http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Fri, 22 Sep 2017 14:28:28 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Intermin Resources begins work on a processing pathway for its vanadium resource ]]> http://www.proactiveinvestors.com.au/companies/news/184254/intermin-resources-begins-work-on-a-processing-pathway-for-its-vanadium-resource-184254.html Intermin Resources Limited’s (ASX:IRC) joint venture partner at the Richmond Vanadium Project in Queensland has commenced metallurgical sampling and compilation of an updated resource.

The aim of the metallurgical sampling is to develop a processing pathway to extract the metals (vanadium, molybdenum, nickel, copper) on a large commercial scale.

The new updated JORC 2012 resource is being compiled to take into account tenement boundary changes as part of the Queensland government’s tenement management policies.

Earlier this week, Intermin had executed the formal joint venture agreement with AXF Resources covering Intermin’s Richmond project.

AXF will sole fund and manage up to $6 million of technical beneficiation and commercialisation studies over four years to earn a 75% interest in the project.

Since 2008 Intermin has completed drilling, beneficiation test-work and directional studies at Richmond providing AXF with a substantial technical database from which to continue development.

READ NOW: Intermin Resources gets ready to unlock vanadium potential in Queensland

AXF has now reviewed the outcome of Intermin’s earlier testwork and has designed follow up metallurgical and mineral dressing programs to be conducted on new bulk samples.

Suitable research institutes have been identified in China to conduct the testwork and bulk sample shipment is scheduled to commence in the December quarter.

Circa 1.2 tonnes of mineralised toolebuc limestone (Coquina) was collected from existing gravel pits within the project area in early August 2017.

The bulk samples will be sent to at least two research institutes in China to conduct trial tests of mineral and metallurgical processing for the extraction of vanadium and molybdenum.

The testwork and reporting is expected to take around 18 – 20 weeks after samples arrive.

With a globally significant resource of 3.3 billion tonnes grading 0.4% vanadium and 295 g/t molybdenum and increasing interest in the energy storage space driving prices up, the companies are aiming to rapidly unlock the value of this project.

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Wed, 20 Sep 2017 11:31:00 +1000 http://www.proactiveinvestors.com.au/companies/news/184254/intermin-resources-begins-work-on-a-processing-pathway-for-its-vanadium-resource-184254.html
<![CDATA[News - Intermin Resources gets ready to unlock vanadium potential in Queensland ]]> http://www.proactiveinvestors.com.au/companies/news/184179/intermin-resources-gets-ready-to-unlock-vanadium-potential-in-queensland-184179.html Intermin Resources Limited (ASX:IRC) has executed the formal joint venture agreement with AXF Resources covering Intermin’s Richmond Vanadium - Molybdenum Project in Queensland.

In December 2016, the companies had signed an agreement for AXF to sole fund and manage up to $6 million of technical beneficiation and commercialisation studies over four years to earn a 75% interest.

AXF had also agreed to subscribe for $430,000 in Intermin shares.

Intermin has now issued circa 3.4 million shares at $0.12 each to AXF after receiving the part 2 payment of $410,000 pursuant to the terms of the joint venture.

The wholly-owned Richmond vanadium-molybdenum project is located in northwest Queensland and comprises three mineral exploration permits and the metal rights to a mineral development licence.

The project tenements cover large areas of the Cretaceous Toolebuc Formation containing oil shale deposits that host extensive vanadium and molybdenum mineralisation.

Since 2008 Intermin has completed drilling, beneficiation test-work and directional studies at Richmond providing AXF with a substantial technical database from which to continue development.

With the current excitement around the use of vanadium redox batteries for the growing energy storage market, the joint venture partners are aiming to unlock the potential of this potentially large resource.

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Tue, 19 Sep 2017 13:01:00 +1000 http://www.proactiveinvestors.com.au/companies/news/184179/intermin-resources-gets-ready-to-unlock-vanadium-potential-in-queensland-184179.html
<![CDATA[News - Intermin Resources' partner Mithril Resources commences gold drilling program near Meekatharra ]]> http://www.proactiveinvestors.com.au/companies/news/183941/intermin-resources-partner-mithril-resources-commences-gold-drilling-program-near-meekatharra-183941.html Intermin Resources Ltd's (ASX:IRC) partner, Mithril Resources Ltd (ASX:MTH), has commenced a reverse drilling program at the Kombi Gold Prospect, located 70 kilometres south-east of Meekatharra in Western Australia.

Kombi comprises shallow historic gold workings with reported production to 10 metres depth of 1,094 tonnes at 10.8g/t gold.

A large gold in soil anomaly 150 metres by 170 metres in size has been defined immediately along strike from the workings.

Joint venture details

Under the terms of the joint venture, Mithril can earn a 60% interest in the tenement by completing expenditure of $2 million by 14 April 2019, and an additional 15% by completing further expenditure of $2 million over a further 2 years.

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Thu, 14 Sep 2017 11:08:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183941/intermin-resources-partner-mithril-resources-commences-gold-drilling-program-near-meekatharra-183941.html
<![CDATA[News - Intermin Resources commences mining of Teal Stage 2 ]]> http://www.proactiveinvestors.com.au/companies/news/183497/intermin-resources-commences-mining-of-teal-stage-2-183497.html Intermin Resources Ltd (ASX:IRC) has now completed the Feasibility Study for Teal Stage 2, part of the Teal gold mine near Kalgoorlie in Western Australia.

Mining of Teal Stage 2 will occur concurrently as Teal Stage 1 is completed and will extend mining operations at the site to the March 2018 quarter.

Key outcomes from the study indicate a financially viable cutback to the existing Teal Stage 1 eastern pit wall with the following results:

- Open pit mine design producing 31,000 tonnes at 3.1g/t gold for 3,100 ounces over a five month period;
- Third party milling at 94% for oxide and 80% for transitional metallurgical recovery produces 2,775 gold ounces;
- Capital development costs of $0.9 million;
- All in costs of $1069 an ounce; and
- At an Australian Dollar price of $1600 an ounce, the project generates $1.1 million in free cash flow for the company.

Jon Price, managing director, commented:

"The potential for further stages of the Teal gold mine have always been a part of our future mining project pipeline and the excellent performance of Teal Stage 1 to date has provided additional confidence to commence development of Stage 2.

"Stage 2 delivers incremental cash flow to the business and enables continuity of mining into the March Quarter 2018 when we expect to have the Goongarrie Lady and Teal Stage 3 Feasibility Studies complete for a development decision shortly thereafter."

READ NOW: Intermin enters cash flow growth phase by producing gold from Teal ]]>
Wed, 06 Sep 2017 13:08:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183497/intermin-resources-commences-mining-of-teal-stage-2-183497.html
<![CDATA[News - Intermin Resources enters cash flow growth phase by producing gold from Teal ]]> http://www.proactiveinvestors.com.au/companies/news/183422/intermin-resources-enters-cash-flow-growth-phase-by-producing-gold-from-teal-183422.html Intermin Resources Ltd (ASX:IRC) is building up its cash balance from mining at the Teal Gold Mine, located 11 kilometres north-west of Kalgoorlie-Boulder in Western Australia.

Teal is on track to produce 15,000 to 16,000 ounces at all-in-cost in Australian Dollars of $1030 to $1090 per ounce, from third party mill processing.

This would generate net cash flow to Intermin of up to $8 million at $1600 an ounce gold price.

The metrics could be set to improve for Intermin, with Australian Dollar gold currently trading at $1650 an ounce.

Jon Price, managing director, commented:

"As Stage 1 at Teal continues to generate significant cash flow to the business, the company is in an exciting growth phase as we complete Feasibility Studies on the Goongarrie Lady gold project and further stages at Teal to expand the production pipeline.

"The company also expects ongoing drilling results from the self-funded 32,000 metre exploration program in coming months as we continue our resource expansion efforts and the search for the next WA Goldfields discovery."

Key financials

Intermin has completed the repayment of the $2.1 million capital investment.

Add to this the return of Intermin’s asset recovery charge of $2.15 million is expected during the September quarter 2017.

Cash and investments to date have risen to more than $6 million.

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Tue, 05 Sep 2017 14:38:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183422/intermin-resources-enters-cash-flow-growth-phase-by-producing-gold-from-teal-183422.html
<![CDATA[News - Intermin Resources' gold intercepts will boost resource ounces at Anthill ]]> http://www.proactiveinvestors.com.au/companies/news/183132/intermin-resources-gold-intercepts-will-boost-resource-ounces-at-anthill-183132.html Intermin Resources Ltd's (ASX:IRC) shares have climbed 5.7% higher to $0.093 in early trade, following the company revealing broad gold zones on the Zuleika Shear in the Western Australian Goldfields.

A first pass diamond hole at the Anthill gold project intersected: 105 metres at 1.38g/t gold from 48 metres, including 41 metres at 2.35g/t gold.

The intercept confirms structural interpretation of the gold deposit and validates historic drilling data.

Results from the 7000 metre drilling program are expected to continue to flow through over coming months, after which Intermin will update the historic JORC 2004 Resource of 160,000 gold ounces.

Jon Price, managing director, commented:

"While the initial headline intercepts at Anthill are very encouraging, the geological data from the drill core has been invaluable in confirming the structural interpretation and the most appropriate drilling orientation for the follow up extension drilling.

"The company now looks forward to the results of the drilling campaign now underway and adding Anthill to our resource portfolio in the December quarter."

Price brings a wealth of experience to the company, and was the former general manager of the St Ives and Paddington gold mines, and was the founding managing director of Phoenix Gold which was acquired by Evolution Mining for $74.3 million in 2015.

The Intermin strategy

The company's key growth strategy is centred on discovery and resource expansion through exploration, while generating near-term cash by developing gold projects via third party infrastructure.

Intermin has banked more than $7.7 million since May, and has a robust 2017 and 2018 mining project pipeline.

This includes the commencement of its largest ever drill program, targeting new discoveries.

Additional options include pursuing regional consolidation opportunities of exploration assets, and joint ventures for multi-commodity non-core projects with partners.

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Wed, 30 Aug 2017 12:07:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183132/intermin-resources-gold-intercepts-will-boost-resource-ounces-at-anthill-183132.html
<![CDATA[News - Intermin Resources' hits high-grade gold in first pass drilling near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/183120/intermin-resources-hits-high-grade-gold-in-first-pass-drilling-near-kalgoorlie-183120.html Intermin Resources Ltd (ASX:IRC) has delivered high-grade gold from first pass reconnaissance drilling at the Bardoc Tectonic Zone project, located 60 kilometres north of Kalgoorlie-Boulder in Western Australia.

Drilling covered five reverse circulation holes for 574 metres at the Baden Powell prospect, and 27 air-core holes for 2,174 metres at the Olympia gold prospect.

The highlight from the Baden Powell prospect revealed: 17 metres at 3.00 g/t gold from 104 metres, including 7 metres at 5.95g/t gold.

Jon Price, managing director, commented:

"The high grade intercept at Baden Powell is very encouraging and demonstrates the increasing widths and grades at depth to the south of the historic workings where very little drilling has been conducted in the past.

"This is also the first ever drilling at Olympia in our understanding and it is extremely pleasing to see anomalous gold mineralisation supporting the gold in soils work completed last year.

"The company is investing heavily in new discovery exploration this year and will continue to apply the very latest in science and technology to systematically expand on the results to date."

Next steps

Follow up drilling at Olympia will now focus on two key areas to test both the quartz sulphide mineralisation at depth and for the presence of a larger supergene blanket, similar to the 1.3 million gold ounce Aphrodite deposit 4 kilometres along strike.

Intermin remains a very active explorer, with diamond and reverse circulation drilling continuing at multiple prospects in the Kalgoorlie region.

Results are expected throughout the remainder of the 2017 calendar year.

WATCH NOW: Intermin's Jon Price outlines the company's cash generating gold projects ]]>
Wed, 30 Aug 2017 08:27:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183120/intermin-resources-hits-high-grade-gold-in-first-pass-drilling-near-kalgoorlie-183120.html
<![CDATA[Media files - Intermin's Jon Price outlines the company's cash generating gold projects and expansion plans ]]> http://www.proactiveinvestors.com.au/companies/stocktube/7935/intermin-s-jon-price-outlines-the-company-s-cash-generating-gold-projects-and-expansion-plans-7935.html Wed, 16 Aug 2017 19:12:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/7935/intermin-s-jon-price-outlines-the-company-s-cash-generating-gold-projects-and-expansion-plans-7935.html <![CDATA[News - Intermin Resources and partner Mithril Resources reveal new gold prospect ]]> http://www.proactiveinvestors.com.au/companies/news/182023/intermin-resources-and-partner-mithril-resources-reveal-new-gold-prospect-182023.html Intermin Resources Ltd (ASX:IRC) and Mithril Resources Ltd (ASX:MTH) have a partnership at the Murchison Project, located 70 kilometres south-east of Meekatharra in Western Australia.

Mithril is farming-in and can earn a 60% interest by completing expenditure of A$2mln by 14 April 2019, and an additional 15% by completing further expenditure of A$2mln over a further two years.

