THE BOURSE WHISPERER: Intermin Resources (ASX: IRC) has consolidated its ground holding at the company’s Lakewood gold project, south east of Kalgoorlie-Boulder in Western Australia.
The Lakewood project currently comprises 42 prospecting licence applications and one exploration licence application with a total area of 115 square kilometres on the greenstone belt south of Kalgoorlie-Boulder’s Golden Mile and adjacent to the one million tonnes per annum Lakewood toll milling facility.
On final grant of the applications, which Intermin indicated it expects to eceive in the second half of 2018, the company’s 100 per cent-owned project area will increase to 472sqkm.
Intermin has commenced data compilation and initial drill targeting on several high quality targets identified that remain untested.
“We have been extremely fortunate to pick up such a large contiguous block of prospective greenstone belt in the heart of the Kalgoorlie goldfields which is consistent with our strategy of low cost acquisition of assets on major geological structures,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.
“Preliminary assessment has highlighted a number of high quality targets that remain untested and we look forward to commencing drilling on the project once the tenements have been granted.”
The company is currently mining and generating cash from its Teal gold mine, which it will use to soon commence a self-funded 50,000 to 60,000 metre new discovery and resource growth drilling program.