Intermin Resources Looks to Consolidate on 2017 Exploration Results

THE BOURSE WHISPERER: Intermin Resources (ASX: IRC) released an update on exploration activities carried out across the company’s 100 per cent-owned gold projects located near Kalgoorlie-Boulder in Western Australia.

Intermin Resources completed over 26,000 metres of reverse circulation (RC) and diamond drilling during 2017 across eight key project areas on major gold bearing shear zones, including the Teal, Anthill and Blister Dam gold projects.

The company reported high-grade intercepts from the Teal gold camp, including:

26m at 7.8 grams per tonne gold from 48m and 16m at 5.3g/t gold from 86m (Jacques Find);

27m at 4.16g/t gold from 53m (Jacques Find);

8m at 11g/t gold from 53m and 9m at 7.1g/t gold from 89m (Jacques Find);

15m at 5.4g/t gold from 28m and 13m at 5.4g/t gold from 55m (Peyes Farm);

9m at 5.2g/t gold from 82m and 6m at 5g/t gold from 55m (Peyes Farm);

31m at 3.2g/t gold from 64m and 16m at 4.1g/t gold from 73m (Teal); and

11m at 7.8g/t gold from 51m and 15m at 4.2g/t gold from 130m (Teal).

Intermin indicated its focus for Teal in 2018 will be Resource extensions along two parallel strike zones and at depth and detailed metallurgical testwork to determine optimal processing pathways.

High-grade intercepts encountered at the Anthill gold project, included

41m at 2.63g/t gold from 69m and 30m at 2.98g/t gold from 73m;

11m at 3.72g/t gold from 46m and 29m at 1.84g/t gold from 49m; and

17m at 5.3g/t gold from 137m and 6m at 11.15g/t gold from 110m.

This year, Intermin will look for Resource extensions at Anthill in 2018 along strike and at depth while testing for repeat structures to the north at Fire Ant and to the east and west.

A maiden JORC 2012 Mineral Resource for Anthill is expected in the current March Quarter.

At Blister Dam, first pass drilling has been completed with results expected in February.

Intermin picked up a $60,000 EIS Government co-funding grant to drill recently defined induced polarisation targets at Blister Dam in 2018.

The company explained that follow up drilling at the Olympia, Baden Powell, Chadwin and Goongarrie Lady prospect will be completed in 2019 so it can focus on the core projects at Teal, Anthill and Blister Dam.

Preparations well advanced to commence a fully-funded $4 million drilling program in the current March Quarter.

“The past year has been one of significant growth for the company on the back of a highly successful exploration program, the generation of cash flow from the first stages of the Teal mining operation and a number of value accretive acquisitions and joint ventures,” Intermin Resources managing director Jon Price said in the company’s announcement to the Australian Securities Exchange.

“Intermin is now in a strong and quite unique position to be able to self-fund a larger Resource growth drilling program in 2018 with the focus on our key projects at the Teal gold camp, Anthill and Blister Dam with planning at an advanced stage for 50 to 60,000 metres of drilling to commence this Quarter.

“Our shareholders are very supportive of our strategy to grow our resource base above the one million ounce mark with an aggressive drill program and that is our key objective for 2018.

“We have done it before and we’ll be working very hard to do it again in what is a world class gold producing region.”