Mithril is targeting high-grade gold beneath the historic Gloria June workings, and a review of previous exploration data has identified a new gold prospect named Kombi.

At Gloria June, records show production of 1,094 tonnes at 10.8g/t gold within 10 metres of the surface.

Highlighting the potential, sampling of remnant quartz vein material returned up to 271g/t gold.

What lies beneath

Kombi is located 1.4 kilometres south east of Mithril’s Nanadie Well Copper Deposit and Stark Copper Prospect.

The prospect area has had little exploration, with no drill testing below 25 metres vertical depth and only wide spaced shallow reverse circulation drilling undertaken by previous explorers.

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Mon, 07 Aug 2017 11:42:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182023/intermin-resources-and-partner-mithril-resources-reveal-new-gold-prospect-182023.html
<![CDATA[News - Intermin Resources commences Stage 2 and 3 studies ]]> http://www.proactiveinvestors.com.au/companies/news/181749/intermin-resources-commences-stage-2-and-3-studies-181749.html Intermin Resources (ASX:IRC) has commenced feasibility studies for Stage 2 and Stage 3 at its 100% owned Teal Gold Mine located near Kalgoorlie-Boulder in Western Australia.

Mining of the Teal Stage 1 open pit commenced in late 2016 and is scheduled to be complete in October 2017 after recovering 15,000-16,000 ounces of gold from oxide ore with minor transitional material.

Stage 1 has been delivering on expectations with grade and recovery above plan to date.

The Stage 2 Study will assess the economic viability of a cut back to expose the oxide ore and Stage 3 Study will evaluate a larger pit expansion up to 200 metres along strike.

Completion of the fully funded studies for Teal Stages 2 and 3 is expected in the September and December quarters respectively.

Jon Price, managing director, commented

“The potential for further stages of the Teal gold mine have always been a part of our future mining project pipeline and the excellent performance of Teal Stage 1 to date has provided additional confidence to move forward with the Stage 2 and Stage 3 feasibility studies.

“With Stage 1 completion expected in October, the aim is to focus on a relatively low cost cutback of the eastern pit wall to enable mining at Teal to continue uninterrupted as we assess a potential Stage 3 at Teal and the Goongarrie Lady Feasibility Study by December this year.”

Stage 2 feasibility study

Intermin is completing a feasibility study for the Stage 2 cut back and an investment decision is expected in the September quarter.

No further resource infill drilling is anticipated for this zone however grade control reverse circulation (RC) drilling will be required as part of normal mining operations.

Stage 3 feasibility study

In relation to a potential Stage 3 development, the Teal Resource is known to extend south along strike and to vertical depths of over 250 metres from the Teal Stage 1 pit.

Flat lying supergene mineralisation very similar in form and thickness to material currently being mined has been identified directly south of the current Teal pit.

An RC drill program comprising 18 holes for ~1,200 metres will commence in August to infill known mineralisation, test its continuity and free milling metallurgical properties.

The results of the drilling will enable an updated resource model to be compiled and an updated mine optimisation and design to be completed.

If an economic southern cutback can be demonstrated, work will commence on related mine approval activities with completion expected in the December quarter.

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Tue, 01 Aug 2017 14:21:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181749/intermin-resources-commences-stage-2-and-3-studies-181749.html
<![CDATA[News - Intermin Resources getting a free hit on copper drilling ]]> http://www.proactiveinvestors.com.au/companies/news/181733/intermin-resources-getting-a-free-hit-on-copper-drilling-181733.html Intermin Resources (ASX:IRC) is in a position to benefit as its earn-in partner on one of its non-core assets is drilling out copper and gold at the Murchison Project located in Western Australia.

Positive assay results have been received from diamond drilling recently carried out at the Nanadie Well Deposit and adjacent Stark Prospect.

Results from Nanadie Well include 4.90 metres at 1.80% copper, 0.25 g/t gold within a broader intercept of 127.7 metres at 0.40% copper and 0.11 g/t gold from 42.8 metres.

Results from Stark include 5.40 metres at 1.25% copper, 0.26% nickel, 1.21 g/t gold + platinum + palladium (3PGEs) within a broader intercept of 30.40 metres at 0.52% copper, 0.13% nickel, 0.36 g/t 3PGEs from 248.50 metres.

Mithril Resources (ASX:MTH) can earn a 60% interest in the tenements by spending $2 million by 14 April 2019, and an additional 15% by spending an additional $2 million over a further two years.

This latest drilling in combination with previous results demonstrates the presence of two very large copper mineralised systems that remain open in all directions.

The focus of future exploration will be the 13 kilometres of untested magnetic anomalies extending south from Nanadie Well and Stark.

Elsewhere, Intermin is currently gold mining at its 100% owned Teal Gold Mine located 11 kilometres north-west of Kalgoorlie-Boulder in Western Australia.

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Tue, 01 Aug 2017 09:24:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181733/intermin-resources-getting-a-free-hit-on-copper-drilling-181733.html
<![CDATA[News - Intermin Resources reaping rewards from Teal Gold Mine ]]> http://www.proactiveinvestors.com.au/companies/news/181375/intermin-resources-reaping-rewards-from-teal-gold-mine-181375.html Intermin Resources (ASX:IRC) has received $7.7 million in revenue to date from its 100% owned Teal Gold Mine located 11 kilometres north west of Kalgoorlie-Boulder in Western Australia.

Mining has been completed in the northern section of the Teal Stage 1 pit and all ore has been delivered to Paddington Mill and processed.

Under the terms of the mining alliance contract with RM Contracting, RM has now received repayment of its initial capital investment of $2.1 million.

Intermin expects to receive return of its capital investment of $2.1 million followed by the asset recovery charge of $2.15 million in August prior to the profit share component.

Intermin’s share of the final cash flow from the project is estimated at $5-6 million and is expected in the September and December quarters.

Jon Price, managing director, commented:

“It is extremely pleasing to see reconciled ore grades and recoveries exceeding our feasibility study estimates in the north of the pit and provides confidence as we complete mining in the south and progress feasibility work on our future mining projects.

“As Teal continues to deliver significant cash flow to the business, we look forward to seeing the results of the 32,000 metres drilling program now underway and the completion of mine development studies at Goongarrie Lady and future stages at Teal.”

Mine operating better than expected

Ore mining continues in the southern section of the Teal Stage 1 pit on day shift with regular ore batches to be delivered until mine completion scheduled for October 2017.

The Teal Stage 1 operation is on track to produce 15,000 to 16,000 ounces of gold at an all in cost (AIC) estimated at $1,030 to $1,090 per ounce.

Reconciled final grades, recoveries and costs received for the northern section of the Teal pit graded an average of 3.02 g/t gold, 4% above the forecast grade of 2.90 g/t gold.

Gold recoveries to date measure 94%, which exceed the original feasibility study estimates of 90% for oxide ore.

Drilling in progress

Earlier in July, Intermin commenced a 31,600-metre drill program across multiple of its 100% owned gold projects in the Kalgoorlie Region of Western Australia.

The major discovery and resource expansion drill program will include Goongarrie Lady, Anthill, Blister Dam, New Mexico, Baden Powell, Olympia, Windanya, Jacques Find and Peyes Farm.

First results are expected this quarter.

A summary of the 31,600-metre program and which project it is targeting is shown below:

- Goongarrie Lady: 5,070 metres - resource upgrade to “Measured” for feasibility study;
- Anthill: 7,650 metres - validation and extensional upgrade for JORC 2012;
- Blister Dam / New Mexico: 6,700 metres - new discovery drilling to 250 metres depth targeting “Kundana” style open cut and underground mineralisation;
- Baden Powell: 1,100 metres - new resource drilling to upgrade to JORC 2012;
- Olympia / Windanya: 3,150 metres - first pass testing of identified anomalies;
- Jacques Find / Peyes Farm: 1,280 metres - resource extension drilling;
- Regional projects: 1,400 metres - first pass testing of priority targets at Black Flag, Bullabulling and Janet Ivy South; and
- Follow up provision: 5,250 metres - drilling based on initial results received.

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Tue, 25 Jul 2017 11:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181375/intermin-resources-reaping-rewards-from-teal-gold-mine-181375.html
<![CDATA[News - Intermin Resources Ltd commences major drill program ]]> http://www.proactiveinvestors.com.au/companies/news/180651/intermin-resources-ltd-commences-major-drill-program-180651.html Intermin Resources Ltd (ASX:IRC) has commenced a 31,600 metre drill program across multiple of its 100% owned gold projects in the Kalgoorlie Region of Western Australia.

The major discovery and resource expansion drill program will include Goongarrie Lady, Anthill, Blister Dam, New Mexico, Baden Powell, Olympia, Windanya, Jacques Find and Peyes Farm.

Jon Price, interim managing director, commented: “With significant free cash flow being generated from our first mining project at Teal, the company is now targeting exploration success as we kick off the largest drill program in Intermin’s history.

“New discovery drilling comprises more than 50% of the $2.2 million program with priority walk up targets on the prolific Zuleika Shear and Bardoc Tectonic Zone.

“Most of these targets have not been drill tested for 20 years or beyond 100 metre depth and large discoveries are still being made in the region.”


Drill program summary

During the last six months, Intermin has compiled and reviewed the large geological database in order to identify priority targets for ranking and drill testing.

Extensive field reconnaissance investigations were undertaken to confirm the targets and finalise the design of the FY2018 program.

A summary of the 31,600 metre program and which project it is targeting is shown below:

- Goongarrie Lady: 5,070 metres - resource upgrade to “Measured” for feasibility study;
- Anthill: 7,650 metres - validation and extensional upgrade for JORC 2012;
- Blister Dam / New Mexico: 6,700 metres - new discovery drilling to 250 metres depth targeting “Kundana” style open cut and underground mineralisation;
- Baden Powell: 1,100 metres - new resource drilling to upgrade to JORC 2012;
- Olympia / Windanya: 3,150 metres - first pass testing of identified anomalies;
- Jacques Find / Peyes Farm: 1,280 metres - resource extension drilling;
- Regional projects: 1,400 metres - first pass testing of priority targets at Black Flag, Bullabulling and Janet Ivy South; and
- Follow up provision: 5,250 metres - drilling based on initial results received.


Program highlights

Key aspects of the fully funded program include:

- Circa half of budgeted drill metres is targeting new discovery;
- Resource infill, geotechnical, hydrogeological and metallurgical drilling at the Goongarrie Lady deposit to complete the open pit mine development feasibility study;
- Resource validation and expansion drilling at the recently acquired Anthill deposit and exploration drilling along strike at the Blister Dam project which are both located on the highly prospective Zuleika Shear northwest of the Kundana goldfield;
- Resource expansion drilling at the new high-grade Jacques Find deposit including testing two priority induced polarisation anomalies along strike at the Yolande prospect; and
- Exploration drilling on Bardoc Tectonic Zone projects at the Olympia, Baden Powell and Windanya prospects.

First results are expected in the current September quarter.

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Tue, 11 Jul 2017 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180651/intermin-resources-ltd-commences-major-drill-program-180651.html
<![CDATA[News - Intermin Resources Ltd wraps up acquisition of Anthill gold project ]]> http://www.proactiveinvestors.com.au/companies/news/180421/intermin-resources-ltd-wraps-up-acquisition-of-anthill-gold-project-180421.html Intermin Resources Ltd (ASX:IRC) continues to build its presence in the Western Australian goldfields, and has now completed the acquisition of 100% of the Anthill gold project.

The consideration is $300,000 cash and a $5 per ounce royalty capped at the first 100,000 ounces produced.

The current JORC 2004 Resource is 160,000 ounces.

The Mining Lease has now been transferred to Intermin, all mining information provided and final cash payments made.

Jon Price, managing director, commented:

"The company is now very much looking forward to commencing its first drilling program at Anthill this quarter after reviewing the geological database and identifying a number of extensional and new target opportunities.

"We will also be completing some validation drilling to confirm historic data that supported the quoted 160,000 ounce Resource Estimate.

"This will enable an updated JORC 2012 Resource estimate to be compiled in the December quarter."

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Thu, 06 Jul 2017 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180421/intermin-resources-ltd-wraps-up-acquisition-of-anthill-gold-project-180421.html
<![CDATA[News - Intermin Resources Ltd receives cash injection from options ]]> http://www.proactiveinvestors.com.au/companies/news/180261/intermin-resources-ltd-receives-cash-injection-from-options-180261.html Intermin Resources Ltd (ASX:IRC) has raised a total of $1.1 million after investors exercised a total of 14.8 million options.

The company issued the final 8 million shares today after receiving final option exercise forms.

The new shares relate to options, exercisable at $0.075 and expiring on 30 June 2017, issued as part of a non-renounceable rights issue in July 2015.

Intermin is in a strong financial position to self-fund all its growth initiatives and has a large drilling program commencing shortly.

The majority of the metres are allocated to pure discovery drilling on the Zuleika shear and Bardoc Tectonic Zone.

Jon Price, managing director, commented: “We thank holders for their continued support which, together with ongoing cash flow from our Teal Gold Mine, places the company in a strong financial position to deliver on its strategy of self-funding future mine developments, consolidating assets in the Western Australian Goldfields, growing our existing resource base and continuing the search for the next new gold discovery.”


