Proactiveinvestors Australia Intermin Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Intermin Resources Ltd RSS feed en Fri, 22 Feb 2019 19:18:15 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Intermin Resources hits high-grade gold of up to 27.7 g/t at Menzies ]]> https://www.proactiveinvestors.com.au/companies/news/214831/intermin-resources-hits-high-grade-gold-of-up-to-277-gt-at-menzies-214831.html Intermin Resources Limited (ASX:IRC) has intersected high-grade gold of up to 27.7 g/t at Lady Irene and Yunndaga prospects within its Menzies Gold Project in the Eastern Goldfields of WA.

On February 2, 2019, the Menzies and Goongarrie project areas were returned to Intermin on a 100% basis after the execution of a Deed of Termination and Settlement with Eastern Goldfields Limited.

The company has also increased its landholding in the region to more than 120 kilometres with low-cost acquisitions and has applications for 12 new prospecting licence and one exploration licence.

The current mineral resource estimate at Menzies stands at 2.42 million tonnes at 2.2 g/t for 171,300 ounces.

READ: Intermin Resources plans to add gold resources and facilities to New Horizon entity

Intermin Resources managing director Jon Price said: “The Menzies and surrounding region has a proud and rich history of gold production from the first discovery in the1890s and is one of the few remaining mining provinces to experience a resurgence in modern deeper exploration and mining activity in the current gold price environment.

“The latest results demonstrate the potential of the area to deliver high margin open cut and underground mines and we look forward to the next phase of development in the region.”

High-grade assays

Recent drilling, which comprised one shallow RC hole at Lady Irene and three diamond tail holes to an average of 200 metres at Yunndaga returned high-grade gold assays including:

39.3 metres at 4.27 g/t from 159 metres including 10 metres at 5.73 g/t from 160 metres and 12 metres at 7.68 g/t from 184 metres;

3.95 at 7.51 g/t from 124 metres including 0.6 metres at 27.7 g/t from 128 metres; and

0.5 metres at 10.6 g/t from 143 metres, 1.6 metres at 1.47 g/t from 158 metres and 1.1 metres at 6.30 g/t from 162.5 metres

Targeting depth extensions below historic mines

The project is within the Eastern Goldfield’s province of the Archaean Yilgarn Craton and the greenstone belt divides the project into a western section.

This sequence consists of a lower ultramafic formation to the west overlain by meta-sedimentary rocks which are overlain by mafic intrusive and extrusives to the east.

Drilling at lady Irene targeted depth extensions below the historical open pits mined in the 2000s and which produced around 6,500 ounces at 4.5 g/t to 50-metre depth.

At Yunndaga drilling tested depth extensions and repeat structures beyond the historical open cut and underground mines that produced 335,000 ounces including 271,000 ounces grading 16 g/t from the Yunndaga underground mine.

Next steps

The company is preparing an EIS co-funding application for deep drilling at Yunndaga, Lady Irene, Selkirk, Lady Harriet and Big Babe with drilling focusing on the discovery of deep-low tonnage and high-grade ore underneath the historical mining areas.

Intermin will follow-up on its 2016 Menzies auger program by testing several targets outside the Menzies mineralised corridor exploring new grass-roots targets and pursue consolidation opportunities in the region.

- Jessica Cummins

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Mon, 18 Feb 2019 21:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214831/intermin-resources-hits-high-grade-gold-of-up-to-277-gt-at-menzies-214831.html
<![CDATA[News - Intermin Resources plans to add gold resources and facilities to new Horizon entity ]]> https://www.proactiveinvestors.com.au/companies/news/214320/intermin-resources-plans-to-add-gold-resources-and-facilities-to-new-horizon-entity-214320.html Intermin Resources Ltd (ASX:IRC) specialises in gold exploration on Western Australia’s Goldfields. It is run by Jon Price, a metallurgist and minerals economist who has more than 25 years experience in the mining industry and was managing director of Phoenix Gold Ltd (ASX:PXG) before it was swallowed up by Evolution Mining Ltd (ASX:EVN) (FRA:WE7) (OTCMKTS:CAHPF).

What does Intermin Resources own?

The key assets are its gold projects alongside and north of the city of Kalgoorlie-Boulder and up to the town of Menzies.

Another asset is its Richmond Vanadium Project in Queensland in which JV partner AXF Vanadium Pty Ltd hopes to acquire a 75% stake by March 2021.

In WA's Goldfields-Esperance region Intermin is joining forces with MacPhersons Resources Ltd (ASX:MRP) (FRA:9PR) to form a combined gold company with at least 1.19 million gold ounces.

The merging companies plan to call themselves Horizon Minerals Ltd.

MacPhersons’ 507,000-ounce Boorara deposit 10 kilometres east of Kalgoorlie-Boulder would be an important project for the merged entity, with work underway this year to test its very large gold system to see if it can provide a baseload for a processing facility.

If the partners add Focus Minerals Ltd’s (ASX:FML) (FRA: FZA) 2.1 million ounce Coolgardie Gold Project to the mix for $40 million, as signalled today, the new company would hold 3.32 million gold ounces.

Intermin has a five-month deed permitting it to agree to buy the Coolgardie project for $40 million in a cash and scrip over a 3.5-year period.

The project has a plant attached to it - the Three Mile Hill processing plant - which is on care and maintenance and has a 1.2 million tonnes a year processing capacity.

Intermin’s core Teal, Goongarrie Lady, Binduli, Anthill and Blister Dam gold projects each have the potential to provide more than 2 g/t gold, oxide and transitional feed amenable to open pit mining to supplement a baseload feed from Boorara.

Intermin’s mineral resources are found in the Teal, Anthill, Menzies and Goongarrie deposits and make up a total resource of 9.26 million tonnes grading 2.05 g/t tonne gold for 609,625 ounces at a 1 g/t cut-off.

Teal open pit, 12 kilometres north of Kalgoorlie-Boulder, has potential to deliver about 22,000 ounces of gold grading 3.2 g/t and 94% gold recovery.

