Iltani Resources is raising $4.6 million to accelerate Orient drilling efforts in an equity placement attracting $1.5 million backing from the Queensland Investment Corporation.

The QIC’s Queensland Critical Minerals Fund becomes Iltani’s largest shareholder as a result, with a 10.1 per cent interest in the explorer.

“The strong support from the QIC, plus both existing and new institutional, professional and sophisticated investors is indicative of the quality of the Orient silver-zinc-indium project, and the potential for Iltani to deliver outstanding shareholder value as we advance Orient forwards,” Iltani Resources (ASX:ILT) managing director Donald Garner said.

He said the funds would support the next phase of drilling at Orient, in the Herberton region.

Related: QIC puts $20m towards Walford Creek development

Exploration manager Erik Norum and his team were planning a 145-hole program targeting the Orient West north-western ridgeline and the Link Zone, building on outstanding results in the current drilling program, he said.

“The planned drilling will start soon, and we hope to complete 3000m to 4000m in drilling before we demobilise from site for the wet season, then we will be back in CY2027 to finish the drilling,” Mr Garner said.

The most recent results released from step-out drilling at Orient West include:

• ORR189: 18m at 62g/t silver equivalent from 45m downhole, including 3m at 108g/t silver equivalent from 45m; and 19m at 67g/t silver equivalent from 138m downhole, including 1m at 298g/t silver equivalent from 146m
• ORR193: 21m at 100g/t silver equivalent from 101m downhole, including 1m at 669g/t silver equivalent from 104m
• ORR195: 25m at 146g/t silver equivalent from 114m downhole, including 4m at 327g/t silver equivalent from 116m, including 1m at 849g/t silver equivalent from 116m; and 3m at 335g/t silver equivalent from 127m downhole