THE BOURSE WHISPERER: Intermin Resources Limited (ASX: IRC), with its 100 per cent-owned subsidiary Black Mountain Gold Limited, has struck a farm-in and Joint Venture agreement with La Mancha Resources Australia Pty Ltd.
Under the deal Intermin can earn up to 70 per cent of the prospective Binduli gold project near Kalgoorlie in Western Australia.
The Binduli gold project comprises a 98.8 square kilometre tenement package located some five to 20 kilometres west of Kalgoorlie adjacent to the Frogs Leg underground and the White Foil open pit gold mines operated by La Mancha.
The Joint Venture agreement excludes granted mining leases (ML26/499, ML26/621, ML26/346, ML26/549 and L26/261), which contain Intermin’s Teal and Peyes Farm gold deposits and are the subject of the company’s open pit mining development program.
“We believe that the region immediately north west of Kalgoorlie is very much under-explored and that there are significant discoveries still to be made in this area,” Intermin Resources executive director Dr Michael Ruane said in the company’s announcement to the Australian Securities Exchange.
“The Binduli project contains several exciting prospects requiring a continued exploration effort to follow-up.
“La Mancha is a logical partner to team up with, given their strong interest in the immediate area and their position as a successful producer.
“Importantly, they have the requisite financial and technical resources to aggressively pursue systematic exploration programs.”