A 2018 drilling program pushed estimated ounces to 562,000 gold ounces, with further resource updating expected this quarter.

Intermin is consolidating its portfolio ahead of the planned merger with MacPhersons, grabbing back 100% of its Menzies and Goongarrie joint venture projects from troubled partner Eastern Goldfields last week.

Goongarrie Lady open pit was the subject of a feasibility study which produced results of about 12,000 ounces of gold at 2.9 g/t gold and about $5.7 million in cash flow over a seven-month life-of-mine.

Intermin hopes to merge with MacPhersons by June 2019 and embark on a feasibility study for a mine-and-plant development this year targeting a project life of at least 4 or 5 years.

Merged entity Horizon’s board would then target making a construction decision soon after the company completed its study.

In Queensland, Intermin’s Richmond vanadium/molybdenum JV has four deposits - Rothbury, Lilyvale, Manfred and Burwood - all with inferred resources that total 2,579 million tonnes grading 0.32% vanadium and 262 g/t molybdenum trioxide at a 0.29% vanadium cut-off.

Inflection points

Intermin’s assessment of the value of the Coolgardie project and Three Mile Hill plant to the Horizon portfolio

Shareholder support for the proposed merger with MacPhersons

Project, plant and feasibility study financing support

Gold price trending during definitive feasibility study work

State Government regulatory approvals

Managing director Jon Price sees value in acquisition and merger

“The potential consolidation of the Intermin and MacPhersons assets with the Coolgardie Gold Project would be a natural fit, delivering additional high-grade open cut and underground ore sources to the base load Boorara project and Intermin’s satellite projects, as well as a conventional 1.2 million tonnes per annum processing facility,” Intermin managing director Jon Price said.

Proposed ground near Coolgardie, if Intermin picks up Focus' gold project along with its plant

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Sun, 10 Feb 2019 22:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214320/intermin-resources-plans-to-add-gold-resources-and-facilities-to-new-horizon-entity-214320.html
<![CDATA[News - Intermin Resources Ltd signs deal to buy Coolgardie Gold Project and plant for $40 million ]]> https://www.proactiveinvestors.com.au/companies/news/214310/intermin-resources-ltd-signs-deal-to-buy-coolgardie-gold-project-and-plant-for-40-million-214310.html Intermin Resources Ltd (ASX:IRC) securities have rocketed 12.5% on the company inking a deed with Focus Minerals Ltd (ASX:FML) (FRA: FZA) to grab the 2.1 million ounce Coolgardie Gold Project and shuttered Three Mile Hill processing plant in Western Australia for $40 million cash and scrip over a 3.5-year period.

The deed gives Intermin five months to finalise a formal transaction and obtain the necessary approvals for the proposed project acquisition.

BIG PICTURE: Intermin Resources combining its Kalgoorlie gold assets with MacPhersons Resources

Intermin is merging with fellow Kalgoorlie gold player MacPhersons Resources Limited (ASX:MRP) (FRA:9PR) to form an entity set to be named Horizon Minerals Limited.

The merging companies already have JORC gold resources totalling a collective 1.19 million ounces which would be further built on by the Coolgardie project acquisition.

Focus’ Coolgardie project has a quoted mineral resource estimate of 27.3 million tonnes grading 2.4 g/t gold for 2.13 million ounces.

Adding Coolgardie to the mix would put gold resources for the new Horizon Minerals at 3.32 million ounces.

Coolgardie project’s quoted ore reserve estimate is 1.6 million tonnes grading 3.2 g/t gold for 171,000 ounces.

The Three Mile Hill processing plant attached to the project is on care and maintenance and has a 1.2 million tonnes a year capacity and a significant amount of associated open cut, underground and operations infrastructure.

Two deposits at Coolgardie are the Bonnie Vale underground discovery 10 kilometres north of Coolgardie township and the Brilliant open cut and underground project in the Coolgardie area.

Bonnie Vale has a quoted mineral resource estimate of 205,000 ounces grading 6.8 g/t gold and an ore reserve estimate of 124,000 ounces grading 6.2 g/t.

Brilliant has a quoted mineral resource estimate of 475,500 ounces grading 2.5 g/t gold.

READ: Intermin Resources secures full ownership of Menzies and Goongarrie gold projects

Intermin managing director Jon Price highlighted the potential value of the project to the company and proposed new Horizon entity, saying: “The potential consolidation of the Intermin and MacPhersons assets with the Coolgardie Gold Project would be a natural fit.

“(It would deliver) additional high-grade open cut and underground ore sources to the base load Boorara project and Intermin’s satellite projects, as well as a conventional 1.2 million tonnes per annum processing facility.

“We look forward to working with MacPhersons and Focus on progressing these transactions and embarking on an exciting new chapter for all shareholders and the regional communities in which we operate.”

MacPhersons' Boorara project is a 507,000-ounce deposit 10 kilometres east of Kalgoorlie-Boulder.

Further infill and extension drilling is planned in 2019 for the very large gold system to test the potential to provide baseload feed for a processing facility.

READ: Intermin Resources and MacPhersons sign transformational merger deal

Intermin must pay a $300,000 exclusivity deposit to Focus within seven days.

Focus will adopt a no-shop, no-talk approach to the project over the five-month exclusivity period but will present all competing proposals to Intermin for matching rights over the period.

The deposit will be used as part of Intermin’s Coolgardie $40 million purchase price if the companies reach an agreement.

The agreed sum consists of $31 million cash and $9 million of fully-paid ordinary shares, both payable on a predetermined three-tranche schedule.

If the companies execute the project buy-up, Intermin will use it to continue to advance its growth strategy, backed by the $7.1 million in cash and investments it holds.

It expects to draw on the support of a strong shareholder base as it advances its plans and raise capital when necessary to advance its agenda.

