Iltani Resources Delivers High-Grade Silver Indium Results at Orient West

Iltani Resources Strikes Again: Orient West Drilling Delivers More High-Grade Silver-Indium Results

Iltani Resources (ASX: ILT) has reported another batch of high-grade assay results from its ongoing reverse circulation drilling program at the Orient Silver-Indium Project in Herberton, North Queensland. Results from drillholes ORR148 to ORR158 at Orient West continue to show broad zones of silver, indium, lead and zinc mineralisation, including several high-grade vein intersections at depths management described as open pittable.

The latest drilling matters because it adds more density and continuity to the existing resource, whilst also testing extensions and less-drilled vein positions. In the announcement, Iltani said 65 RC holes for 12,297 metres have now been completed from a planned 110-hole program, with assay samples being submitted every two to three days and more results pending.

Peak Intercepts: What Do the Headline Numbers Show?

The headline results from ORR148 to ORR158 include three standout one-metre intervals that point to the presence of high-grade massive sulphide vein cores within the larger system.

These are relatively narrow intervals, but they sit inside wider mineralised zones. That distinction is important. High-grade core zones can improve project value, whilst broader surrounding mineralisation can support tonnage and mine design flexibility.

Furthermore, Iltani also reported broader intercepts that may carry more weight in future resource and study work:

• ORR148: 17m @ 172 g/t Ag Eq. from 97m, including 8m @ 329 g/t Ag Eq. from 98m
• ORR151: 6m @ 324 g/t Ag Eq. from 47m, including 3m @ 588 g/t Ag Eq. from 48m
• ORR153: 15m @ 111 g/t Ag Eq. from 69m, including 6m @ 197 g/t Ag Eq. from 69m
• ORR155: 9m @ 119 g/t Ag Eq. from 107m, including 2m @ 197 g/t Ag Eq. from 107m
• ORR157: 30m @ 97 g/t Ag Eq. from 170m
• ORR158: 20m @ 118 g/t Ag Eq. from 226m, plus 15m @ 93 g/t Ag Eq. from 197m

For investors, the combination of high-grade intervals and wider envelopes can be more relevant than either feature alone. It suggests the deposit may not rely solely on isolated narrow veins.

"These results continue to reinforce the Orient investment case, Australia's largest known silver-indium deposit with the potential to be one of the largest suppliers of indium rich concentrate globally," said Donald Garner, Managing Director of Iltani Resources.

Section-by-Section Drilling Adds Resource Confidence

The ASX update provided detail on several key Orient West sections, giving a clearer picture of how the mineralisation is tracking between holes and across the resource area.

Section 24: ORR148 to ORR150

According to the release, ORR148 was drilled to test the up-dip extension of mineralisation previously intersected in ORR147. It returned 17m @ 172 g/t Ag Eq. from 97m, including the standout 1m @ 1,390 g/t Ag Eq. from 104m.

The company said strong mineralisation was encountered in basal Vein 1, which correlates with adjacent sections and may influence eventual pit depth. Iltani also described broad zones of disseminated mineralisation around the higher-grade massive sulphide cores. In simpler terms, very high-grade veins appear to sit inside wider zones carrying lower, but still potentially meaningful, grades.

Section 22: ORR151

In the report, ORR151 was drilled to test the down-dip extension of mineralisation previously intersected in ORR144 to ORR146. The hole returned three zones of mineralisation, including:

• 6m @ 324 g/t Ag Eq. from 47m
• 16m @ 79 g/t Ag Eq. from 120m
• 26m @ 63 g/t Ag Eq. from 174m

That deeper 26m zone is a useful result because it suggests continuity at depth. Iltani stated that these intersections provide encouragement for a deeper potential open pit at Orient West, subject to future scoping study outcomes.

Section 27: ORR158 and Shallow Vein Testing

The announcement also highlighted ORR156, ORR157 and ORR158, which were drilled to test Veins 5 and 6 at shallower depths. These veins had been relatively under-tested in earlier work because of drilling depth limitations.

All three holes intersected mineralisation linked to these veins. ORR158 also returned shallow mineralisation from 40m and 50m, whilst ORR157 hit mineralisation from 31m. The company said these shallow intersections may represent additional hanging wall veins not previously recognised, creating a possible new follow-up target.

From an investor perspective, that is relevant because new shallow vein positions can support both resource growth and mine planning options, especially if continuity is confirmed.

Understanding Silver Equivalent and Why It Matters

Many of the reported intercepts are expressed as silver equivalent, or Ag Eq. This is a standard reporting method for polymetallic deposits, where several metals contribute to overall value.

