of 8 km, has been a highlight of iTech's maiden exploration program to date. Having recently completed 260 drill holes, covering an area of ~12km x 12km, we look forward to receiving further results from this project. The new results from Burtons are also very encouraging with kilometre scale REE mineralisation in the weathering profile identified by the recent drilling."

Managing Director Mike Schwarz

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ASX RELEASE

14 April 2022

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

The aim of the initial phase of drilling by iTech Minerals Ltd (ASX: ITM, iTech or Company) was to test the potential for ion adsorption clay (IAC) REE mineralisation at the Ethiopia, Bartels, Burtons and Caralue Bluff Prospects 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 both the Caralue Bluff Prospect and Burtons Prospect, in addition to the previously confirmed Ethiopia and Bartels Prospects. All these prospects can now be confirmed to 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.

Caralue Bluff

The Caralue Bluff 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. During the recently completed drilling program, iTech geologists noticed that the weathering profile was very similar to prospects at Ethiopia, Bartels and Burtons, where elevated REEs are known to occur. While thick intervals of white kaolin were visually identified over large areas in the current drilling program, a selected number of holes were also submitted for REE analysis to test the IAC REE potential. The Company was very pleased to receive positive results for REEs for these drill holes and will now analyse all drill holes at the prospect for REEs (260 holes covering an area of 12km x 12km).

The current results suggest the mineralisation may extend over a distance of at least 8km, however results from drill holes between the current results will need to be received to confirm continuity (Fig. 2).

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Significant intersections

ASX RELEASE

14 April 2022

Caralue Bluff Drilling Program - Preliminary Results

High Value (Magnet) Rare Earths

(m)

(m)

(m)ppmppm

Neodymium	Praseodymium	Dysprosium	Terbium
Nd2O3	Pr6O11	Dy2O3	Tb4O7

%TREOppm

%TREOppm

%TREOppm

%TR EO

CBAC22_010

and

10 42

22 49

7

12

527 438

86.9

97.7

18.54% 19.84%

23.7

28.2

5.35% 5.41%

4.5

4.5

0.85% 1.03%

1.11 1.12

0.21% 0.26%

CBAC22_015

CBAC22_014

2 3

30 13

28 10

532 600

117.7

105.9

19.91% 19.62%

32.4

28.9

5.43% 5.40%

3.9

5

0.94% 0.65%

1.06

1.3

0.24% 0.18%

CBAC22_035

CBAC22_045

CBAC22_046

CBAC22_021

CBAC22_037

and

18 15

3 1 1 3

7

31 21

22 27

6

12

30 20

3

4 4

394 540 461 464 653 368

97.9

104.3

74.7

145.8

62.1

84

15.76% 18.13% 18.22% 22.48% 22.33% 20.30%

29

27.3

20.1

24.6

39 20

5.10% 5.37% 5.34% 5.88% 5.97% 5.43%

3.4

3.3

3.6

2.5

3.4

4.7

0.63% 0.63% 0.74% 0.71% 0.72% 0.98%

0.9

0.8

0.65

0.88 0.91 1.15

0.16% 0.17% 0.19% 0.20% 0.18% 0.22%

CBAC22_050

CBAC22_049

3 5

26 13

8

23

798

1016

161.8

225.1

22.16% 20.28%

41.4

59.2

5.83% 5.19%

6.2

5.4

0.53% 0.78%

1.41 1.44

0.14% 0.18%

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

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

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14 April 2022

Burtons iTech has identified significant rare earth element mineralisation in the clay rich, weathering profile at the Burtons Prospect on the Eyre Peninsula, South Australia (Fig. 3). The rare earths display significant enrichment of neodymium and praesidium (~23% Nd+Pr), which are critical in the production of permanent magnets for electric vehicles and renewable energy. They also display significant enrichment in desirable heavy rare earth element oxides (~39% HREO) which command a premium price. iTech completed 54 holes at the Burtons Prospect over an area of 12km x 3km to test the full extent of the clay hosted REE mineralisation. All 54 drill holes have been submitted for analysis. In the current batch of results iTech has received results for the bulk of the drill holes. Drill results for which results are pending have been submitted for kaolin and REE analysis which have a longer lead time for results.

The new results from Burtons are very encouraging with kilometre scale REE mineralisation in the weathering profile identified by the drilling and confirm the thick, high-grade nature of mineralisation identified in historical drilling by Archer Materials in 2011. Mineralisation has now been extended by kilometres to the east and southeast of the historical drilling (Fig. 3).

Significant intersections

Burtons Drilling Program - Preliminary Results
Hole Id	Dept h From	Depth To	Interval	TREO	High Value (Magnet) Rare Earths
Neodymium Nd2O3	Praseodymium Pr6O11	Dysprosium Dy2O3	Terbium Tb4O7
(m)	(m)	(m)	ppm	ppm	%TREO	ppm	%TREO	ppm	%TREO	ppm	%TREO
BUAC22_002	13	19	6	1101	151.0	14%	43.2	3.9%	13.66	1.2%	3.76	0.34%
BUAC22_004	18	43	25	513	100.3	20%	26.9	5.2%	10.19	2.0%	2.07	0.40%
inc	18	21	3	1248	290.4	23%	69.0	5.5%	41.40	3.3%	8.19	0.66%
BUAC22_005	10	22	12	515	77.9	15%	23.2	4.5%	7.75	1.5%	1.50	0.29%
inc	14	16	2	1204	198.3	16%	56.1	4.7%	18.48	1.5%	3.74	0.31%
BUAC22_006	38	49	11	552	90.4	16%	25.8	4.7%	9.77	1.8%	1.83	0.33%
BUAC22_019	9	14	5	1221	219.5	18%	60.5	5.0%	34.29	2.8%	6.17	0.51%
BUAC22_020	23	36	13	759	121.1	16%	33.3	4.4%	22.22	2.9%	3.82	0.50%
BUAC22_021	10	15	5	1552	450.7	29%	116.7	7.5%	25.60	1.6%	5.90	0.38%
BUAC22_023	0	27	27	968	152.6	16%	50.4	5.2%	7.22	0.7%	1.47	0.15%
BUAC22_024	9	27	18	539	77.3	14%	24.1	4.5%	5.68	1.1%	1.06	0.20%
BUAC22_025	2	30	28	572	95.3	17%	28.5	5.0%	5.97	1.0%	1.23	0.22%
BUAC22_026	2	10	8	729	114.5	16%	37.2	5.1%	4.40	0.6%	0.97	0.13%
BUAC22_038	11	22	11	648	120.6	19%	32.8	5.1%	8.68	1.3%	1.85	0.29%
BUAC22_054	24	40	16	406	82.3	20%	21.5	5.3%	7.30	1.8%	1.52	0.37%

Table 2. Significant REE intersections at the Burtons Prospect - Eyre Peninsula, South Australia

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14 April 2022

Figure 3. Drill results from the Burtons Prospect - Eyre Peninsula, South Australia