Iltani Resources Reports High-Grade Assays at Orient Silver-Indium Project

Iltani Resources Reports High-Grade Silver-Indium Assays at Orient Project

Iltani Resources (ASX: ILT) has reported assay results from 13 reverse circulation drillholes at its Orient Silver-Indium Project in North Queensland, with the Iltani Resources Orient Silver-Indium Project drilling results including intercepts of massive sulphide veins grading up to 1,644 g/t silver equivalent. The results form part of an ongoing 110-hole drilling program at what the company describes as Australia's largest and highest-grade known silver-indium project, with the program now 86 holes into completion.

What Has Been Drilled and What Did It Return?

According to the announcement, assay results have been received from 13 RC drillholes: ORR165B, ORR167, ORR168, ORR170, and ORR172 through ORR180. Of these, 11 holes targeted Orient East and two holes targeted Orient West.

Seven of the 13 drillholes returned intercepts exceeding 1,000 gm/t silver grade-metres and 1,000 gm/t silver equivalent grade-metres, a threshold the company links to the potential robustness of open-pit economics.

The company noted the breadth and consistency of these intercepts, delivered across both Orient East and Orient West, as supportive of a large-scale, open-pittable deposit with consistent grade profiles.

The High-Grade Core: Massive Sulphide Veins Exceeding 1,000 g/t Ag Eq.

Within the broader mineralised zones, four Orient East drillholes confirmed high-grade massive sulphide veins assaying above 1,000 g/t silver equivalent.

These veins occur at shallow depths, between 84m and 147m from surface. According to the announcement, their presence in multiple consecutive holes across both strike and dip directions demonstrates spatial continuity.

The company stated these intervals point to potential for high-margin tonnes within an open-pit mining scenario, and could furthermore support a future underground mining operation.

Managing Director Donald Garner commented: "Outstanding assay results continue to flow from the Orient drilling. Multiple thick intercepts of >1,000 silver grade metres and silver-equivalent grade metres at Orient East and West continue to support the potential robust economics of open-pit mining at Orient. We are getting to the final stage of our current 110-hole drilling program, and we are 86 holes in, with 24 holes to go from the initial planned program."

Understanding Silver Equivalent (Ag Eq.) and Why It Matters

Throughout the announcement, grades are frequently expressed as silver equivalent rather than as four separate metal values. The Orient deposit contains silver, indium, lead and zinc, each with different market prices and recoverable quantities. To provide a single figure capturing the combined economic value, these metals are converted into a silver equivalent using the following formula:

Ag Eq. = Ag + (Pb × 35.5) + (Zn × 50.2) + (In × 0.47)

This calculation is based on assumed commodity prices and metallurgical recoveries, as disclosed in the announcement:

A higher Ag Eq. grade indicates more combined economic value per tonne of rock. For a project such as Orient, where indium can contribute significantly to the equivalent value, this figure can exceed the silver-only grade by a considerable margin.

The company noted that antimony and tin, both present in the high-grade massive sulphide veins, have been conservatively excluded from the equivalent calculation because payability has not yet been confirmed.

Quick Glossary

• Reverse Circulation (RC) Drilling: A drilling method where rock chips are returned to surface through the drill rods, allowing rapid and cost-effective sampling.
• Massive Sulphide: A rock type dominated by sulphide minerals, often associated with high concentrations of metals.
• gm/t (grade-metres): A combined measure of grade multiplied by width, used to compare the relative significance of intercepts regardless of thickness.
• Open Pit: A surface mining method suited to wide, shallow, continuous mineralisation, typically lower cost than underground methods.
• Indicated Resource: A JORC classification where drill spacing is sufficient to assume geological and grade continuity with reasonable confidence, a prerequisite for scoping studies.

Strike and Depth Continuity Across Drilled Sections

According to the announcement, one notable aspect of the results is the consistency of mineralisation across multiple sections, both along strike and down dip.

At Orient East Section 308640E, six consecutive drillholes (ORR173 through ORR178) intersected mineralisation at similar widths and grades in the 77m to 147m depth range. The company noted these results are comparable to, and in some cases exceed, previously reported results from an adjacent section 40m to the east.

At Orient East Section 308720E, holes ORR168, ORR170 and ORR172 were drilled consecutively down dip, with ORR172 returning an unusually broad 100m intercept that the company suggests may reflect an oblique structure. An additional hole is planned to investigate this further.

