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.”
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.
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.