Background

Intermin is currently gold mining at its 100% owned Teal Gold Mine located 11 kilometres north-west of Kalgoorlie-Boulder in Western Australia.

The gold mine is performing very well and on track to meet guidance by September/October.

As at mid-June 2017, five batches of ore had been delivered for which Intermin had received the first tranche payments under the ore sales agreement totalling $3.0 million.

Mining is part of the Teal Stage 1 operation, which the company believes will produce 15,000 to 16,000 ounces of gold.

The Teal Stage 1 open pit gold mine was originally estimated to be capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

The company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions.

Intermin recently executed a formal joint venture agreement with Eastern Goldfields (ASX:EGS) covering the Menzies and Goongarrie Gold Projects.

The collaborative approach enables accelerated exploration and mining inventory growth to underpin dedicated processing infrastructure in the Menzies region for mutual benefit.

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Tue, 04 Jul 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180261/intermin-resources-ltd-receives-cash-injection-from-options-180261.html
<![CDATA[News - Intermin Resources in-the-money options final trading day ]]> http://www.proactiveinvestors.com.au/companies/news/179784/intermin-resources-in-the-money-options-final-trading-day-179784.html Intermin Resources (ASX:IRC) has reminded its holders of options expiring 30 June 2017 that today is the last day to trade these options on the ASX.

The options are exercisable at $0.075, which means they are considered in-the-money, given the current share price is $0.092.

The options trade under the ASX ticker IRCO.

With circa 12.7 million options outstanding, if all options were to be exercised, this would theoretically provide a $950,000 cash injection for Intermin.

Options not exercised by 5pm (AWST) on 30 June 2017 will lapse.


Gold mining operations

Intermin is currently gold mining at its 100% owned Teal Gold Mine located 11 kilometres north-west of Kalgoorlie-Boulder in Western Australia.

As at mid-June 2017, five batches of ore had been delivered for which Intermin had received the first tranche payments under the ore sales agreement totalling $3.0 million.

Mining is part of the Teal Stage 1 operation, which the company believes will produce 15,000 to 16,000 ounces of gold.

The Teal Stage 1 open pit gold mine was originally estimated to be capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

The company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions.

Intermin recently executed a formal joint venture agreement with Eastern Goldfields (ASX:EGS) covering the Menzies and Goongarrie Gold Projects.

The collaborative approach enables accelerated exploration and mining inventory growth to underpin dedicated processing infrastructure in the Menzies region for mutual benefit.

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Mon, 26 Jun 2017 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179784/intermin-resources-in-the-money-options-final-trading-day-179784.html
<![CDATA[News - Intermin Resources generating strong cash flow from gold mine ]]> http://www.proactiveinvestors.com.au/companies/news/179189/intermin-resources-generating-strong-cash-flow-from-gold-mine-179189.html Intermin Resources (ASX:IRC) continues its gold mining operations at its 100% owned Teal Gold Mine located 11 kilometres north-west of Kalgoorlie-Boulder in Western Australia.

Five batches of ore have been delivered for which Intermin has received the first tranche payments under the ore sales agreement totalling $3.0 million.

Jon Price, managing director, commented: “We are now seeing consistent cash flow from Teal as we complete the northern section and begin ore mining in the south of the pit.

“It is extremely pleasing to see the grade of the ore tracking well against the resource model in both sections of the mine.

“In a healthy gold price environment, the team are focussed on the safe and efficient completion of Teal Stage 1 with cash proceeds to fund an aggressive exploration program, completion of the Goongarrie Lady feasibility study and the pursuit of further acquisitions.”


Operations update

Ore mining in the northern section of the Teal pit is largely complete and will continue on a single shift basis in the south until mine completion in September.

Five batches of ore have been delivered to the Paddington run of mine (RoM) pad totalling 51,000 dry tonnes at an average mine predicted grade of 3.0 g/t gold.

Intermin has received first tranche payments for all five batches in accordance with the ore sales agreement totalling $3.0 million.

Intermin continues to believe it will produce 15,000 to 16,000 ounces from Teal Stage 1.

Additional costs incurred on wall slip remediation, drill and blast and water management have resulted in a higher estimated all-in cost of $1,030 to $1,090 per ounce produced but Intermin is still generating strong margins at the current gold price.

Ore mining has commenced in the southern half of the pit with results from the grade control model in line with the resource model estimates.


Expanding gold production

Intermin is focussed on the Kalgoorlie and Menzies areas of Western Australia where it has total resources of 4.95 million tonnes grading 2.24 g/t gold for 355,741 ounces of gold.

The JORC resource estimate is spread across 7 different gold deposits, of which Teal is the most advanced being currently in production.

The Teal Stage 1 open pit gold mine within the Teal project was estimated to be capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

The company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions.

Intermin recently executed a formal joint venture agreement with Eastern Goldfields (ASX:EGS) covering the Menzies and Goongarrie Gold Projects.

The collaborative approach enables accelerated exploration and mining inventory growth to underpin dedicated processing infrastructure in the Menzies region for mutual benefit.

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Wed, 14 Jun 2017 12:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/179189/intermin-resources-generating-strong-cash-flow-from-gold-mine-179189.html
<![CDATA[News - Intermin Resources gains Eastern Goldfields as substantial shareholder ]]> http://www.proactiveinvestors.com.au/companies/news/178930/intermin-resources-gains-eastern-goldfields-as-substantial-shareholder-178930.html Intermin Resources (ASX:IRC) has received a notice of initial shareholder from Eastern Goldfields (ASX:EGS), which holds a 6.05% stake.

The two companies recently entered a joint venture covering the Menzies and Goongarrie Gold Projects in Western Australia, With Intermin issuing the shares as part consideration.

The strategy is to increase resource inventory at Menzies and EGS’s Mount Ida project areas targeting high grade open cut and underground developments to underpin construction of a processing facility.

There is currently no processing infrastructure in the region, this facility could meet the processing needs of EGS, Intermin and other third parties.

The Goongarrie project area is in close proximity to EGS’s Davyhurst 1.2 million tonnes per annum processing facility currently undergoing refurbishment and recommissioning.

The plan is to conduct significant exploration and resource development drilling to augment ore feed for the mill for mutual benefit.

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Thu, 08 Jun 2017 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178930/intermin-resources-gains-eastern-goldfields-as-substantial-shareholder-178930.html
<![CDATA[News - Intermin Resources formalises joint venture agreement ]]> http://www.proactiveinvestors.com.au/companies/news/178602/intermin-resources-formalises-joint-venture-agreement-178602.html Intermin Resources (ASX:IRC) has executed the formal joint venture agreement with Eastern Goldfields (ASX:EGS) covering the Menzies and Goongarrie Gold Projects in Western Australia.

Intermin has issued 6.25 million shares priced at $0.12 and has received the $750,000 part two payment from EGS pursuant to the terms of the joint venture.

In addition, EGS has been issued 3.125 million options exercisable at $0.17 and expiring 31 August 2018.

The collaborative approach enables accelerated exploration and mining inventory growth to underpin dedicated processing infrastructure in the Menzies region for mutual benefit.


Joint venture strategic rationale

Both Intermin and EGS have significant land holdings in this region.

The strategy is to increase resource inventory at Menzies and EGS’s Mount Ida project areas targeting high grade open cut and underground developments to underpin construction of a processing facility.

There is currently no processing infrastructure in the region, this facility could meet the processing needs of EGS, Intermin and other third parties.

The Goongarrie project area is in close proximity to EGS’s Davyhurst 1.2 million tonnes per annum processing facility currently undergoing refurbishment and recommissioning.

The strategy is to conduct significant exploration and resource development drilling to augment ore feed for the mill for mutual benefit.


Agreement details

Details of the original heads of agreement from September 2016 between the parties include:

- EGS can earn 25% of the project areas by spending $2 million within a 2 year period and a further 25% by spending $2 million over the following 2 year period;
- EGS to solely contribute to further expenditure of $1.5 million on the projects inclusive of a bankable feasibility study to support a mill installation in the Mt Ida and Menzies region to earn a further 15%;
- EGS to invest $1.5 million in equity in Intermin;
- EGS will manage exploration with direction from JV representatives; and
- EGS and Intermin to execute a formal agreement in the next 60 days.

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Thu, 01 Jun 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/178602/intermin-resources-formalises-joint-venture-agreement-178602.html
<![CDATA[News - Intermin Resources receives first cash for gold production ]]> http://www.proactiveinvestors.com.au/companies/news/177755/intermin-resources-receives-first-cash-for-gold-production-177755.html Intermin Resources (ASX:IRC) has received its first cash payment for ore delivered from Intermin’s 100% owned Teal Gold Mine located near Kalgoorlie-Boulder in Western Australia.

Payment of $506,000 was received for the first batch of 9,700 dry tonnes of ore grading 2.7 g/t gold delivered to the Paddington Mill.

Haulage of the second and third batches has recently been completed with the fourth ore batch currently being stockpiled on the Teal run-of-mine (ROM) pad.

Jon Price, managing director, commented: “The Intermin team and our alliance partners, RM Contracting, are to be congratulated for their efforts that have culminated in the first ore delivery, gold production and cash flow from Teal.

“Intermin now enters an exciting period of continuous cash generation that will fund our aggressive exploration program and progress our growing production pipeline across projects at Goongarrie Lady, Teal and Anthill.”


Expanding gold production

Intermin is focussed on the Kalgoorlie and Menzies areas of Western Australia where it has total resources of 4.95 million tonnes grading 2.24 g/t gold for 355,741 ounces of gold.

The JORC resource estimate is spread across 7 different gold deposits, of which Teal is the most advanced being currently in production.

The company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions.


Analysis

The cash payment supports Intermin’s strategy of generating cash by developing 100% owned gold projects close to infrastructure.

Intermin is fortuitously positioned with a strong project pipeline that it intends to self-fund for business growth.

Funds from Teal Stage 1 will continue to be reinvested in exploration and resource development.

Drilling continues to increase the confidence in Intermin’s project pipeline with drilling results expected during the current June quarter from resource expansion programs.

During the calendar year, Intermin will be working towards making a development decision at its Goongarrie Lady gold deposit and a Teal State 2 scoping study.

Teal Stage 1 expects to generate circa A$8.6 million by recovering 15,567 ounces using a A$1,600 per ounce gold price.

Gold is currently trading at A$1,660 per ounce.

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Mon, 15 May 2017 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/177755/intermin-resources-receives-first-cash-for-gold-production-177755.html
<![CDATA[News - Intermin Resources: Access latest PPT from Proactive's CEO Sessions ]]> http://www.proactiveinvestors.com.au/companies/news/176390/intermin-resources-access-latest-ppt-from-proactive-s-ceo-sessions-176390.html Intermin Resources (ASX:IRC) managing director, Jon Price, joined Proactive's CEO Sessions in Melbourne on Tuesday, 11th April and Sydney on Wednesday, 12th April.

Intermin is set to become Australia's newest gold producer through an ore milling agreement.

The company is set for extensive near term newsflow from its 35,000 metre drilling program.

ACCESS THE FULL PRESENTATION HERE

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Thu, 13 Apr 2017 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/176390/intermin-resources-access-latest-ppt-from-proactive-s-ceo-sessions-176390.html
<![CDATA[News - Intermin Resources and partner Evolution Mining drilling for gold at Binduli ]]> http://www.proactiveinvestors.com.au/companies/news/175965/intermin-resources-and-partner-evolution-mining-drilling-for-gold-at-binduli-175965.html Intermin Resources' (ASX:IRC) partner, Evolution Mining (ASX:EVN), has commenced a 3500 metre drilling program at the Binduli Joint Venture gold project.

The project is located 5 kilometres from Kalgoorlie-Boulder in Western Australia, and comprises a 100 square kilometre tenement package.

There are several high priority prospects first defined in the 90’s that have received little exploration for over 20 years.

Binduli is just along strike from Intermin's wholly-owned Teal gold project, where stage 1 has already entered production.

Jon Price, managing director for Intermin, commented:

"We believe that the region immediately south and southwest along strike from our Teal gold project is very much under-explored and that there are significant discoveries to be made.

"This is the first drill program since inception of the joint venture and significant new information relating to mineralising structures seen within the Teal gold project is now available to assist Evolution with regional interpretation and targeting."


Drilling timeline

The aircore drilling program is underway, and will cover 3500 metres across up to 67 holes, and take around three weeks.

The plan is to confirm historic mineralisation and explore for extensions.

Under the terms of the Binduli Joint Venture Agreement, Evolution can earn 70% of the project by spending $4.6 million over 5 years.

Evolution is manager of the project.

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Wed, 05 Apr 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/175965/intermin-resources-and-partner-evolution-mining-drilling-for-gold-at-binduli-175965.html
<![CDATA[News - Intermin Resources reveals cash flow potential for Goongarrie Lady ]]> http://www.proactiveinvestors.com.au/companies/news/175578/intermin-resources-reveals-cash-flow-potential-for-goongarrie-lady-175578.html Intermin Resources (ASX:IRC) has delivered a Scoping Study which identifies Goongarrie Lady as a technically strong and financially viable project.