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Sun, 10 Feb 2019 19:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214310/intermin-resources-ltd-signs-deal-to-buy-coolgardie-gold-project-and-plant-for-40-million-214310.html
<![CDATA[News - Intermin Resources in trading halt with news of gold project transacting pending ]]> https://www.proactiveinvestors.com.au/companies/news/214229/intermin-resources-in-trading-halt-with-news-of-gold-project-transacting-pending-214229.html Intermin Resources Limited (ASX:IRC) has news pending of a potential transaction in relation to Focus Minerals Ltd’s (ASX:FML) Coolgardie Gold Project in WA and has been granted a trading halt by the ASX.

The trading halt will remain in place until the company releases an announcement or the start of trading on Tuesday, February 12, 2019, whichever occurs earliest.

This week the company’s securities have traded in a range from 11 cents to 13 cents and last traded at 12 cents.

READ: Intermin Resources secures full ownership of Menzies and Goongarrie gold projects

Intermin on Thursday agreed to a deed of settlement and termination with Eastern Goldfields covering the Menzies and Goongarrie joint venture projects, which return to Intermin on a 100% basis.

The Michael Fotios-backed Eastern Goldfields fell into administration in November 2018 with relevant mining and geological information, drill samples and property pertaining to the projects to also be returned.

Intermin intends to undertake a detailed review of work completed by Eastern Goldfields and integrate both projects into the exploration and development programs planned for 2019.

READ: Intermin Resources combining its Kalgoorlie gold assets with MacPhersons Resources

In December 2018, Intermin executed a merger implementation agreement to combine with MacPhersons Resources Ltd (ASX:MRP).

Subject to various approvals, the merged entity will be named Horizon Minerals Limited and will have estimated JORC resources totalling 1.19 million ounces of gold.

It will also hold an extensive portfolio of highly prospective growth assets in the Western Australian Goldfields.

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Fri, 08 Feb 2019 15:24:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214229/intermin-resources-in-trading-halt-with-news-of-gold-project-transacting-pending-214229.html
<![CDATA[News - Intermin Resources secures full ownership of Menzies and Goongarrie gold projects ]]> https://www.proactiveinvestors.com.au/companies/news/214133/intermin-resources-secures-full-ownership-of-menzies-and-goongarrie-gold-projects-214133.html Intermin Resources Ltd (ASX:IRC) has agreed a deed of settlement and termination with Eastern Goldfields covering the Menzies and Goongarrie joint venture projects, with the projects now returning to Intermin on a 100% basis.

The Michael Fotios-backed Eastern Goldfields had fallen into administration in November 2018.

All relevant mining and geological information, drilling samples and property pertaining to the projects will now be returned to Intermin.

Intermin’s Kalgoorlie area gold project locations, regional geology and surrounding infrastructure

Intermin intends to undertake a detailed review of work completed by Eastern Goldfields and integrate both the Menzies and Goongarrie projects into the exploration and development programs planned for 2019.

In addition, Intermin has arranged for the off market sale of all the remaining shares held by Eastern Goldfields which was taken up by existing Intermin shareholders.

READ: Intermin Resources combining its Kalgoorlie gold assets with MacPhersons Resources

In December 2018, Intermin executed a merger implementation agreement to combine with MacPhersons Resources Ltd (ASX:MRP).

The merged entity, subject to various approvals is to be named Horizon Minerals Limited.

It will have estimated JORC resources totalling 1.19 million ounces of gold and an extensive portfolio of highly prospective growth assets in the world-class Western Australian goldfields.

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Thu, 07 Feb 2019 12:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214133/intermin-resources-secures-full-ownership-of-menzies-and-goongarrie-gold-projects-214133.html
<![CDATA[News - Intermin Resources combining its Kalgoorlie gold assets with MacPhersons Resources ]]> https://www.proactiveinvestors.com.au/companies/news/213113/intermin-resources-combining-its-kalgoorlie-gold-assets-with-macphersons-resources-213113.html Intermin Resources Ltd (ASX:IRC) executed a merger implementation agreement (MIA) in mid-December 2018 to combine with MacPhersons Resources Ltd (ASX:MRP).

The merged entity, subject to various approvals is to be named Horizon Minerals Limited.

It will have estimated JORC resources totalling 1.19 million ounces of gold and an extensive portfolio of highly prospective growth assets in the world-class Western Australian goldfields

READ: Intermin Resources and MacPhersons sign transformational merger deal

The merger provides a clear pathway to a standalone operation.

The combined asset base will hold 609,600 ounces of gold located within easy trucking distance of the 507,000 ounce Boorara deposit.

Boorara has approvals in place for open pit mine development and the construction of a new processing facility.

Boorara is located 10 kilometres east of Kalgoorlie-Boulder and could provide significant baseload feed for a standalone plant within the Boorara tenement area.

READ: MacPhersons Resources intersects high-grade gold at Boorara, updating geological model

MacPhersons has completed over 86,000 metres of drilling to extend the strike length at Boorara to over 2 kilometres and the deposit remains open to the north and at depth.

Further infill and extension drilling is planned in 2019 for this very large gold system to test the potential to provide baseload feed for a standalone processing facility.

Intermin’s core Teal, Goongarrie Lady, Binduli, Anthill and Blister Dam gold projects each have the potential to provide over 2 g/t gold, oxide and transitional feed amenable to open pit mining to supplement the baseload feed from Boorara.

Intermin drilled 56,000 metres in 2018 resulting in resource upgrade

Intermin completed a 56,000-metre exploration drilling program at the Teal, Anthill, Binduli and Blister Dam projects in 2018 as planned.

Most recently, during the December quarter, drilling resulted in a resource update at the Antilll deposits which now stands at 2.28 million tonnes at 1.71 g/t gold for 125,500 ounces.

Over 65% of the resources is now in the Indicated category with mineralisation open to the west and east.

More recently, strong drilling results have been received from the Crake prospect within the Binduli Project and also from the Blister Dam Project.

READ: Intermin Resources delivers positive gold grades in Blister Dam drilling 

During the December quarter, 56 reverse circulation (RC) holes were drilled for 6,954 metres at Blister Dam.