At Orient, the main payable metals being considered are silver, indium, lead and zinc. Rather than present each drill result as four separate economic contributions, Iltani combines them into a single silver-equivalent grade using the formula disclosed in the announcement:

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

The calculation is based on the company's stated assumptions:

Why Do Investors Use Ag Eq.?

Silver equivalent helps investors compare one interval against another without needing to recalculate the contribution from each metal. For instance, a result with moderate silver but very strong indium and zinc can still carry a high overall value per tonne.

This is particularly useful at Orient because it is not a pure silver project. It is a polymetallic system, meaning multiple metals are present and may be economically recovered through concentrate production.

Quick Glossary

• g/t: Grams per tonne, a standard way to measure metal grade
• RC drilling: Reverse circulation drilling, a common method that returns rock chips to surface for sampling
• JORC Resource: A mineral resource estimate reported under the Australasian JORC Code
• Indicated Resource: A higher-confidence resource category that may support mine planning
• Inferred Resource: A lower-confidence category that generally needs more drilling

Current Resource Base Provides a Large Foundation

The latest drilling is part of an infill program designed to improve confidence in the existing Orient resource. According to the ASX announcement, the current Orient Project JORC Resource Estimate, at a 60 g/t Ag Eq. cut-off, stands at:

Orient West accounts for 21.6 Mt @ 100.5 g/t Ag Eq., whilst Orient East accounts for 12.6 Mt @ 128 g/t Ag Eq., according to the report.

The release also referenced an Exploration Target Estimate of 15.4 Mt to 18.8 Mt @ 95 g/t to 117 g/t Ag Eq. across the Orient Project. However, as stated by the company, this target is conceptual in nature and there has been insufficient exploration to estimate it as a mineral resource. Investors should not treat exploration targets as defined tonnes or grade.

Why Indium Gives Orient a Different Profile

Silver is familiar to most resource investors. Indium is less widely followed, but it is a key part of the Orient investment case outlined in the release.

Indium is used in indium tin oxide, a material found in flat-panel displays, touchscreens and some solar technologies. Global supply is commonly linked to zinc processing because indium is usually recovered as a by-product rather than mined from primary indium deposits.

That is why Orient stands out. According to Iltani, the current resource contains 579 tonnes of indium, making it a sizeable known indium-bearing deposit in the Australian market.

The company also referred to historical test work indicating that silver and lead may be recoverable into a lead-silver concentrate, whilst zinc, silver and indium may be recoverable into a zinc-indium-silver concentrate. If future technical studies continue to support that pathway, Orient's value case would rest on multiple payable metals rather than just one.

What Comes Next in the Drilling Program?

The ASX update points to an active period ahead, with roughly two months of planned drilling still to complete at Orient. The next steps outlined in the release include:

1. Orient West infill drilling to complete 50m section spacing across the high-grade core area
2. Orient West extension drilling to the northeast and southwest
3. Orient East infill drilling, with two RC rigs now on site
4. Link Zone drilling between Orient East and Orient West after East infill is complete
5. Follow-up work on Vein 1, Orient North and VTEM targets in the Orient West south-western zone
6. Regional drilling by the wheeled rig at Boonmoo Epithermal (gold), Boonmoo Bonanza (silver-lead-zinc-copper) and Union Jack (copper-lead-zinc-silver-indium)

In addition, there is 900m of known mineralisation along the northeast trend that, according to the company, has not yet been comprehensively drill tested. That ongoing activity could support steady news flow, particularly as assay submissions continue every two to three days.

Why Investors May Keep Watching ILT

This drilling update does not change the need for further resource work, technical studies and ongoing testing. However, it does add more support to several parts of the Orient thesis already outlined by the company.

The main investor points from the report are:

• The project already hosts a 34.2 Mt resource at 110.4 g/t Ag Eq.
• Recent holes continue to return high-grade vein intersections within broader mineralised zones
• Several results are at relatively shallow depths, supporting open pittable potential
• The current program is focused on improving resource confidence and category upgrade potential
• Orient still has extension and link-zone drilling ahead
• The indium component gives the project a less common commodity profile among ASX silver names

For investors tracking ASX silver and critical minerals exposure, the next phase will likely be defined by whether infill results convert more of the resource into higher-confidence categories and whether extension drilling adds scale beyond the current footprint. According to the latest drilling update, Iltani is still in the middle of that process, with a substantial assay pipeline yet to come.

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