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Intermin Resources commences Stage 2 and 3 studies

The studies aim to expand upon the currently operating Teal Stage 1 Gold Mine, which is set to complete in October this year.
Intermin Resources commences Stage 2 and 3 studies
Shares are trading up 9.2% intra-day to $0.095

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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