Jon Price, managing director, commented: "The results of the Scoping Study for Goongarrie Lady demonstrate strong potential to generate significant cash flow for the business with low upfront capital requirements and very good cash margins."

Key outcomes:

- Oxide and transitional material accessed via shallow open pit mining producing 142,000 tonnes at a diluted grade of 3.40g/t for 15,639 ounces over a 7 month mine life;
- Ore processing at 94% metallurgical recovery produces 14,700 ounces recovered;
- Low upfront capital costs of A$0.53 million;
- Competitive all in cost estimate of A$1,081 an ounce; and
- At a gold price of A$1,600 an ounce, the project generates A$7.6 million in free cash flow.

The study assumes contract mining and haulage with ore milled at a nearby third party facility.

Statutory approvals are on track, with a Feasibility Study commenced for completion in the September quarter 2017.

Goongarrie Lady is located on Mining Lease M29/420, and is 80 kilometres north of Kalgoorlie-Boulder in Western Australia, and 2 kilometres east of the sealed Goldfields Highway.


Analysis

Intermin's business model is to develop its wholly-owned gold assets and generate cash flow.

This helps in the transition to being a self-funded explorer, and therefore reduces shareholder dilution from capital raisings.

The Teal gold mine is now in production, and Goongarrie Lady is shaping up as Intermin’s next mine.

With cash margins over 45%, the board has approved completion of the full Feasibility Study.

This will be self-funded and include further infill drilling to improve geological confidence / reduce risk to establish a maiden Reserve from JORC Measured category.

The drilling will also target additional ore from areas still in the inferred category to grow the project.


Find out more from Jon Price at Proactive's CEO Sessions.

Click on city below to register by email

- Melbourne: Tuesday 11th April.
- Sydney: Wednesday 12th April.
- Email Pauline here.
- Call office on (02) 9280 0700.

Presenter list

- Intermin Resources (ASX:IRC): MD Jon Price
- Southern Gold (ASX:SAU): MD Simon Mitchell
- Proteomics International Laboratories (ASX:PIQ): MD Richard Lipscombe
- Dimerix (ASX:DXB): CEO Kathy Harrison
- Novogen (ASX:NRT): CEO Dr James Garner (Presenting in Melbourne only)
- Aspire Mining (ASX:AKM): MD David Paull (Presenting in Sydney only)

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Wed, 29 Mar 2017 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175578/intermin-resources-reveals-cash-flow-potential-for-goongarrie-lady-175578.html
<![CDATA[News - Intermin Resources more than doubles gold resource at Teal ]]> http://www.proactiveinvestors.com.au/companies/news/175179/intermin-resources-more-than-doubles-gold-resource-at-teal-175179.html Intermin Resources (ASX:IRC) has updated its JORC resource estimate for its 100% owned Teal gold project area located 11 kilometres north of Kalgoorlie-Boulder in Western Australia.

The project’s total resource increased by 120% to 2.26 million tonnes grading 2.19 g/t gold for 159,390 ounces.

This is the results of a successful drilling program in the December quarter which generated maiden resources at Peyes Farm and at the Jacques Find discovery 600 metres south of the Teal Stage 1 gold mine currently in production.

Mine optimisation studies are now underway for Teal Stage 2 and Peyes Farm focused on extensions to the supergene and transitional material that are free milling.

Jon Price, managing director, commented: “Teal is becoming a very exciting new mining precinct only 11 kilometres north of Kalgoorlie-Boulder.

“We now look forward to expanding these Resources further along strike and at depth and completing mining studies to bring these projects into our production pipeline.”


Teal resource details

The Teal gold project’s total resource is comprised of four deposits: Teal Pit, Teal (excluding Teal Pit), Peyes Farm and Jacques Find.

Mineralisation at Teal, Peyes Farm and Jacques Find is interpreted to occur in similar geological settings along strike and in parallel primary lodes and are open in all directions.

The combined resource is significant and has now been defined to occur for over 2 kilometres in strike length and to a maximum vertical depth of 250 metres in some zones.

The large areal extent of mineralisation, the presence of multiple parallel lodes and high grades suggest there is potential to define a significantly larger open pit or underground resource with further drilling.


Optimisation studies and follow up drilling plans

The updated resource will now be used to inform an engineering scoping study into the potential for an expansion to the current Teal mining operations known as Teal Stage 2.

Further test work is required to determine the optimal processing route for Teal primary mineralisation and to generate initial metallurgical results for Peyes Farm and Jacques Find.

Diamond drill core samples from holes completed during the 2016 exploration programs will be used for this work.

The next drilling program will commence in the June quarter and focus on infill drilling at Goongarrie Lady, Teal Stage 2 and Anthill to progress the mining pipeline studies.

It will also include a large scale exploration program searching for the next big discovery with priority targets at Blister Dam, Windanya, Olympia and Anthill extended.


Analysis

This resource upgrade outlines the significant potential the Teal gold project has to expand operations from the recently producing Stage 1 open pit mine, which is forecast to recover 15,567 ounces of gold grading 3.2 g/t and generate $8.6 million in cash.

First ore was recently mined from the northern section of the pit and has been delivered to the run-of-mine (ROM) pad, where is will be hauled to the Paddington mill.

Intermin’s strategy is to grow its JORC gold resources through infill, extensional and grass roots exploration and complete feasibility studies on core projects to build a sustainable production profile.

The 2016 drilling programs have delivered solid results and the drilling has converted into increased resources at a competitive discovery cost of under $10 per ounce.

Intermin shares are up 20% in 2017 currently priced at $0.12.

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Wed, 22 Mar 2017 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175179/intermin-resources-more-than-doubles-gold-resource-at-teal-175179.html
<![CDATA[News - Intermin Resources gets ready to haul first gold ore to mill ]]> http://www.proactiveinvestors.com.au/companies/news/175026/intermin-resources-gets-ready-to-haul-first-gold-ore-to-mill-175026.html Intermin Resources (ASX:IRC) is preparing to track its first load of mined gold ore to the Paddington mill from its wholly owned Teal Gold Mine located near Kalgoorlie.

First ore was mined from the northern section of the pit and has been delivered to the run-of-mine (ROM) pad.

The mine is forecast to recover 15,567ounces of gold grading 3.2 g/t and generate $8.6 million in cash.

Jon Price, managing director, commented:

"First gold production at Teal is a significant milestone for the company and opens up a new mining centre in the Western Australian goldfields given the significant exploration success to date.

"We now look forward to continuous production that will generate cash to grow the business through self-funded exploration and development of our mining pipeline."


Mining details

Development of the project commenced in November 2016 with waste overburden removal focussed on the northern section of the pit to access the ore closest to surface and to enable uninterrupted mining during grade control drilling.

In February, the mining fleet moved to the southern section enabling grade control drilling in the north which is now complete.

Trucking to the Paddington mill will begin shortly with ore deliveries to continue for the next 18 weeks with Stage 1 completion expected in July with final ore sales in August this year.

Severe rainfall and flooding occurred in the Goldfields during January and February which impacted access to the mine for more than two weeks.

Although no major damage occurred, considerable clean-up was required on re-entry to the mine site. Ground conditions have improved considerably since this time and mining is progressing well.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The company also recently agreed to acquire the Anthill gold project located in the Kalgoorlie region.

Intermin has signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.

The company also has interests in a vanadium-molybdenum project in northwest Queensland.


Analysis

Production of the first gold ore from Teal Stage 1 is a significant step forward and achievement for Intermin.

Furthermore, it will provide the company with sustainable cash flow which will be used to generate news flow through 2017.

Funding will be used to:

- Accelerate brownfields exploration drilling at 100% owned projects Blister Dam, Windanya, Olympia, Anthill extended and Kanowna North;
- For resource extensions at Teal, Peyes Farm and Jacques Find; and
- For infill drilling in preparation for mine development pipeline projects at Goongarrie Lady, Teal Stage 2 and Anthill.

This is in line with the company’s strategy to grow its JORC-compliant resources through infill, extensional and grass roots exploration and complete feasibility studies on core projects to build a sustainable production profile.

Intermin shares are up 20% in 2017 currently priced at $0.12.

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Mon, 20 Mar 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175026/intermin-resources-gets-ready-to-haul-first-gold-ore-to-mill-175026.html
<![CDATA[News - Intermin Resources acquires gold project near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/174425/intermin-resources-acquires-gold-project-near-kalgoorlie-174425.html Intermin Resources (ASX:IRC) has signed a binding agreement to acquire the Anthill gold project located 54 kilometres northwest of Kalgoorlie-Boulder in Western Australia.

The project is on the Zuleika Shear in the Western Australian goldfields and is 10 kilometres from Intermin’s 100% owned Blister Dam project.

Anthill contains a JORC (2004) resource of 160,000 ounces gold and data review is now underway with drilling planned for the current June quarter.

Limited drilling has been completed over the last 5 years with historical drilling demonstrating broad high grade zones in the upper areas and high grade intercepts at depth.

Jon Price, managing director, commented: “The project is a fantastic addition to our portfolio and lies within multi-million ounce gold camps on the Zuleika and Carnage shear zones where recent new discoveries have been made by the major producers in close proximity.”


Anthill acquisition

Intermin has agreed to pay $300,000 cash for the project comprised of $50,000 upfront and $250,000 due by June 30 2017. It will also pay a $5 per ounce royalty on the first 100,00 ounces mined.

The project consists of one granted mining lease and one miscellaneous license for haulage covering an area of 7 square kilometres.

The previous owners, Metaliko Resources Ltd, a subsidiary of Echo Resources (ASX:EAR) has quoted Anthill as containing 5.18 million tonnes at 1.0 g/t gold for 160,000 ounces of gold at a 0.5 g/t gold cut-off.

Drilling reported on the project in 2011 contained significant broad intercepts from both infill drilling and drilling outside the current resource envelope.

These down-hole results included:

- 44 metres at 2.4 g/t gold from 56 metres;
- 42 metres at 2.1 g/t gold from 50 metres;
- 38 metres at 1.9 g/t gold from 52 metres;
- 6 metres at 6.1 g/t gold from 40 metres; and
- 32 metres at 1.8 g/t gold from 89 metres.

Drilling from 2002-2003 included high grade intercepts including 1 metre at 88.9 g/t gold and 5 metres at 19.25 g/t gold.

Drilling has defined a mineralised zone that extends from surface to over 200 metres depth.

The deeper parts of the mineralisation zone are only tested by a small number of drill holes and its depth extent remains open.


Next steps

Intermin will now conduct a detailed assessment of the database and all geological information for the project and plan a drilling program.

The drilling objective will be to confirm the quoted resource to JORC (2012) standard and to test extensions to mineralisation along strike, at depth and on parallel structures.


Analysis

Anthill is a good addition to Intermin’s portfolio as it is in an area surrounded by major gold miners who have delivered a number of new discoveries through targeted drilling.

It expands Intermin’s portfolio which contains a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The project is located immediately along strike from high grade gold camps including Bullant (+1.0 million ounces), Broads Dam (+4.0 million ounces), Kundana (+5.0 million ounces) and Frogs Leg (+1.5 million ounces).

With mining at the Teal Stage 1 open pit gold operation advancing, Intermin is shaping up for a busy 2017.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin shares are up  40% over the past 12 months, currently trading at $0.10.

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Wed, 08 Mar 2017 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/174425/intermin-resources-acquires-gold-project-near-kalgoorlie-174425.html
<![CDATA[News - Intermin Resources defines gold mineralisation from regional exploration ]]> http://www.proactiveinvestors.com.au/companies/news/173958/intermin-resources-defines-gold-mineralisation-from-regional-exploration-173958.html Intermin Resources (ASX:IRC) recently completed reconnaissance drilling programs at some regional prospects, which included the wholly-owned Blister Dam, Baden Powell and Janet Ivy South, located near Kalgoorlie in Western Australia.

Jon Price, managing director, commented:

"These exciting projects have had little to no modern exploration and we look forward to completing further drilling at all prospects as part of our large 2017 program commencing in the June quarter."

Highlights include:

- 21 metres at 0.92g/t gold from 55 metres at Blister Dam;
- 4 metres at 3.13g/t gold from 80 metres at Blister Dam;
- 14 metres at 1.52g/t gold from 25 metres at Baden Powell;
- 5 metres at 1.42g/t gold from 22 metres at Baden Powell;
- 3 metres at 4.87g/t gold from 40 metres at Janet Ivy South; and
- 2 metres at 3.32g/t gold from 35 metres at Janet Ivy South.


Analysis

The key outcomes from the regional drilling is the definition of a new high priority, untested, 4 kilometre long gold in soil anomaly located 2 kilometres northeast of and parallel to the Baden Powell prospect.

Now underway is target generation and prospect assessment for all of the company's granted tenure.

This is expected to be finalised in early April 2017.

Upcoming news flow

- Teal production/mining updates;
- Goongarrie Lady gold deposit scoping study results; and
- New regional gold exploration targets and drilling plans.

