Iltani Resources Intersects Lead-Zinc-Copper Sulphides in Maiden Drilling at Union Jack

Iltani hits sulphides in first Union Jack drilling; assays pending within two months.

Risk flags

• ●The absence of assay results means that the true grade and economic significance of the sulphide intercepts are unknown; visual estimates of sulphide content do not reliably predict metal grades, which could result in disappointing outcomes once assays are returned.
• ●No financial or operational metrics are disclosed, leaving investors unable to assess the company's cash position, exploration budget, or ability to fund further work; this opacity increases uncertainty about the sustainability of the exploration program.
• ●The announcement references potential for a large-scale mineralising system but provides no supporting geophysical or geochemical data beyond the three drill intercepts and prior surface samples; this introduces geological risk, as the scale and continuity of mineralisation remain unproven.

Bottom line

This update confirms Iltani Resources has completed its first drilling at Union Jack and intersected sulphides in all holes, but without assays, there is no evidence yet of economic mineralisation. The technical disclosure is clear, but the absence of financial data or resource estimates means investors cannot assess project value or company solvency. The company's narrative is credible and proportional to the evidence, with no signs of hype or overstatement. The next material development will be the release of assay results, which will determine whether these intercepts have commercial significance. For now, this is a standard early-stage exploration update with no actionable investment implications until assays are disclosed.

Announcement summary

(ASX: ILT) Iltani Resources has intercepted lead-zinc-copper sulphides in maiden drilling at the Union Jack prospect within the Featherbed Volcanics zone of its Herberton project in north Queensland. The company completed three reverse circulation holes for 666 metres to test anomalies around the Union Jack historical workings generated by a Herberton versatile time domain electromagnetic (VTEM) survey in 2025. The first hole intersected 3m of sulphides plus potentially related pyrite mineralisation of up to 15% sulphides from 113m to 116m, the second hole intercepted 9m of sulphides plus pyrite of up to 35% sulphides from 165m to 174m, and the third hole intersected 13m of sulphides plus pyrite of up to 25% sulphides from 6m to 19m. Prior sampling at Union Jack in 2023 returned up to 2.3% copper, 39.5 grams per tonne silver, 0.25g/t gold, and 25g/t indium. The Herberton VTEM generated two anomaly plates north and south of the workings, based on greater resolution, size, and depth. The company is planning more detailed mapping and sampling at Union Jack to confirm any surface indications of mineralisation associated with the historical workings and shallow intersections. Iltani Resources expects assay results from the drilling program to be returned sometime in the next two months.

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