The current infill drilling at Orient East is designed to achieve 40m section spacing over 520m of strike and 450m down dip (190m vertical depth), a density the company states is expected to be sufficient to upgrade core mineralisation to the Indicated Resource category.

Orient West Results Extend the Mineralised Footprint

Drillholes ORR165B and ORR167 were completed to the northeast of the main core resource area, targeting shallow strike extensions along a second ridgeline. Specifically:

• ORR165B intercepted 16m at 65 g/t Ag Eq. from 28m, and 20m at 83 g/t Ag Eq. from 167m, including an indium-rich interval of 5m at 157 g/t Ag Eq. from 170m.
• ORR167 intercepted 52m at 73 g/t Ag Eq. from 24m, including 14m at 100 g/t Ag Eq. from 44m, exceeding 1,000 gm/t Ag Eq.

Mineralisation at Orient West commences near surface, which the company noted may support ore sorting prior to processing as a potential avenue for upgrading bulk material economically. A further eight holes have recently been completed in this area, with results pending. An untested 800m strike extension to the northeast, where minor historical workings and gossanous outcrop have been identified, remains undrilled.

Next Steps and Upcoming Catalysts

The drill rig is currently on hole ORR226, the 86th hole of the initial 110-hole program.

Samples are being dispatched to Intertek's Townsville laboratory every 2-3 days, with a current assay turnaround time of 1-2 months. The company stated that once the 110-hole program is complete, additional holes may be added based on results received.

Investment Considerations at Orient

The Orient Silver-Indium Project currently hosts a JORC Mineral Resource of 62.5 Mt at 81.5 g/t Ag Eq., comprising 45.9 Moz of silver, 725 tonnes of indium, 341 Kt of lead and 421 Kt of zinc.

Several features distinguish Orient from a typical exploration-stage silver project, according to the company's disclosures:

1. Indium content at scale. Indium is classified as a critical mineral, used in indium tin oxide for touch screens and increasingly in indium phosphide for laser chips that power AI data centre optical transceivers. The deposit hosts 725 tonnes of contained indium.

2. Grades support open-pit potential. Intercepts exceeding 1,000 gm/t Ag Eq. at shallow depths, many commencing between 24m and 91m from surface, align with the economics typically associated with open-pit bulk mining. High-grade massive sulphide cores suggest potential for selective higher-margin tonnes within a broader open-pit scenario.

3. Methodical resource definition. The infill drilling program at 40m section spacing across 520m of strike is structured work designed to support upgrading the resource to the Indicated category ahead of scoping study work.

4. Unrecognised upside. The silver equivalent calculation excludes antimony and tin, both present in high-grade veins, pending confirmation of payability. Orient West's untested 800m northeast strike extension is also not yet reflected in the resource.

5. Ongoing newsflow. With assay results continuing to arrive over coming weeks and a Mineral Resource update targeted for Q4 2026, there is a pipeline of information events for investors to monitor.

Key Takeaway

The Iltani Resources Orient Silver-Indium Project drilling results continue to demonstrate strong grade continuity across both Orient East and West, with the 110-hole program approaching completion. A Mineral Resource update is expected in Q4 2026, ahead of a planned Scoping Study in 2027, representing a period of anticipated data flow for investors following the critical minerals and precious metals space.

The project's architecture, comprising broad low-to-moderate grade envelopes hosting high-grade massive sulphide cores, is described by the company as suited to a tiered mining approach combining open-pit bulk tonnage extraction with selective or underground extraction of higher-grade material. Historical metallurgical test work referenced in the announcement indicates that silver, indium, lead and zinc are recoverable to separate concentrates.

Consequently, with the drilling program nearing completion and a resource update due by the end of 2026, the project is moving toward a stage where additional drilling data will feed directly into resource confidence and subsequent scoping study inputs.

Want to Know More About Iltani Resources and the Orient Project?

With high-grade silver-indium intercepts continuing to flow from the Orient Project and a Mineral Resource update targeted for Q4 2026, Iltani Resources (ASX: ILT) is approaching a significant period of project development. Investors looking to learn more about the company, its flagship Orient Silver-Indium Project, and the upcoming catalysts on the horizon can visit the official Iltani Resources website at iltaniresources.com.au.