Highlights included 6 metres at 5.97 g/t gold from 66 metres and 12 metres at 4.03 g/t gold from 16 metres.

PFS planned to commence at Richmond Vanadium Project in 2019

Intermin also has an interest in the Richmond Vanadium Project in Queensland, an emerging asset alongside the Western Australian gold portfolio.

During November 2018, Intermin received further positive metallurgical test work results from the Lilyvale deposit area.

Lilyvale is one of four deposits within the Richmond project, which has a total JORC resource of 2.579 billion tonnes grading 0.32% vanadium hosted in a soft oxide marine sediment 4 metres from surface.

READ: Intermin Resources receives positive vanadium test work and starts drilling

Completion of this first phase of test work is scheduled for mid-2019 and will enable the commencement of a preliminary feasibility study (PFS).

The project is subject to an earn-in joint venture with AXF Vanadium Pty Ltd whereby AXF can earn 75% by spending $6 million by March 2021.

17,500-metre drilling program commenced at Richmond

In late November 2018, drilling at the Richmond project commenced with a total of 17,500 metres planned within a $1.2 million budget.

The drilling program is expected to be completed over a three month period.

Infill drilling at Lilyvale comprises 450 holes for 10,000 metres to upgrade the current Inferred resource to the Measured and Indicated categories for Ore Reserve conversion.

Regional drilling will comprise 350 holes for 7,500 metres testing a number of priority targets in both the Richmond and Julia Creek areas.

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Wed, 23 Jan 2019 12:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213113/intermin-resources-combining-its-kalgoorlie-gold-assets-with-macphersons-resources-213113.html
<![CDATA[News - Intermin Resources delivers positive gold grades in Blister Dam drilling ]]> https://www.proactiveinvestors.com.au/companies/news/211527/intermin-resources-delivers-positive-gold-grades-in-blister-dam-drilling-211527.html Intermin Resources Limited (ASX:IRC) has intersected high-grade gold in an exploratory drilling program at its 100%-owned Blister Dam Gold Project in Western Australia’s Goldfields.

The 56-hole program drilled 6,954 metres to an average depth of 120 metres and generated positive assays from the Argo, Atlantic and Loran targets.

READ: Intermin Resources adds 60% to gold bounty at Anthill

Intermin managing director Jon Price said: “These latest drilling results continue to demonstrate the prospectivity of the northern region of the Zuleika shear.

“[The shear] remains relatively unexplored in comparison to the southern region which has delivered new open cut and underground discoveries and high-margin producing mines.”

READ: Intermin Resources and MacPhersons sign transformational merger deal

Results from Argo include 6 metres at 5.97 g/t gold from 66 metres and 12 metres at 4.03 g/t from 16 metres, while Loran produced 5 metres at 1.47 g/t from 66 metres.

Broad assays were obtained from Atlantic including: 7 metres at 1.54 g/t from 59 metres; 9 metres at 1.56 g/t from 69 metres; and 10 metres at 1.26 g/t from 58 metres.

The Blister Dam project area, new prospects and underlying geology

 

READ: Intermin Resources receives positive vanadium test work and starts drilling

Geological mapping and sampling of the Chadwin-Loran-Argo area has begun with the aim of improving the local stratigraphy and mineralisation model.

The Atlantic and Argo prospects were the two priorities of the 21 targets identified by Intermin in 2017.

Atlantic has relatively complex mineralisation with Intermin having to consider several models.

Tertiary lake clays up to 20 metres in depth obscure any outcrops and conceal the mineralisation.

Diamond drilling to delineate the structure and further test for high-grade gold is scheduled for next year.

READ: Intermin Resources concludes divestment of non-core interest

The newer discovery Loran sits about 400 metres northeast of the Chadwin target’s historical workings and exhibits more definitive geological control on gold minerlaisation than other areas tested at Blister Dam.

Two holes testing a soil anomaly returned a grade of 5 metres at 1.47g/t.

The ore zone is visual and sits on a sheared basalt-ultramafic contact, separated from Chadwin by a hilly outcrop of massive porphyritic basalt.

Intermin has noted soil anomalies on Loran’s adjacent flanks.

READ: Intermin Resources drill results pave way for new maiden resource

The drilling results have improved Intermin’s understanding of the Argo-Loran-Chadwin area’s prospectivity and initial work in 2019 will involve mapping, stratigraphy, sampling, geochemistry and ground magnetic surveys.

Follow-up RC drilling is planned at these and other prospects as well as diamond drilling for Argo, Atlantic and Loran.

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Wed, 19 Dec 2018 20:05:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211527/intermin-resources-delivers-positive-gold-grades-in-blister-dam-drilling-211527.html
<![CDATA[News - Intermin Resources adds 60% to gold bounty at Anthill ]]> https://www.proactiveinvestors.com.au/companies/news/211358/intermin-resources-adds-60-to-gold-bounty-at-anthill-211358.html Intermin Resources Limited (ASX:IRC) has added 60% to Anthill project gold resources following drilling at the site, which is one of a pipeline of assets in the Eastern Goldfields of Western Australia.

The Anthill resource now stands at 2.28 million tonnes at 1.71 g/t gold for 125,500 ounces at a 1 g/t lower grade cut-off with mineralisation open to the east and west.

This updated estimate increases the company’s total gold resources in the prolific region to 9.26 million tonnes grading 2.05 g/t for 609,600 ounces.

Anthill resource summary comparison at different cut-off grades.

READ: Intermin Resources updates Teal gold resource, regional drilling ongoing

Intermin managing director Jon Price said: “The successful drilling at Anthill in 2018 has continued to demonstrate the potential scale and quality of the project, particularly with the new mineralisation discovered to the east and south.

“We look forward to further drilling campaigns in 2019 at both Anthill and the new prospects to the north.”

Adjacent to Zuleika shear zone

Anthill is adjacent to the highly endowed Zuleika shear zone and the geology is dominated by a variolitic basalt with lesser amounts of porphyry and ultramafic rocks observed.

Anthill Gold Project tenement location.

