THE BOURSE WHISPERER: Intermin Resources (ASX: IRC) has struck an agreement with Metaliko Resources (ASX: MKO) to purchase 100 per cent interest in the latter’s Kalgoorlie – Menzies gold projects, situated in the Goldfields of Western Australia around Kalgoorlie.
The project comprises 66 exploration, prospecting, mining and miscellaneous licenses and covers a total area of 141 square kilometres.
This covers project areas on the Bardoc Tectonic zone, Zuleika and Kunanulling shear zones and the Bullabulling shear zone.
Metaliko will pick up 5 million fully paid ordinary shares in Intermin Resources, which hold a current value of approximately $375,000.
With Intermin and Metaliko having executed a formal Tenement Sale Agreement, Intermin indicated it would commence a detailed database review to validate previously identified targets yet to be followed up and generate new exploration targets in the area of interest.
“This latest acquisition is another important step in our strategy of consolidating the Menzies to Kalgoorlie corridor and conducting systematic exploration to grow mineral inventory to support a mine development plan and processing plant in the Menzies region,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.
“Data integration and project review is now underway with exploration drilling anticipated in the next Quarter following the drill campaigns under way at Teal and Menzies.”