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Wed, 01 Mar 2017 08:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/173958/intermin-resources-defines-gold-mineralisation-from-regional-exploration-173958.html
<![CDATA[News - Intermin Resources intersects shallow oxide gold at Goongarrie Lady ]]> http://www.proactiveinvestors.com.au/companies/news/173092/intermin-resources-intersects-shallow-oxide-gold-at-goongarrie-lady-173092.html Intermin Resources (ASX:IRC) has received assays from its five hole, 264 metre reverse circulation program at its 100% owned Goongarrie Lady gold project located 90 kilometres from Kalgoorlie-Boulder in Western Australia.

Significant shallow oxide intercepts include 11 metres at 5.36 g/t gold from 29 metres depth.

The results validate historic results from drill programs in the 1990s and have increased geological confidence in the resource model allowing it to advance to the next phase.

The project is shaping up as the next development opportunity after the Teal Stage 1 gold operation which will be in production this month despite heavy rainfall in the goldfields.

A scoping study at Goongarrie Lady for the development of a shallow open cut mine with ore haulage and treatment at third party facilities is on track for completion in the current March quarter.

Jon Price, managing director, commented:

"Goongarrie Lady is shaping up nicely as our next project in the production pipeline after Teal Stage 1 and has the potential to become a shallow low strip ratio oxide pit with good grade and lower capital development costs."


Drill result details

Drill results are from a reverse circulation drill program completed in the December quarter at the 100% owned Goongarrie Lady gold project.

Significant shallow oxide intercepts include:

- 11 metres at 5.36 g/t gold from 29 metres including 1 metre at 23.60 g/t gold;
- 1 metre at 19.90 g/t gold from 33 metres;
- 2 metres at 5.91g/t gold from 33 metres; and
- 2 metres at 3.01g/t gold from 37 metres.

The five-hole program was also positioned to provide representative metallurgical samples from across the known resource and samples for waste characterisation analysis.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

During 2016, Intermin signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.

The company also has interests in a vanadium-molybdenum project in northwest Queensland.


Goongarrie Lady

The Goongarrie Lady project is located on a granted mining lease within the prospective Bardoc Tectonic Zone that extends north from Kalgoorlie to Menzies.

The current JORC resource stands at 270,000 tonnes grading 2.9 g/t for 25,000 ounces of gold and is predominantly comprised of oxide mineralisation.

Julia Mines Ltd mined a small oxide pit at the Goongarrie Lady deposit in 1989 with 28,606 tonnes grading 2.7g/t gold extracted before a pit wall collapse and flooding event caused the cessation of mining.

The current resource will now be re-optimised using the latest costs and metallurgy test work has commenced to confirm historical recoveries in the low to mid 90s.

Key activities underway at Goongarrie Lady include:

- Infrastructure and services requirements;
- Estimate of haulage, processing and technical services costs;
- Capital cost estimate;
- Pit optimisation study and pit design; and
- Mining proposal and mine closure plan.


Analysis

With mining at the Teal Stage 1 open pit operation scheduled to begin this month, Goongarrie Lady provides Intermin with a valuable opportunity for a second near-term gold mining operation.

Statutory approval activity for mine development is well advanced and a number of key activities are underway at the project.

Furthermore, the deposit is positioned close to established milling infrastructure with potential ore haulage routes available on an existing road network enabling reduced haulage capital cost estimates.

Three mills are located within 100 kilometres of the project with the Paddington mill located 60 kilometres to the south and the Davyhurst mill located 70 kilometres west.

Intermin shares are up over 70% over the past 12 months, currently trading at $0.12.

Investors remain leveraged to news flow in the short term regarding:

- Teal production/mining updates;
- Regional exploration results; and
- New regional exploration targets and drilling plans.

Further resource confirmation drilling, quality assessment and a geological interpretation review is planned upon completion of the current engineering scoping study to identify areas of the deposit requiring additional data.

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Tue, 14 Feb 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/173092/intermin-resources-intersects-shallow-oxide-gold-at-goongarrie-lady-173092.html
<![CDATA[News - Intermin Resources strengthens open-pit potential at Jacques Find ]]> http://www.proactiveinvestors.com.au/companies/news/172819/intermin-resources-strengthens-open-pit-potential-at-jacques-find-172819.html Intermin Resources (ASX:IRC) has once again revealed high-grade gold drilling results from one of its assets located near Kalgoorlie-Boulder in Western Australia.

A follow-up drilling program of 15 holes over 1900 metres focused on extensions along strike and at depth at Jacques Find, which is located 500 metres from Intermin's Teal gold mine.

Highlights included:

- 5 metres at 6.94g/t gold from 89 metres;
- 6 metres at 5.18g/t gold from 143 metres;
- 7 metres at 3.47g/t gold from 115 metres; and
- 6 metres at 3.44g/t gold from 122 metres.

Jon Price, managing director, said Jacques Find continues to demonstrate high grade open cut and underground potential and remains open in all directions.

"As with the recent Peyes Farm results, our geological understanding has grown significantly in this new mining centre and we are discovering multiple lodes with good width and grade boding well for Resource estimation and planned mine development studies."


Next steps

Intermin now has data review and modelling underway to complete a maiden resource estimate before the end of March 2017.

Expansion drilling will follow.


Analysis

The more Intermin is drilling out the entire Teal project area, the more the company will be learning and finding.

The area has the potential to be a very large mineralised system suitable for both open cut and underground mining.

Additional metallurgical test work is also underway to assess the optimal processing pathway for the oxide and primary mineralisation.

The next program is planned for early April.

Intermin will also now focus on producing the first ore from Teal Stage 1 and becoming cash positive.

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Wed, 08 Feb 2017 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172819/intermin-resources-strengthens-open-pit-potential-at-jacques-find-172819.html
<![CDATA[News - Intermin Resources director lifts stake through option exercise ]]> http://www.proactiveinvestors.com.au/companies/news/172656/intermin-resources-director-lifts-stake-through-option-exercise-172656.html Hughes exercised 562,085 $0.075 options (June 2017 expiry) for a consideration of circa $42,000.

Intermin shares last traded at $0.11.

Hughes now has a direct and indirect stake of over 2.5 million shares, along with several lines of listed and unlisted options.

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

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Mon, 06 Feb 2017 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172656/intermin-resources-director-lifts-stake-through-option-exercise-172656.html
<![CDATA[News - Intermin Resources gold assays extend mineralisation ]]> http://www.proactiveinvestors.com.au/companies/news/172462/intermin-resources-gold-assays-extend-mineralisation-172462.html Intermin Resources (ASX:IRC) has intersected significant high grade gold at the 100% owned Peyes Farm gold prospect within the Teal gold project, 11 kilometres from Kalgoorlie.

Results extend mineralisation along strike and at depth from high grades intercepted in the August 2016 program.

Highlights include 13 metres at 5.42 g/t gold from 55 metres depth.

Peyes Farm is located 600 metres from the Teal gold mine, where first production is expected shortly and 200 metres from the new Jacques Find discovery.

A maiden resource estimate is expected in the current March quarter.

Jon Price, managing director, commented: “As we bring Teal into production in the next few weeks, it is extremely pleasing to see the significant opportunity to further expand our resource base in this exciting new mining centre.”


Drill result details

The follow up reverse circulation drill program is complete and comprised 46 holes for 3,796 metres.

It was designed to further extend gold mineralisation both along strike and at depth outside of the current mineralised envelope.

Significant high grade gold mineralisation was intersected including:

- 13 metres at 5.42 g/t gold from 55 metres;
- 9 metres at 5.14 g/t gold from 82 metres;
- 6 metres at 5.10 g/t gold from 44 metres;
- 1 metres at 29.7 g/t gold from 69 metres;
- 6 metres at 3.29 g/t gold from 68 metres; and
- 8 metres at 2.31 g/t gold from 80 metres.

The program returned numerous high grade intercepts and the mineralisation now spans 500 metres along strike.

Data review and modelling is underway for further extensional drilling in the June quarter.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

The company recently completed site mobilisation and commenced pre-strip mining.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.

The company also has interests in a vanadium-molybdenum project in northwest Queensland.


Analysis

The infill and extensional drilling at Peyes Farm has produced encouraging results and the drill program’s value will be further realised in the pending maiden JORC resource.

Intermin is fortunate to be located in close proximity to three ideal processing plants in Kalgoorlie and the company will continue discussions with the third party owners.

With Teal oxide extensions and Teal deeps shaping up, the area, together with the nearby Peyes Farm and the new Jacques Find projects, is fast becoming a new mining centre.

Intermin shares are up over 80% over the past 12 months, currently trading at $0.11.

Investors remain leveraged to news flow in the short term regarding:

- Jacques drilling results;
- Teal production/mining updates;
- Regional exploration results;
- Pit optimisation results for Goongarrie Lady;
- New regional exploration targets and drilling plans; and
- Investor road shows planned for February and March 2017.

All is in place for ore delivery from Teal Stage 1 to Paddington over the coming weeks, which will complete Intermin’s transition to gold producer.

Production after that time is expected to be continuous at circa 30,000-40,000 tonnes per month.

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Wed, 01 Feb 2017 14:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172462/intermin-resources-gold-assays-extend-mineralisation-172462.html
<![CDATA[News - Intermin Resources drills out gold mineralisation extensions ]]> http://www.proactiveinvestors.com.au/companies/news/171770/intermin-resources-drills-out-gold-mineralisation-extensions-171770.html Intermin Resources (ASX:IRC) has received final drill results from its 33 hole program at the 100% owned Teal gold project located 11 kilometres from Kalgoorlie-Boulder in Western Australia.

Results include 16 metres at 4.06 g/t gold from 73 metres depth.

The program comprised 33 reverse circulation holes for 3,941 metres and 10 diamond tails for 921.3 metres.

The program was designed to intersect gold mineralisation beneath the current Teal Stage 1 pit and south along strike, named Teal South.

An updated resource estimate is expected in the current March quarter.

Intermin is also expecting first gold production from Teal Stage 1 in the coming weeks.

Jon Price, managing director, commented: “The diamond drilling, in particular, has given us a much clearer understanding of structural controls on the mineralisation and will assist with our modelling and targeting for the next drilling campaign.

“Teal Deeps is only just starting to show its hand and will be a key focus for the company going forward.”


Drill result details

Significant results from the drill program include:

- 16 metres at 4.06 g/t gold from 73 metres including 9 metres at 5.37g/t gold;
- 15 metres at 4.24 g/t gold from 130m including 7 metres at 5.54 g/t gold;
- 3 metres at 12.04 g/t gold from 80 metres;
- 3 metres at 4.96 g/t gold from 50 metres;
- 2 metres at 14.15 g/t gold from 72 metres;
- 2 metres at 9.81 g/t gold from 97 metres; and
- 1.61 metres at 17.80 g/t gold from 215.39 metres.
The program returned numerous high grade hits providing Intermin with significant encouragement to pursue an aggressive follow up exploration program in the June quarter.

Multiple sub-vertical parallel lodes have been identified with good width and grade and now more continuous along section.

Additional metallurgical test work will also be undertaken to determine the materials amenability to conventional free milling, roasting and ultra-fine grinding extraction methods.

The drilling results in general indicate typical grade variability seen in economic deposits of this type with most mineralisation visually identified in the core.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

The company recently completed site mobilisation and commenced pre-strip mining.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.

The company also has interests in a vanadium-molybdenum project in northwest Queensland.


Analysis

Drilling has proved successful for Intermin both along strike to the south and at depth.

Furthermore, thanks to the diamond tails, the company is now getting a clearer understanding on structural control on the mineralisation.

Drill has clearly demonstrated the underground potential and further drilling will be completed in the June quarter.

Intermin is fortunate to be located in close proximity to three ideal processing plants in Kalgoorlie and the company will continue discussions with the third party owners.

With Teal oxide extensions and Teal deeps shaping up, the area, together with the nearby Peyes Farm and the new Jacques Find projects, is fast becoming a new mining centre.

Intermin shares are up over 80% over the past 12 months.

Investors remain leveraged to news flow in the short term regarding:

- Teal production/mining updates;
- Regional exploration results; and
- New pit optimisation results.

All is in place for ore delivery to Paddington over the coming weeks, which will complete Intermin’s transition to gold producer.

Production after that time is expected to be continuous at circa 30,000-40,000 tonnes per month.

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Wed, 18 Jan 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171770/intermin-resources-drills-out-gold-mineralisation-extensions-171770.html
<![CDATA[News - Intermin Resources acquires advanced drill targets near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/171508/intermin-resources-acquires-advanced-drill-targets-near-kalgoorlie-171508.html Intermin Resources (ASX:IRC) has acquired the Kanowna North gold project and new exploration tenure at the Yarmony project located in the Kalgoorlie-Boulder region of Western Australia.

Kanowna North lies over prospective shear zones and granite-greenstone contacts where only limited reconnaissance style drilling has occurred.

The project is highly mineralised and local prospectors have reported the recovery of significant gold nuggets from surface metal detecting and grading activity over a continuous 2 kilometre long strike zone.

Kanowna North comprises one granted mining licence and two granted prospecting licences covering 275.35 hectare.

The new tenure at Yarmony extends the continuous strike length of the project to 15 kilometres.