At least two mineralised trends are evident and add to the geological complexity at Anthill.

In the June and September quarters of 2018, Intermin completed 122 reverse circulation holes for 15,118 metres drilled to an average depth of 120 metres and maximum depth of 284 metres.

The majority of this focused on extensions to known mineralisation to the north, south and east.

Best results were 23 metres at 4.16 g/t from 61 metres and 31 metres at 3.28 g/t from 112 metres including 1-metre at 31.7 g/t from 130 metres.

New mineralisation

New mineralisation was discovered at Anthill East and Anthill South with the latter appearing to be a strike extension of the main Anthill mineralisation.

Anthill prospect geology.

READ: Intermin Resources receives positive vanadium test work and starts drilling

The new data was used to compile a detailed JORC 2012-compliant mineral resource estimate.

Intermin believes mineralisation at Anthill is significant with potential for additional resources to be delineated with further drilling beyond the current mineralised envelope.

Additional drilling planned

As a result, additional resource drilling is planned in 2019 with the priority target being the high-grade mineralisation potential that remains open at depth and to the east.

Follow-up exploration drilling is also planned at the regional Fire Ant and Tree Ant prospects.

Mining studies being updated

Updated mining studies have commenced assessing optimal mining and processing pathways for open cut mine development at Anthill.

Price added: “The strike length at Anthill has grown from 120 metres to over 400 metres since initial mining studies were completed.

“We now look forward to re-optimising the new model and see potential for Anthill to be a significant part of our future production pipeline.”

Summary of Intermin's gold mineral resources at a 1 g/t cut-off grade.

READ: Intermin Resources and MacPhersons sign transformational merger deal

Last week, Intermin and MacPhersons Resources Ltd (ASX:MRP) signed a merger agreement aimed at combining the two companies in a new entity to be named Horizon Minerals Ltd.

The combined gold projects of both companies cover a total area of 1,100 square kilometres near Kalgoorlie-Boulder with around 1.62 million ounces of gold, inclusive of the updated Anthill resource.

The resources are within easy trucking distance of MacPhersons’ 507,000-ounce Boorara deposit which has approvals in place for open pit mine development and construction of a new processing facility.

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Tue, 18 Dec 2018 11:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211358/intermin-resources-adds-60-to-gold-bounty-at-anthill-211358.html
<![CDATA[News - Intermin Resources in a trading halt pending clarification statement ]]> https://www.proactiveinvestors.com.au/companies/news/211016/intermin-resources-in-a-trading-halt-pending-clarification-statement-211016.html Intermin Resources Limited (ASX:IRC) has been granted a trading halt by the ASX pending the release of a clarification statement.

The halt will remain until the start of ASX trading on Friday, December 14, 2018, or when the announcement is released to the market, whichever occurs earliest.

Intermin’s shares were trading at 14 cents when the halt was granted.

READ: Intermin Resources and MacPhersons sign transformational merger deal

Earlier this week Intermin signed a merger agreement with MacPhersons Resources Ltd (ASX:MRP) to combine the two gold-focused companies.

The agreement is subject to approval by MacPhersons' shareholders and the relevant court.

Subject to Intermin shareholders’ approval, this agreement would result in the merged entity being named Horizon Minerals Ltd.

It would have resources totalling 1.15 million ounces of gold and an extensive portfolio of highly prospective growth assets covering 1,100 square kilometres near Kalgoorlie-Boulder in the WA goldfields.

Pathway to standalone operation

If it proceeds, the merger would provide a clear pathway to a standalone operation.

The combined asset base will hold 562,000 ounces of gold resources within easy trucking distance of MacPhersons’ 507,000-ounce Boorara deposit.

There are approvals in place for open pit mine development and construction of a new processing facility at Boorara.

Intermin’s core Teal, Goongarrie Lady, Binduli, Anthill and Blister Dam projects each have potential to provide +2 g/t gold, oxide and transitional feed amenable to open pit mining to supplement Boorara’s baseload feed.

The recently completed Teal open pit demonstrated this potential, delivering about 22,000 ounces of gold grading 3.2 g/t and 94% gold recovery.

Strong foundation

Overall, the combination of the two companies’ projects provides a strong foundation for the merged entity to pursue an accelerated development strategy with the aim of becoming a recognised long-life sustainable gold producer.

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Wed, 12 Dec 2018 13:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211016/intermin-resources-in-a-trading-halt-pending-clarification-statement-211016.html
<![CDATA[News - Intermin Resources and MacPhersons sign transformational merger deal ]]> https://www.proactiveinvestors.com.au/companies/news/210916/intermin-resources-and-macphersons-sign-transformational-merger-deal-210916.html Intermin Resources Ltd (ASX:IRC) and MacPhersons Resources Ltd (ASX:MRP) have signed a merger agreement to combine the two companies, subject to MacPhersons shareholder and court approval.

The combined gold projects cover a total area of 1,100 square kilometres near Kalgoorlie-Boulder in the world-class Western Australian goldfields.

Intermin and MacPhersons gold project locations

The merged entity, to be named Horizon Minerals Ltd (subject to Intermin shareholder approval), will have resources totalling 1.15 million ounces of gold and an extensive portfolio of highly prospective growth assets in the WA goldfields.

Importantly, the merger provides a clear pathway to a standalone operation.

The combined asset base will hold 562,000 ounces of gold resources within easy trucking distance of MacPhersons’ 507,000 gold ounces Boorara deposit which has approvals in place for open pit mine development and the construction of a new processing facility.

Boorara gold project, located 10 kilometres east of Kalgoorlie-Boulder, could provide significant baseload feed for a standalone plant within the Boorara tenement area.

READ: MacPhersons Resources intersects high-grade gold at Boorara, updating geological model

MacPhersons has completed over 86,000 metres of drilling to extend the strike length at Boorara to over 2 kilometres and the deposit remains open to the north and at depth.

Trial mining at Boorara in 2016 to test geological modelling, mining methods and metallurgical performance was highly successful and demonstrated improved grades from closer spaced drilling and the presence of a potentially higher grade component within the global resource.

