** Shares of iTech Minerals ITM.AX rise as much as 21.2% to A$0.080, their biggest intraday gain since July 23
** Mineral explorer enters into a memorandum of understanding with SQM Australia $(SQM)$ to develop the Reynolds Range Lithium Project in Northern Territory
** Under the agreement SQM can acquire up to 70% interest in the lithium rights of the Project by paying fees, while iTech retains rights to other minerals
** Stock hits its highest level since Sept. 3
** Over 3 mln shares change hands, 12.6x the 30-day avg
** Stock down 32.2% YTD, including current session's moves, as of 0027 GMT
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com;))
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