Significant shallow gold has been intersected in historic auger and aircore drilling at the priority Echidna and Alligator prospects within the extensional ground at Yarmony.

Jon Price, managing director, commented: “The new projects add to our 100% owned asset base and provide us with multiple new advanced drilling targets to test and grow our resource profile.”


Kanowna North

The project has been purchased on a 100% basis from a prospecting consortium for the consideration of 500,000 Intermin shares at a deemed price of $0.10 per share.

The Kanowna North project is located 17 kilometres northwest of the 10+ million ounce Kanowna Belle Mining Complex and 9 kilometres south of the 1+ million ounce Mulgarrie Mining Complex.

Very little systematic gold exploration has been conducted since some shallow geochemical drilling and one reverse circulation drill hole was undertaken between1994 and 1996.

Data compilation has commenced and field checking historic drill hole collar locations and workings will be undertaken in January followed by the submission of program of work documents for government approval.


Yarmony project extension

The exploration tenement E16/470 to extend the Yarmony project has been purchased on a 100% basis in consideration of 75,000 Intermin shares at a deemed price of $0.10 per share.

E16/470 is located 49 kilometres northwest of Coolgardie and 12 kilometres southwest of the Dunnsville mining centre.

The largest and most prospective prospects within E16/470 are the Alligator and Echidna prospects which appear to trend north into Intermin’s existing project tenements.

Data compilation has commenced and field checking of historical drill hole collars and workings will be undertaken in the March quarter with other regional projects.

Furthermore, Intermin has submitted another application for exploration tenure to further extend the Yarmony project.


Analysis

The Kanowna North gold project has a significant location as it sits between a 10 million ounce gold mining complex and 1+ million ounce gold mining complex just 35 kilometres from Kalgoorlie.

The prospecting consortium that held the project since the early 1990s have recovered a number of gold nuggets which are believed to come from a nearby source.

The area has had little to no modern exploration to search for the source and with the data review having commenced, drilling will be able to commence around early April.

Intermin shares are up 85% over the past 12 months, currently trading at $0.10.

Intermin is expecting ore from the flagship Teal Gold Mine located near Kalgoorlie to be delivered to the Paddington Mill at the end of January.

This will complete Intermin’s transition into Australia’s newest gold producer.

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Thu, 12 Jan 2017 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171508/intermin-resources-acquires-advanced-drill-targets-near-kalgoorlie-171508.html
<![CDATA[News - Intermin Resources prepares for first ore from Teal gold mine ]]> http://www.proactiveinvestors.com.au/companies/news/171369/intermin-resources-prepares-for-first-ore-from-teal-gold-mine-171369.html Intermin Resources (ASX:IRC) is expecting ore from the Teal Gold Mine located near Kalgoorlie to be delivered to the Paddington Mill at the end of January.

Mining at Teal is progressing well despite heavy rain in December and waste pre-stripping to the grade control level in northern half of the pit has been completed.

Mining is now ramping up with two excavators on double shifts in both northern and southern sections of the pit.

Grade control drilling has commenced with an updated model expected in 2-3 weeks.

Jon Price, managing director, commented: “Despite some wet weather, it is pleasing to see mining advance and grade control drilling commence paving way for first ore production.

“We expect the project to become cash positive in the March quarter as we advance our second mine at Goongarrie Lady in 2017.”


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

The company recently completed site mobilisation and commenced pre-strip mining.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.

The company also has interests in a vanadium-molybdenum project in northwest Queensland.


Analysis

All is in place for ore delivery to Paddington at the end of January, which will complete Intermin’s transition to gold producer.

Production after that time is expected to be continuous at circa 30,000-40,000 tonnes per month.

The gold price has recovered recently meaning Intermin will be selling its gold market currently priced at over A$1,600 per ounce which will help the company bank around $8 million this year.

Intermin’s next mine, Goongarrie Lady, is advancing well and an update on the feasibility study progression is expected shortly.

The company’s share price has more than doubled over the past 12 months, currently priced at $0.11.

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Tue, 10 Jan 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171369/intermin-resources-prepares-for-first-ore-from-teal-gold-mine-171369.html
<![CDATA[News - Intermin Resources managing director lifts stake on-market ]]> http://www.proactiveinvestors.com.au/companies/news/170954/intermin-resources-managing-director-lifts-stake-on-market-170954.html Price purchased 105,000 for circa $10,000, increasing his stake to over 1.7 million shares, with several lines of options.

Intermin is focused on gold in the Kalgoorlie and Menzies areas of Western Australia, and also has interests in a vanadium-molybdenum project in northwest Queensland.

]]>
Wed, 28 Dec 2016 07:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170954/intermin-resources-managing-director-lifts-stake-on-market-170954.html
<![CDATA[News - Intermin Resources secures free carry at vanadium-molybdenum project ]]> http://www.proactiveinvestors.com.au/companies/news/170360/intermin-resources-secures-free-carry-at-vanadium-molybdenum-project-170360.html Intermin Resources (ASX:IRC) has executed a binding agreement to bring in a joint venture partner at its 100% owned Richmond vanadium-molybdenum project in northwest Queensland.

The heads of agreement will see AXF Resource Pty Ltd sole fund and manage up to $6 million of technical beneficiation and commercialisation studies over four years to earn a 75% interest.

Intermin will be free carried until the study completion and AXF is also to subscribe to $430,000 worth of Intermin shares.

Sample collection and further beneficiation test work is to commence in the March quarter.

Jon Price, managing director, commented:

"Richmond is a multi-billion tonne project that requires significant funding and focus to take it forward so we are delighted to be working with the highly credentialed AXF team to advance a technical and commercial outcome."


Richmond project

The wholly-owned Richmond vanadium-molybdenum project is located in northwest Queensland and comprises three mineral exploration permits and the metal rights to a mineral development licence.

The project tenements cover large areas of the Cretaceous Toolebuc Formation containing oil shale deposits that host extensive vanadium and molybdenum mineralisation.

Since 2008 Intermin has completed drilling, beneficiation test-work and directional studies at Richmond providing AXF with a substantial technical database from which to continue development.


Heads of agreement details

Details of the binding heads of agreement between the parties include:

- An earn in joint venture (JV) whereby AXF can earn 25% of the project area by spending A$1 million within a 1 year period and maintaining the project in good standing;
- AXF to solely contribute to further expenditure of $5 million on the projects to earn a further 50% over a 3 year period;
- AXF to invest A$430,000m in equity in Intermin at $0.12 with a 1:2 option with a strike of $0.17 and expiry of 31 August 2018 (being the shortfall component of the recently announced share purchase plan);
- During the sole funding period, AXF will manage the exploration program and tenure with direction from the JV committee comprising representatives from both parties;
- Upon AXF satisfying the earn in terms, each party will contribute to ongoing expenditure in accordance with their respective percentages; and
- AXF and IRC to execute a formal agreement in the next 60 days.


Analysis

The joint venture agreement is a significant achievement for Intermin as it leverages it to additional commodities and exploration success at a project without expenditure.

A considerable amount of drilling and beneficiation work has been completed by Intermin over the last 7-8 years and the project is now at a stage where it needs considerable funding and technical focus to move to the next stage of beneficiation and commercialisation studies.

AXF Resources are a 100% subsidiary of the Chinese backed AXF Group and have significant technical expertise, funding and access to potential off-take partners in China.

Steel makers in Asia are looking to vertically integrate and having a very large scale vanadium-molybdenum resource in place close to market at Richmond provides potential to unlock value alongside the growing gold business.

AXF will fund up to $6 million in beneficiation and commercial development work to bring the project to the next development stage.

The key is unlocking the metallurgy and drilling for additional material and a large mineral dressing test-work program will commence in the March quarter.

Intermin shares have more than doubled year to date, currently trading at $0.11.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

The company recently completed site mobilisation and commenced pre-strip mining.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.

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Tue, 13 Dec 2016 10:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170360/intermin-resources-secures-free-carry-at-vanadium-molybdenum-project-170360.html
<![CDATA[News - Intermin Resources Ltd makes new gold discovery close to Teal mine ]]> http://www.proactiveinvestors.com.au/companies/news/169638/intermin-resources-ltd-makes-new-gold-discovery-close-to-teal-mine-169638.html Intermin Resources Ltd (ASX:IRC) has intersected high grade gold in all holes drilled at the newly discovered Jacques Find prospect within the Teal gold project located near Kalgoorlie.

The new prospect is located 500 metres south along strike from the Teal gold mine currently being developed.

Highlights from the drilling include 11 metres at 7.75 g/t gold from 51 metres.

High grades have been defined for 70 metres down dip and the focus is now on growing that along strike where there has been shallow or little historical drilling.

The Jacques Find has been elevated in priority and follow up drilling along strike has commenced.

Jon Price, managing director, commented: “The exploration team have done an exemplary job with target generation and to have all drill holes hitting high grade mineralisation is a testament to the potential of this area.”


Jacques Find

The Jacques Find gold prospect is located within the 100% owned Teal gold project located 11 kilometres northwest of Kalgoorlie-Boulder in Western Australia.

Highlights from the recent drill results include:

- 11 metres at 7.75 g/t gold from 51 metres including 7.8 metres at 10.69 g/t gold;
- 9 metres at 6.99 g/t gold from 89 metres;
- 5 metres at 7.44 g/t gold from 73 metres;
- 6 metres at 3.02 g/t gold from 114 metres; and
- 6 metres at 7.16 g/t gold from 107 metres including 4 metres at 10.35 g/t gold.

To date 37 reverse circulation holes for 2,800 metres has been completed at parallel strike zones at the Jacques, Peyes West and Peyes Farm prospects.

A further 3,000 metres is planned to be complete before the end of the year including ten holes for 1,000 metres north and south along strike at Jacques Find.

An initial resource estimate will be compiled if sufficient mineralisation is defined.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

The company recently completed site mobilisation and commenced pre-strip mining.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.


Analysis

Drill results from Jacques Find are significant as they have not only discovered high grade gold mineralisation but also in proximity to the Teal gold mine.

The new prospect is located 500 metres south along a parallel strike zone from the Teal gold mine and planned drilling will test the extension of this strike zone.

The mineralisation is interpreted to dip steeply to the west and is open along strike.

Any additional gold mineralisation defined proximate to the Teal gold mine has the potential to extend the mine life and add economic value to the open pit operation, where pre-stripping is underway.

Intermin is also active at the Goongarrie gold project, also located in the region.

Intermin is expecting upcoming news regarding:

- Teal mining progress updates;
- Teal drilling results from Teal Deeps, Peyes Farm and Jacques Find;
- Zuleika Shear drilling results; and
- Goongarrie Lady scoping study results.

Intermin shares are up over 95% year to date, currently trading at $0.105.

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Tue, 29 Nov 2016 10:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/169638/intermin-resources-ltd-makes-new-gold-discovery-close-to-teal-mine-169638.html
<![CDATA[News - Intermin Resources Ltd appoints Peter Bilbe as chairman ]]> http://www.proactiveinvestors.com.au/companies/news/169103/intermin-resources-ltd-appoints-peter-bilbe-as-chairman-169103.html Bilbe is also currently non-executive chairman of Independence Group.

Intermin is focused on gold exploration in the Kalgoorlie and Menzies areas of Western Australia.

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Thu, 17 Nov 2016 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/169103/intermin-resources-ltd-appoints-peter-bilbe-as-chairman-169103.html
<![CDATA[News - Intermin Resources Ltd begins mining at Teal Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/168779/intermin-resources-ltd-begins-mining-at-teal-gold-project-168779.html Intermin Resources Ltd (ASX:IRC) has completed site mobilisation and commenced pre-strip mining at the Teal gold project located 11 kilometres from Kalgoorlie-Boulder in Western Australia.

Pre-stripping of the waste overburden is expected to take 6-7 weeks followed by grade control and then ore mining.

The mine will produce 171,000 tonnes at 3.2 g/t for 15,567 ounces gold recovered and generate A$9.3 million in net cash to Intermin in the FY17.

Intermin is also active at the Goongarrie gold project and at other prospects within the Teal gold project.

Jon Price, managing director, commented: “We are looking forward to completing the pre-strip and mining our first ore this quarter and taking advantage of the very strong A$ gold price.”


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.


Other activities

Feasibility work has commenced on Goongarrie Lady where a 25,000 ounce gold resource has been defined.

Optimisation and mine design is nearing completion, mill options are under negotiation, and the full feasibility study is due in the March quarter.

Peyes Farm and Teal south is being worked on concurrently to identify the most optimal mine development to follow on from Stage 1.

Diamond and reverse circulation drilling is progressing well with first results expected in the next 2-3 weeks from Teal south and Peyes Farm and some new targets within the Teal mining centre.

Any gold resources discovered near to Teal Stage 1 have the opportunity to extend the current mine life.

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Thu, 10 Nov 2016 10:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168779/intermin-resources-ltd-begins-mining-at-teal-gold-project-168779.html
<![CDATA[News - Intermin Resources Ltd expands gold ground in Kalgoorlie region ]]> http://www.proactiveinvestors.com.au/companies/news/168301/intermin-resources-ltd-expands-gold-ground-in-kalgoorlie-region-168301.html Intermin Resources Ltd (ASX:IRC) has acquired 164 square kilometres of new gold projects and exploration tenure in the prospective Kalgoorlie-Boulder region of Western Australia.