Further infill and extension drilling is planned in 2019 for this very large gold system to test the potential to provide baseload feed for a standalone processing facility.

Intermin’s core Teal, Goongarrie Lady, Binduli, Anthill and Blister Dam gold projects each have the potential to provide +2 g/t gold, oxide and transitional feed amenable to open pit mining to supplement the baseload feed from Boorara.

READ: Intermin Resources grows gold bounty at Kalgoorlie projects by 30%

The recently completed Teal open pit 12 kilometres north of Kalgoorlie-Boulder demonstrated this potential delivering about 22,000 ounces of gold grading 3.2 g/t and 94% gold recovery.

Intermin’s self-funded 55,000 metres resource extension and new discovery drilling program for 2018 was recently completed.

It has delivered resource growth to an estimated 562,000 ounces of gold to date, with further resource updates planned for the December 2018 and March 2019 quarters.

READ: Intermin Resources drill results pave way for new maiden resource

Further high priority drilling targets have been identified and prioritised for testing in 2019, focussed on high-grade open cut and underground ore bodies on major shear zones for transport to the potential Boorara processing facility.

A pipeline of development projects has been identified, including the Goongarrie Lady open pit that has been the subject of a feasibility study which produced results of about 12,000 ounces of gold at 2.9 g/t gold and about $5.7 million in cash flow over the seven months life of mine.

Overall, the combination of the two companies’ projects provides a strong foundation for the merged entity to pursue an accelerated development strategy with the aim of becoming a recognised long life sustainable gold producer.

Indicative timetable for the merger

On successful implementation of the scheme of arrangement, the merged entity plans to embark on a feasibility study in 2019 for an integrated development with a construction decision to follow shortly thereafter.

The likely aim of the study will be to develop an initial minimum four to five year mine plan supporting a standalone CIL processing facility, avoiding the future use of third party toll mills in the area which reduces margin and operating flexibility.

The merged group will hold a significant portfolio of advanced and greenfields exploration assets and is expected to continue to aggressively explore for resource extensions to existing mineralisation, new discoveries and review further acquisitions within the region that can add value and fit with the development strategy.

MacPhersons gold project locations and surrounding infrastructure

Intermin managing director Jon Price said: “The logical consolidation of these complementary assets will provide the critical mass to underpin a larger scale production profile, improved balance sheet and stronger business.

“Combining MacPhersons’ large baseload Boorara deposit with the nearby, higher-grade Intermin projects should enable a more rapid pathway to production with sufficient scale to avoid the need for third party toll milling.”

“We look forward to working with the MacPhersons’ team to complete the transaction and embark on an exciting new chapter for all shareholders and the regional communities in which we operate.”

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Tue, 11 Dec 2018 12:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210916/intermin-resources-and-macphersons-sign-transformational-merger-deal-210916.html
<![CDATA[News - Intermin Resources enters trading halt ahead of proposed merger ]]> https://www.proactiveinvestors.com.au/companies/news/210728/intermin-resources-enters-trading-halt-ahead-of-proposed-merger-210728.html Intermin Resources Ltd (ASX:IRC) has been granted a trading halt by the ASX this morning pending the release of further information regarding a proposed merger.

Shares in the company will remain halted until the earlier of either the release of relevant information, or, the commencement of trading on Tuesday, 11 December 2018.

READ: Intermin Resources receives positive vanadium test work and starts drilling

Most recently, Intermin received further positive metallurgical test work results from the Lilyvale prospect area within the Richmond Vanadium Project in Queensland.

Multiple tests utilising gravity, screening and flotation have resulted in concentrate grades averaging 1.6% vanadium at an overall recovery of 73%.

Completion of the first phase of test work is scheduled for mid-2019.

Notably, this will enable the commencement of a preliminary feasibility study (PFS).

Portfolio of high-quality gold assets in Western Australia

Intermin is best known for its portfolio of gold assets in the Western Australia goldfields near Kalgoorlie.

Most notably, Intermin is a proven gold producer having successfully completed its mining operation at the Teal Gold Mine, which commenced in October 2016.

Mining is now complete with 229,000 tonnes processed at 3.2 g/t gold for 21,836 ounces at a 94% recovery rate.

Within Teal’s portfolio, it has a number of advanced gold projects that it aims to move into production.

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Fri, 07 Dec 2018 11:36:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210728/intermin-resources-enters-trading-halt-ahead-of-proposed-merger-210728.html
<![CDATA[News - Intermin Resources receives positive vanadium test work and starts drilling ]]> https://www.proactiveinvestors.com.au/companies/news/209873/intermin-resources-receives-positive-vanadium-test-work-and-starts-drilling-209873.html Intermin Resources Ltd (ASX:IRC) has received further positive metallurgical test work results from the Lilyvale prospect area within the Richmond Vanadium Project in Queensland.

Multiple tests utilising gravity, screening and flotation have resulted in concentrate grades averaging 1.6% vanadium at an overall recovery of 73%.

These results are in line with the target grade of >1.5% vanadium and >70% recovery.

Further optimisation test work is ongoing with a further 4 tonnes of sample transported to China to generate additional concentrate for downstream processing test work.

READ: Intermin Resources concludes divestment of non-core interest

The project is subject to an earn-in joint venture with AXF Vanadium Pty Ltd whereby AXF can earn 75% by spending $6m by March 2021.

Intermin’s managing director Jon Price said: “The AXF team have done an excellent job to date and the test work results have demonstrated the potential of the project to become a globally relevant producer.

“With vanadium prices hitting new all-time highs of US$34 per pound or over $100,000 per tonne in Australian dollar terms, we look forward to the release of the drilling results, updated models and the pre-feasibility study in due course.”

Test work working towards commencing a PFS

Completion of the first phase of test work is scheduled for mid-2019.

Notably, this will enable the commencement of a preliminary feasibility study (PFS).

