Iltani Resources has raised $2.1 million at $0.21 per share, representing a 5.2 per cent discount to the company’s 10-day volume weighted average share price of $0.221.
The lion’s share of the placement comprised institutional and sophisticated investors, with the Iltani board subscribing for $75,000 worth of shares.
The company issued 10 million shares in total as part of the placement, taking Iltani’s shares on issue to just under 52 million.
Iltani will use the funds to support exploration at its Orient and Antimony Reward projects, which both form part of the Herberton project in northern Queensland.
Antimony Reward continues to firm as a promising critical minerals asset in Queensland, with a recent mapping and sampling program confirming the presence of significant antimony mineralisation across two key vein systems.
A total of 19 samples were taken from two mapped vein systems, with vein system 1 producing an assay result of 16.2 per cent antimony, with a maximum result of 46.5 per cent and vein system 2 returned an average of 10.9 per cent antimony, peaking at 17.7 per cent.
Iltani is now preparing to commence drilling at the Antimony Reward project, with operations expected to start in late September or early October following consultation with the landowner and First Nations group.
Recent diamond drilling saw Iltani intersect 420 grams per tonne (g/t) silver equivalent (AgEq) at its Orient silver-indium project.
Drill hole ORD001 returned 6m at 189g/t AgEq from 207.8m to be precise, including 2m at 420g/t AgEq.
This was 270m down dip of a high-grade hit at ORR029, which is interpreted as the same vein. Iltani believes this highlights the potential to delineate a high-grade underground resource at Orient West.
“Our recent deep diamond hole (ORD001) at (the) Orient silver-indium project was designed as a ‘wildcat’ hole to test a deeper magnetic anomaly at Orient West,” Itani managing director Donald Garner said.
“The upper part of the hole was a resounding success, hitting a down dip extension of the Orient West vein system.”
This comes after the company intersected 1552g/t silver equivalent in July.
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