The new acquisitions are located immediately along strike or adjacent to major regional gold producing structures with known gold occurrences.

Intermin recently commenced 20,000 metres of drilling at its flagship Teal gold project also located near Kalgoorlie. Initial results are expected this quarter.

Jon Price, managing director, commented: “The company is well funded to increase our exploration effort on tenure that has had very little work done in the last 20 years.

“This region has undergone a significant resurgence in recent times with many new discoveries that certainly dispels the old adage that the area is a tired mature gold field.”


New acquisitions

The acquisitions comprise 26 prospecting licence applications, five exploration licence applications and one granted exploration licence.

Review of existing historical data and target generation is underway with drilling to commence once applications and approvals have been granted expected in the March quarter.

Of particular interest is the Black Flag Project underlain by the Black Flag sediments which was subject to shallow reverse circulation and aircore in the 1990s with walk up targets identified.

All the ground was acquired at very low cost and has had very little exploration conducted over the last 20 years.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

During October, Intermin’s board approved the development of the Teal State 1 gold mine.

At a gold price of A$1,665 per ounce, Teal Stage 1 will generate A$9.3 million in free cash flow during the 2017 financial year.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.


Drilling in progress

Intermin recently commenced a resource expansion drilling program at the Teal gold project, which is to be followed by a regional exploration drilling program.

The resource expansion program will comprise of 12,000 metres of drilling to test multiple high grade oxide and primary gold targets.

Drilling will be conducted in parallel with the development of the Teal Stage 1 open pit gold mine.

Any gold resources discovered near to Teal Stage 1 have the opportunity to extend the current mine life.

A further 8,000 metre regional exploration drilling program will follow the resource expansion program.

Drilling is continuing at Teal and Peyes Farm before the rigs head to Blister Dam for its maiden drilling program in 25 years.

]]>
Tue, 01 Nov 2016 11:10:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168301/intermin-resources-ltd-expands-gold-ground-in-kalgoorlie-region-168301.html
<![CDATA[News - Intermin Resources Ltd closes share purchase plan as drilling starts near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/168170/intermin-resources-ltd-closes-share-purchase-plan-as-drilling-starts-near-kalgoorlie-168170.html Intermin Resources Ltd (ASX:IRC) recently closed its share purchase plan priced and issued circa 1.4 million shares at $0.12, with applications totalling $167,940.

The company has also allotted and issued 16.5 million placement options 699,747 share purchase plan options.

Both lines of options have an exercise price of $0.17 cents and an expiry date 31 August 2018.

Earlier in the week the company commenced resource expansion drilling at the Teal gold project located within the Kalgoorlie-Boulder region of Western Australia.

The expansion program will comprise of 12,000 metres of drilling to test multiple high grade oxide and primary gold targets.

Drilling will be conducted in parallel with the development of the Teal Stage 1 open pit gold mine.

A further 8,000 metre regional exploration drilling program will follow the resource expansion program.

Initial results are expected in the current December quarter.

]]>
Fri, 28 Oct 2016 07:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168170/intermin-resources-ltd-closes-share-purchase-plan-as-drilling-starts-near-kalgoorlie-168170.html
<![CDATA[News - Intermin Resources Ltd commences 20,000 metre gold drilling program ]]> http://www.proactiveinvestors.com.au/companies/news/167533/intermin-resources-ltd-commences-20000-metre-gold-drilling-program-167533.html Intermin Resources Ltd (ASX:IRC) has commenced resource expansion drilling at the Teal gold project located within the Kalgoorlie-Boulder region of Western Australia.

The resource expansion program will comprise of 12,000 metres of drilling to test multiple high grade oxide and primary gold targets.

Drilling will be conducted in parallel with the development of the Teal Stage 1 open pit gold mine.

A further 8,000 metre regional exploration drilling program will follow the resource expansion program.

Initial results are expected in the current December quarter.

Jon Price, interim managing director, commented:

“The recent successful capital raising has enabled an accelerated drilling program at Teal and Peyes Farm to grow the resource base along strike and at depth and further define mining inventory beyond the Teal Stage 1 open pit currently being developed.”


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

During October, Intermin’s board approved the development of the Teal State 1 gold mine.

At a gold price of A$1,665 per ounce, Teal Stage 1 will generate A$9.3 million in free cash flow during the 2017 financial year.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.


Resource expansion potential

A major resource expansion drilling program has commenced at the Teal and Peyes Farm prospects to follow up highly significant oxide and primary intercepts located directly below and along strike from the Teal Stage 1 open pit mine development.

The drilling will occur concurrently with site establishment, clearing and commencement of mining operations which are underway.

A key purpose of the program at Teal is to test for extensions to high grade sulphide hosted primary gold mineralisation at depth.

The potential at depth is significant and numerous high grade intercepts are open in all directions including:

- 10 metres at 7.55 g/t gold from 66 metres;
- 3 metres at 14.08 g/t gold from 73 metres;
- 5 metres at 17.80 g/t gold from 269 metres;
- 5 metres at 29.10 g/t gold from 102 metres; and
- 25 metres at 4.22 g/t gold from 128 metres.

It is planned to complete 120 reverse circulation holes at Teal and Peyes Farm with 12 diamond tail holes testing multiple high grade targets.


Regional drilling

Program details for drilling at the Blister Dam, Baden Powell and Janet Ivy South projects will be provided after further assays are collected and fieldwork is conducted.

The combined drilling program is expected to be undertaken over the next 3 months with results expected to be available in the December and March quarters.


Analysis

This significant drilling program will provide Intermin with ongoing opportunities to expand its gold resources.

More importantly, any gold resources discovered near to Teal Stage 1 has the opportunity to extend the current mine life.

Earlier drill results at depth have clearly demonstrated the potential for a significant orebody within the primary ore zone at the Teal deposit.

By developing Teal Stage 1, Intermin will become a gold producer and be able to generate cash to fund the exploration and development of its other assets in the region.

Both the Teal and Peyes Farm prospects are demonstrating significant potential for both oxide free milling ore beyond Teal Stage 1 and higher grade primary sulphide mineralisation at depth.

The stock is trading up 85% year to date.

]]>
Tue, 18 Oct 2016 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167533/intermin-resources-ltd-commences-20000-metre-gold-drilling-program-167533.html
<![CDATA[News - Intermin Resources to become a gold producer near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/167195/intermin-resources-to-become-a-gold-producer-near-kalgoorlie-167195.html Mobilisation of mining fleet has commenced with first gold production expected in the December quarter after 8-10 weeks of pre-stripping waste overburden.

All statutory approvals are in place and project is fully funded.

At a gold price of A$1,665 per ounce, Teal Stage 1 will generate A$9.3 million in free cash flow during the 2017 financial year.

Jon Price, managing director, commented: “Bringing Teal Stage 1 into production is a major milestone for the company and comes at a time of reduced operating costs and a strong Australian dollar gold price to deliver significant cash flow to the business this financial year.”


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie-Boulder in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to its Menzies and Goongarrie gold projects.


Teal Stage 1

The Teal Stage 1 project development comes after completion of a positive feasibility study, which delivered a maiden Ore Reserve of 17,723 ounces of gold grading 3.21 g/t gold.

Since the release of the study, Intermin formed a mining alliance with RM Contracting.

The small open pit gold project is capable of producing 15,567 ounces of gold over 9 months for a capital cost of $3.9 million.

RM contracting will fund 50% of the $3.9 million capital cost to receive 25% of the free cash flow.

Mined ore will be hauled 22 kilometres and processed at a processing plant as per the standing haulage and ore treatment agreement with Paddington Gold Pty Ltd.


Analysis

By developing Teal Stage 1, Intermin will become a gold producer and be able to generate cash to fund the exploration and development of its other assets in the region.

This is a fortuitous period to be entering gold production with the AUD gold price trading at A$1,660 per ounce.

Intermin recently formed a strategic alliance with EGS, which will allow the company to realise the value of its gold assets in the Northern Goldfields region.

The collaborative joint venture is mutually beneficial to both parties and provides Intermin’s Menzies and Goongarrie projects with additional exploration funding and processing options.

This increases the potential of these projects to get into production.

Free cash flow and mining experience gained from Teal Stage 1 will support Intermin as its continues to search for the next big discovery in the region.

Follow-up drilling at Peyes Farm and Teal will commence in the December quarter as part of an accelerated exploration program.

Both the Teal and Peyes Farm prospects are demonstrating significant potential for both oxide free milling ore beyond Teal Stage 1 and higher grade primary sulphide mineralisation at depth.

The stock is trading up 95% year to date.

]]>
Tue, 11 Oct 2016 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167195/intermin-resources-to-become-a-gold-producer-near-kalgoorlie-167195.html
<![CDATA[News - Intermin Resources Ltd intersects high grade gold near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/166872/intermin-resources-ltd-intersects-high-grade-gold-near-kalgoorlie-71337.html Intermin Resources Ltd (ASX:IRC) has intersected gold grading up to 34 g/t from its 73 hole drill program at the Peyes Farm prospect within the Teal gold project located near Kalgoorlie, Western Australia.

The reverse circulation and aircore drilling program was completed 600 metres south of the Teal gold mine.

Results include 15 metres at 5 g/t gold from 48 metres.

Follow-up drilling at Peyes Farm and Teal will commence in the December quarter as part of an accelerated exploration program.

Jon Price, managing director, commented: “Like Teal, Peyes Farm has produced spectacular results from limited drilling on parallel structures and confirms the gold system is completely open and occurs in multiple highly mineralised structures demonstrating potential for significant resource growth.”


Drill result details

The completed program comprised 73 holes for 5,761 metres and included aircore and reverse circulation drilling.

The program was designed to explore for extensions to existing mineralisation, confirm areas designed for Teal mine infrastructure and to install Teal mine dewatering bores.

Significant results include:

- 15 metres at 5.00 g/t gold from 48 metres including 6 metres at 10.89 g/t gold;
- 7 metres at 2.58 g/t gold from 30 metres including 1 metre at 16.00 g/t gold;
- 5 metres at 4.03 g/t gold from 31 metres including 2 metres at 6.14 g/t gold;
- 8 metres at 2.60 g/t gold from 28 metres including 2 metres at 4.85 g/t gold; and
- 4 metres at 3.96 g/t gold from 38 metres including 2 metres at 7.10 g/t gold.

An accelerated follow drilling program will commence as soon as practicable in October aimed at compiling Mineral Resource Estimates if sufficient mineralisation is defined.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.


Recent strategic alliance

Intermin recently signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to the Menzies and Goongarrie gold projects located near Kalgoorlie in Western Australia.

EGS will invest up to $7 million, comprised of a $1.5 million placement, now complete, and $5.5 million of exploration and development studies over 4 years to earn a 65% interest in the Menzies and Goongarrie gold projects.

A simultaneous placement of 39.25 million shares at $0.12 to raise $4.71 million was completed, which included the $1.5 million investment by EGS.

Intermin is now well-funded for a development decision for the Teal Stage 1 gold mine in the current quarter.


Analysis

Drill results from Peyes Farm continue to be encouraging given their proximity to the Teal gold mine and the fact that mineralisation is open in all directions.

Both the Teal and Peyes Farm prospects are demonstrating significant potential for both oxide free milling ore beyond Teal Stage 1 and higher grade primary sulphide mineralisation at depth.

As the Teal gold project is located in the infrastructure rich area of Kalgoorlie, it has a number of ore processing options.

The recent completion of a capital raising means Intermin is well-funded to develop the Teal Stage 1 gold mine and accelerate exploration drilling and aggressively explore the company’s assets in the Kalgoorlie region.

Furthermore, the strategic alliance with ESG will accelerate the opportunity of realising the value of its gold assets in the Northern Goldfields region.

The stock is trading up 115% year to date ahead of a decision to mine Teal Stage 1 this quarter.

Directors and associates hold over 45% of the issued share capital.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 04 Oct 2016 15:18:00 +1100 http://www.proactiveinvestors.com.au/companies/news/166872/intermin-resources-ltd-intersects-high-grade-gold-near-kalgoorlie-71337.html
<![CDATA[News - Intermin Resources Ltd forms strategic joint venture and raises $4.7M ]]> http://www.proactiveinvestors.com.au/companies/news/165449/intermin-resources-ltd-forms-strategic-joint-venture-and-raises-47m-70847.html Intermin Resources Ltd (ASX:IRC) has signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to the Menzies and Goongarrie gold projects located near Kalgoorlie in Western Australia.

EGS will invest up to $7 million, comprised of a $1.5 million placement, now complete, and $5.5 million of exploration and development studies over 4 years to earn a 65% interest in the Menzies and Goongarrie gold projects.

A placement of 39.25 million shares at $0.12 to raise $4.71 million has been complete, which included the $1.5 million investment by EGS.

Intermin is now well-funded for a development decision for the Teal Stage 1 gold mine in the current quarter.