Large drilling program commenced

Drilling has commenced at Richmond and Julia Creek with 800 holes planned for a total of 17,500 metres to an average depth of 30 metres within a $1.2 million budget.

Regional drilling will comprise 350 holes for 7,500 metres testing a number of priority targets in both the Richmond and Julia Creek areas.

Drilling to target upgrade to Lilyvale vanadium deposit

Infill drilling at Lilyvale comprises 450 holes for 10,000 metres to upgrade the current Inferred resource of 671 million tonnes at 0.35% vanadium to the Measured and Indicated categories for Ore Reserve conversion.

Lilyvale forms part of the greater Richmond project with a JORC resource of 2,579 million tonnes grading 0.32% vanadium hosted in a soft oxide marine sediment 4 metres from surface.

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Mon, 26 Nov 2018 12:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209873/intermin-resources-receives-positive-vanadium-test-work-and-starts-drilling-209873.html
<![CDATA[News - Intermin Resources concludes divestment of non-core interest ]]> https://www.proactiveinvestors.com.au/companies/news/209518/intermin-resources-concludes-divestment-of-non-core-interest-209518.html Intermin Resources Limited (ASX:IRC) has completed the divestment of its interest in the Lehmann’s Well Gold Joint Venture with Saracen Mineral Holdings Ltd (ASX:SAR).

READ: Intermin Resources secures $2.5 million cash and royalty in non-core divestment

Intermin had agreed to terminate the joint venture and divest its 100% interest in the exploration license to Saracen on the following terms:

• Payment to Intermin of $250,000 in cash on execution;
• Payment to Intermin of $2.25 million in cash on completion;
• A 2.5% net smelter royalty that is payable by Saracen once Saracen has produced 42,000 ounces of gold from the transaction tenements, and ending once Saracen has produced 100,000 ounces; and
• Intermin and Saracen to be released from any rights and obligations under the joint venture agreement.

All condition precedent including the provision of signed transfers, all mining information and statutory consents have now been completed and the final payment of $2.25 million received from Saracen.

READ: Intermin Resources drill results pave way for new maiden resource

Last week, Intermin received assay results featuring 13 metres at 4.10 g/t gold from 65 metres at its Binduli Project near Kalgoorlie in Western Australia.

Drilling is part of the 55,000-metre program that commenced in February 2018 focussed on new discoveries and resource extensions across its multiple projects in the Kalgoorlie region.

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Tue, 20 Nov 2018 15:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209518/intermin-resources-concludes-divestment-of-non-core-interest-209518.html
<![CDATA[News - Intermin Resources drill results pave way for new maiden resource ]]> https://www.proactiveinvestors.com.au/companies/news/209137/intermin-resources-drill-results-pave-way-for-new-maiden-resource-209137.html Intermin Resources Ltd (ASX:IRC) has received assay results featuring 13 metres at 4.10 g/t gold from 65 metres from its Binduli Project near Kalgoorlie in Western Australia.

Drilling is part of the 55,000-metre program that commenced in February 2018 focussed on new discoveries and resource extensions across its multiple projects in the Kalgoorlie region.

A total of 85 reverse circulation (RC) holes for 8,096 metres were drilled to an average depth of 95 metres.

Highlights from the recent results are in yellow below.

READ: Intermin Resources updates Teal gold resource, regional drilling ongoing

Intermin’s managing director Jon Price said: “These latest results continue to demonstrate the potential scale and quality of the Crake prospect in an area that has seen little modern exploration, particularly at depth.

“To have now identified mineralisation over a 420-metre strike length provides us with great confidence in the entire Binduli project area which will be a priority in 2019.

“We now look forward to compiling the first Mineral Resource Estimate at Crake and moving forward with mining studies and metallurgical test work to rapidly advance the project into the mine development pipeline.”

Crake prospect to join list of high priority targets

The results show significant gold mineralisation over 420 metres of strike length.

Notably, this mineralisation remains open along strike to the north and at depth.

Extension drilling at Crake will continue as a priority in 2019, together with high priority targets including Coote, Darter and Honeyeater.

Binduli is now confirmed alongside Teal, Anthill and Blister Dam as a key project area for resource expansion and testing for new open cut and underground gold discoveries.

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Wed, 14 Nov 2018 12:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209137/intermin-resources-drill-results-pave-way-for-new-maiden-resource-209137.html
<![CDATA[News - Intermin Resources secures $2.5 million cash and royalty in non-core divestment ]]> https://www.proactiveinvestors.com.au/companies/news/208682/intermin-resources-secures-25-million-cash-and-royalty-in-non-core-divestment-208682.html Intermin Resources Ltd (ASX:IRC) has reached an agreement with Saracen Mineral Holdings Ltd (ASX:SAR) to divest its 10% interest in the Lehmans Gold Joint Venture in Western Australia.

In consideration, Intermin will receive $2.5 million cash, of which $250,000 has been received and a 2.5% net smelter royalty.

Intermin’s managing director Jon Price said: “Holding a minority interest in a project in the northern goldfields just didn’t make sense for Intermin and would be a distraction from the company’s core focus of building a gold business in the Kalgoorlie region.

“This will enable Saracen to explore and develop the projects unencumbered and further strengthen Intermin’s financial position as it continues with its gold exploration and mine development growth plans.”

READ:  Intermin Resources updates Teal gold resource, regional drilling ongoing

The divestment package comprises 14 tenements to the north of Saracen’s Thunderbox operation near Leinster in the northern goldfields of Western Australia.

The smelter royalty is payable by Saracen once it has produced 42,000 ounces of gold from the transaction tenements, and ends once 100,000 ounces has been produced.

Fully funded drill program continues

A fully funded 55,000-metre resource extension and new discovery drilling program continues.

During the September quarter, 20,336 metres were drilled at the Anthill, Binduli and Blister Dam projects.

Drilling at the Teal Gold Project area was successful resulting in a new discovery and recent resource upgrade.

During the current quarter, drilling will continue at Binduli and Blister Dam and assay results from completed drilling are expected.

