THE DRILL SERGEANT: Intermin Resources (ASX: IRC) released an updated Mineral Resource Estimate for the company’s 100 per cent-owned Teal gold project area located northwest of Kalgoorlie-Boulder in Western Australia.
Intermin Resources completed the upgrade following a drilling program of 182 angled RC holes for 23,545m to downhole depths of between 60 to 270 metres.
The company explained the drilling comprised infill, lateral and depth extensional and new discovery drilling at the Jacques Find, Peyes Farm, Yolande and Teal prospects.
Results were originally released to the ASX between April and August 2018 and included:
10m at 6.7 grams per tonne gold from 60m;
8m at 5.70g/t gold from 64m;
8m at 5.28g/t gold from 64m;
6m at 6.69g/t gold from 91m;
3m at 10.28g/t gold from 102m;
13m at 2.78g/t gold from 90m and 11m at 2.77g/t gold from 73m;
6m at 4.72g/t gold from 54m and 6m at 4.34g/t gold from 42m;
37m at 2.16g/t gold from 90m and 9m at 4.45g/t gold from 118m; and
7m at 4.47 g/t gold from 34m and 12m at 2.33 g/t gold from 105m;
Deeper downhole RC intercepts included:
8m at 10.31g/t gold from 123m;
8m at 5.88g/t gold from 124m; and
5m at 4.49g/t gold from 117m and 7m at 3.46g/t gold from 90m.
Intermin said the updated 2012 JORC Code-compliant Teal project area Mineral Resource shows an 80 per cent increase in ounces compared to the previous Teal Resource.
The company also noted the Mineral Resource for Teal has been depleted to consider the recently completed Teal Stage 1 and 2 open cut developments.
The current Mineral Resource Estimate for Teal now stands at 4.25 million tonnes at 2.11g/t gold for 289,000 ounces at a greater than 1g/t Au lower grade cut-off with various top cuts applied.
“The company commenced the self-funded $4 million, 55,000 metre drilling program in February this year and it has certainly delivered results,” Intermin Resources managing director Jon Price said in the cmpany’s announcement to the Australian Securities Exchange.
“An 80 per cent increase in resources at Teal at a $14 per ounce discovery cost is not only a testament to quality of the assets but also the exploration team who have worked tirelessly on target generation and project priorities.
“With a significant amount of drilling still ongoing at Anthill, Binduli and Blister Dam, the company looks forward to releasing further results and resource updates as we move closer to achieving the significant one million ounce milestone.”