Jon Price, managing director, commented: “This collaborative approach enables accelerated exploration and mining inventory growth to underpin dedicated processing infrastructure in the Menzies region for mutual benefit.”


Joint venture strategic rationale

Intermin has executed a binding heads of agreement with EGS to form a strategic joint venture covering Intermin’s Menzies and Goongarrie gold projects.

Both Intermin and EGS have significant land holdings in this region.

The strategy is to increase resource inventory at Menzies and EGS’s Mount Ida project areas targeting high grade open cut and underground developments to underpin construction of a processing facility.

There is currently no processing infrastructure in the region, this facility could meet the processing needs of EGS, Intermin and other third parties.

The Goongarrie project area is in close proximity to EGS’s Davyhurst 1.2 million tonnes per annum processing facility currently undergoing refurbishment and recommissioning.

The strategy is to conduct significant exploration and resource development drilling to augment ore feed for the mill for mutual benefit.


Agreement details

Details of the heads of agreement between the parties include:

- EGS can earn 25% of the project areas by spending $2 million within a 2 year period and a further 25% by spending $2 million over the following 2 year period;
- EGS to solely contribute to further expenditure of $1.5 million on the projects inclusive of a bankable feasibility study to support a mill installation in the Mt Ida and Menzies region to earn a further 15%;
- EGS to invest $1.5 million in equity in Intermin;
- EGS will manage exploration with direction from JV representatives; and
- EGS and Intermin to execute a formal agreement in the next 60 days.


Placement details

The placement will see 39.25 million shares issued over two tranches priced at $0.12 per share to raise $4.71 million.

The placement includes a strategic investment from EGS of $1.5 million as part of the strategic joint venture.

A share purchase plan (SPP) seeking to raise up to $0.6 million priced at $0.12 with a 1:2 attaching option exercise at $0.17 will open on 16 September, 2016.

Proceeds will be used for the development of the Teal Stage 1 gold mine, accelerated drilling programs at Teal, Peyes Farm, Blister Dam and Windanya, potential acquisitions and general working capital.


Analysis

By forming a strategic alliance with EGS, Intermin are taking advantage of synergies to accelerate the opportunity of realising the value of its gold assets in the Northern Goldfields region.

The collaborative joint venture is mutually beneficial to both parties and provides Intermin’s Menzies and Goongarrie projects with additional exploration funding and processing options.

This increases the potential of these projects to get into production.

Meanwhile, the completion of the placement and subsequent SPP means Intermin is well-funded to develop the Teal Stage 1 gold mine and accelerate exploration drilling and aggressively explore the company’s assets in the Kalgoorlie region.

Intermin remains leveraged to exploration upside in the short term with drill results pending and a 5,000 metre follow-up program planned for September.

The stock is trading up 160% year to date ahead of a decision to mine Teal Stage 1 this quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 05 Sep 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165449/intermin-resources-ltd-forms-strategic-joint-venture-and-raises-47m-70847.html
<![CDATA[News - Intermin Resources Ltd granted more time to finalise financing ]]> http://www.proactiveinvestors.com.au/companies/news/165448/intermin-resources-ltd-granted-more-time-to-finalise-financing-70743.html Intermin Resources Ltd (ASX:IRC) has been given more time to finalise details regarding financing of the company’s development and exploration activities, with the ASX granting a voluntary suspension.

Intermin is focused on gold in the Kalgoorlie and Menzies areas of Western Australia, which are host to some of Australia’s richest gold deposits.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 31 Aug 2016 06:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165448/intermin-resources-ltd-granted-more-time-to-finalise-financing-70743.html
<![CDATA[News - Intermin Resources Ltd to update on financing ]]> http://www.proactiveinvestors.com.au/companies/news/165447/intermin-resources-ltd-to-update-on-financing-70703.html Intermin Resources Ltd (ASX:IRC) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Intermin requested the halt pending details regarding financing of the company’s mine development and exploration activities.

The halt will remain in place until the opening of trade on Wednesday 31st August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 29 Aug 2016 08:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165447/intermin-resources-ltd-to-update-on-financing-70703.html
<![CDATA[News - Intermin Resources Ltd intersects thick gold zones at Teal near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/165446/intermin-resources-ltd-intersects-thick-gold-zones-at-teal-near-kalgoorlie-70588.html Intermin Resources Ltd (ASX:IRC) has intersected results including 40 metres at 1.06 g/t gold at the Peyes Farm prospect within the 100% owned Teal gold project near Kalgoorlie.

The results are significant as they will potentially form a key part of Intermin’s production pipeline beyond the Teal Stage 1 open pit gold mine which is nearing development.

Results were received from 58 holes out of the 73 hole program with remaining results expected in the next 3-4 weeks.

5,000 metres of follow up drilling is planned for September.

Jon Price, managing director, commented: “We are only just starting to uncover the broader potential of our 100% owned tenure south of the Teal deposit and at depth.

“Teal Stage 1 will be a great start but I can see Intermin active in this area for many years to come as we unlock this potential.”


Drill result details

The program comprised 73 holes for 5,761 metres and included aircore and reverse circulation drilling.

Best results from the Peyes Farm prospect include:

- 40 metres at 1.06 g/t gold from 20 metres including 8 metres at 4.40 g/t gold;
- 20 metres at 1.10 g/t gold from 20 metres including 4 metres at 4.02 g/t gold;
- 4 metres at 3.35 g/t gold from 36 metres; and
- 4 metres at 5.25 g/t gold from 76 metres.

Results from the remaining 15 holes are expected in 3-4 weeks.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.


Teal Stage 1

The recently completed feasibility study indicates Teal Stage 1 to be a technically strong and financially viable small open pit gold project capable of producing 17,723 ounces of gold over 9 months.

The project is forecast to generate $10.1 million of free cash flow and would have a low $4.5 million capital development cost.

Intermin recently executing a binding letter agreement for ore treatment with Paddington Gold Pty Ltd, a wholly-owned subsidiary of Norton Gold Fields Ltd.

The deal enables an accelerated mining schedule at a reduced capital cost for Teal Stage 1, which is located 12 kilometres from Kalgoorlie-Boulder in the goldfields of Western Australia.

The ore will be delivered by Norton’s haulage contractor at cost using their existing private haul road 2 kilometres to Teal’s east.

This avoids the building of a rail crossing and highway intersection that would be required to deliver ore to the other mills.

Capex savings will be circa $750,000, and with lower haulage costs, this improves the overall project economics.


Production pipeline potential

Intermin has identified a number of shallow oxide and primary mineralisation targets to build a production pipeline past Teal Stage 1.

Scoping study and feasibility work has commenced on a number of projects with the aim of continuous mining and cash flow.

This pipeline includes:

- Teal Stage 2 / Peyes Farm: Extension drilling completed and historic resource at Peyes Farm being followed up;
- Goongarrie: Resource update and mine optimisation underway;
- Pericles deposit (Menzies Gold Project): Current resource of 0.53 million tonnes at 2.49 g/t for 42,500 ounces of gold with open cut oxide followed by underground mining; and
- Teal deeps resource: Expansion drilling into the primary mineralisation at depth to commence in the December quarter.


Analysis

The drill results are encouraging as they lie 600 metres south along strike from the Teal gold mine with mineralisation open in all directions.

Both the Teal and Peyes Farm prospects are demonstrating significant potential for both oxide free milling ore beyond Teal Stage 1 and higher grade primary sulphide mineralisation at depth.

Mine optimisation and metallurgical studies on the sulphide hosted primary mineralisation at Teal have now commenced.

As the Teal gold project is located in the infrastructure rich area of Kalgoorlie, it has a number of ore processing options.

Intermin remains leveraged to exploration upside in the short term with drill results pending and a 5,000 metre follow-up program planned for September.

The stock is trading up 140% year to date ahead of a decision to mine Teal Stage 1 this quarter.

Intermin holds $2.7 million in cash, $3 million in liquid investments and no debt.

Directors and associates hold over 45% of the issued share capital.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 22 Aug 2016 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165446/intermin-resources-ltd-intersects-thick-gold-zones-at-teal-near-kalgoorlie-70588.html
<![CDATA[News - Intermin Resources Ltd updates gold resource to build production pipeline ]]> http://www.proactiveinvestors.com.au/companies/news/165445/intermin-resources-ltd-updates-gold-resource-to-build-production-pipeline-70481.html Intermin Resources Ltd (ASX:IRC) has updated the Mineral Resource for the 100% owned Goongarrie gold project located 80 kilometres north of Kalgoorlie-Boulder in Western Australia.

The new estimate stands at 272,000 tonnes at 2.86 g/t gold for 25,028 ounces of gold.

The updated resource is based on extensions to the existing open pit mined in the late 1990s.

The resource will form a key part of Intermin’s production pipeline beyond the Teal Stage 1 open pit gold mine which is nearing development.

Mine optimisation work has commenced to generate a maiden mining inventory and initial mine design to support the completion of statutory approvals to mine.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.


Teal Stage 1

The recently completed feasibility study indicates Teal Stage 1 to be a technically strong and financially viable small open pit gold project capable of producing 17,723 ounces of gold over 9 months.

The project is forecast to generate $10.1 million of free cash flow and would have a low $4.5 million capital development cost.

Intermin recently executing a binding letter agreement for ore treatment with Paddington Gold Pty Ltd, a wholly-owned subsidiary of Norton Gold Fields Ltd.

The deal enables an accelerated mining schedule at a reduced capital cost for Teal Stage 1, which is located 12 kilometres from Kalgoorlie-Boulder in the goldfields of Western Australia.

The ore will be delivered by Norton’s haulage contractor at cost using their existing private haul road 2 kilometres to Teal’s east.

This avoids the building of a rail crossing and highway intersection that would be required to deliver ore to the other mills.

Capex savings will be circa $750,000, and with lower haulage costs, this improves the overall project economics.


Production pipeline potential

Intermin has identified a number of shallow oxide and primary mineralisation targets to build a production pipeline past Teal Stage 1.

Scoping study and feasibility work has commenced on a number of projects with the aim of continuous mining and cash flow.

This pipeline includes:

- Teal Stage 2 / Peyes Farm: Extension drilling commenced and historic resource at Peyes Farm being followed up;
- Goongarrie: Resource update and mine optimisation underway; and
- Pericles deposit (Menzies Gold Project): Current resource of 0.53 million tonnes at 2.49 g/t for 42,500 ounces of gold with open cut oxide followed by underground mining.


Analysis

Updating Goongarrie increases Intermin’s total JORC gold resources to 3.53 million tonnes at 2.36 g/t gold for 268,085 ounces of gold providing a potential long term production pipeline for Intermin.

The updated resource at Goongarrie is based on extensions to the existing open pit mined in the late 1990s.

Very little exploration has been completed since then and further drilling is planned on both strike extensions around existing workings and greenfields target on structures identified on the lake system.
 
This latest resource will now be re-optimised with the latest mining and milling costs and A$1,600 per ounce gold price as part of the open pit reserve study.

Goongarrie is a key part of the medium to longer term production pipeline strategy beyond Teal Stage 1 that is currently nearing development.

The stock is trading up 150% year to date ahead of a decision to mine Teal Stage 1 this quarter.

Intermin holds $2.7 million in cash, $3 million in liquid investments and no debt.

Directors and associates hold over 45% of the issued share capital.

An accelerated exploration drilling campaign is underway with high priority walk up targets identified for resource growth.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 16 Aug 2016 13:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165445/intermin-resources-ltd-updates-gold-resource-to-build-production-pipeline-70481.html
<![CDATA[News - Intermin Resources Ltd in gold ore treatment deal with Norton Gold Fields ]]> http://www.proactiveinvestors.com.au/companies/news/156804/intermin-resources-ltd-in-gold-ore-treatment-deal-with-norton-gold-fields-70068.html Intermin Resources Ltd (ASX:IRC) is on the road to gold production, after executing a binding letter agreement for ore treatment with Paddington Gold Pty Ltd, a wholly-owned subsidiary of Norton Gold Fields Ltd.

The deal enables an accelerated mining schedule at a reduced capital cost for Teal Stage 1, which is located 12 kilometres from Kalgoorlie-Boulder in the goldfields of Western Australia.

The ore will be delivered by Norton’s haulage contractor at cost using their existing private haul road 2 kilometres to Teal’s east.

This avoids the building of a rail crossing and highway intersection that would be required to deliver ore to the other mills.

Capex savings will be circa $750,000, and with lower haulage costs, this improves the overall project economics.

Jon Price, managing director for Intermin, commented:

“This agreement with Norton secures ore treatment for Teal at a reduced capital cost by using existing off highway road networks and very competitive terms.

“This marks the final key milestone for the development of Teal and we look forward to moving the mine into production after final board approval this quarter."


Analysis

Payment by Norton will occur in two parts, an upfront payment for 50% of gross revenue payable on 80% of the mine predicted grade.

The final payment will be within 4-5 weeks after assay determination, recovery work and costs reconciled.

This deal is very competitive and allows earlier gold production at attractive unit rates.

The timing is right for Intermin, as the Australian Dollar gold price traces at circa A$1750 an ounce.

 

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