 

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Wed, 07 Nov 2018 11:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208682/intermin-resources-secures-25-million-cash-and-royalty-in-non-core-divestment-208682.html
<![CDATA[News - Intermin Resources updates Teal gold resource, regional drilling ongoing ]]> https://www.proactiveinvestors.com.au/companies/news/207718/intermin-resources-updates-teal-gold-resource-regional-drilling-ongoing-207718.html Intermin Resources Limited (ASX:IRC) has updated the mineral resource estimate for its Teal project area near Kalgoorlie as part of the company’s 55,000-metre year-long resource extension and discovery drilling program.

Drilling at Teal consisted of 182 holes to down-hole depths of 60-270 metres and has now been completed for 23,545 metres.

The company has advanced drilling at a number of its prospects over the quarter, including the Crake prospect and Anthill Gold Project, with further results and an Anthill updated mineral resource estimate expected in the December quarter.

Metallurgical test work is also being conducted on ore from Intermin’s Richmond Vanadium Project in Queensland.

READ: Intermin Resources extends Anthill Gold Project, resource update on the way

Exploration in the Teal project area has comprised infill, lateral, depth extensional and new discovery drilling at the Jacques Find, Peyes Farm, Yolande and Teal prospects.

High-grade reverse circulation (RC) results previously reported include: 10 metres at 6.70 g/t gold from 60 metres; 8 metres at 5.7 g/t from 64 metres; and 8 metres at 5.28 g/t from 64 metres.

Deeper RC intersections include: 8 metres at 10.31 g/t from 123 metres; and 8 metres at 5.88 g/t from 124 metres.

The drilling program extended mineralisation both along strike and at depth with four parallel mineralised structures identified along a 6-kilometre strike zone.

Teal’s updated mineral resource estimate is 4.25 million tonnes at 2.11 g/t for 289,000 ounces of gold, with over 85% now in the indicated category.

READ: Intermin Resources grows gold bounty at Kalgoorlie projects by 30%

RC drilling at Anthill, 45 kilometres northwest of Kalgoorlie, focused on resource extensions, with 15,010 metres drilled during the quarter and a further 1,666 metres in the northern area testing for new discoveries.

Results released in August from about 10,000 metres of drilling, at an average depth of 150 metres and maximum of 250 metres, indicated high-grade mineralisation.

The initial assays included: 81 metres at 1.48 g/t from 119 metres, including 2 metres at 11.9 g/t from 132 metres and 15 metres at 2.24 g/t from 139 metres; and 26 metres at 2.96 g/t from 174 metres, including 1 metre at 17.9 g/t from 194 metres.

Drilling has also discovered new high-grade mineralisation outside of the current resource envelope at Anthill, with the northwest-trending Zuleika shear confirming orientation and increasing strike length by over 200 metres.

Anthill has a mineral resource estimate of 1.42 million tonnes at 1.72 g/t for 78,000 ounces and is expected to be updated next quarter.

READ: Intermin Resources reveals significant gold hits from drilling at Anthill

Richmond Vanadium Project location and surrounding infrastructure

 

Other regional exploration programs are ongoing or have begun, including infill drilling at the Richmond Vanadium Project and drilling at the Blister Dam Gold Project.

Results from Richmond are expected in the March quarter of 2019 and results from Blister Dam in the December and March quarters.

Metallurgical test work on Richmond vanadium ore is ongoing, focused on optimising pre-concentration and downstream processing with results expected next quarter.

Ore mineralogy and particle size analysis has shown that around 90% of Richmond’s vanadium resides in fine fractions of the ore below 43 microns.

Richmond has a mineral resource estimate of 2,579 million tonnes at 0.32% vanadium pentoxide.

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Wed, 24 Oct 2018 00:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207718/intermin-resources-updates-teal-gold-resource-regional-drilling-ongoing-207718.html
<![CDATA[News - Intermin Resources extends Anthill Gold Project, resource update on the way ]]> https://www.proactiveinvestors.com.au/companies/news/206732/intermin-resources-extends-anthill-gold-project-resource-update-on-the-way-206732.html Intermin Resources Limited (ASX:IRC) has grown the strike length of the Anthill Gold Project in WA’s Goldfields to more than 400 metres after completing a resource extension drilling program.

A 122-hole reverse circulation (RC) program for 15,118 metres extended the 120 metres of strike length that contains the resource estimate of 1.42 million tonnes at 1.72 g/t gold for 78,000 ounces.

The high-grade results returned are likely to boost resources with an updated estimate due later this quarter.

Anthill “grows with each drilling campaign”

Intermin managing director Jon Price said: “These latest results from Anthill continue to demonstrate the potential scale and quality of the ore body that continues to grow with each drilling campaign.”

The holes were drilled to an average depth of 120 metres with a maximum depth of 284 metres.

Best results were 31 metres at 3.28 g/t from 112 metres, including 1 metre at 31.7 g/t from 130 metres; 19 metres at 2.70 g/t from 57 metres; and 10 metres at 2.79 g/t from 80 metres.

READ: Intermin Resources reveals significant gold hits from drilling at Anthill

Price said: “The results certainly justify our belief that the Zuleika Shear can deliver new large-scale open cut and underground gold deposits.

“Once we receive the final assay data we will compile an updated mineral resource estimate in the current December quarter and progress future development studies in early 2019.”

Intermin’s Kalgoorlie area gold project locations, regional geology and surrounding infrastructure.

READ: Intermin Resources grows gold bounty at Kalgoorlie projects by 30%

The project is 54 kilometres northwest of Kalgoorlie-Boulder and is within the highly prospective Zuleika Shear Zone, which hosts numerous high-grade gold deposits.

Other results were:

- 12 metres at 2.00 g/t from 36 metres; - 4 metres at 8.13 g/t from 60 metres; - 8 metres at 1.92 g/t from 96 metres and 4 metres at 7.67 g/t from 112 metres; and - 13 metres at 1.44 g/t from 43 metres, 6 metres at 1.00 g/t from 66 metres and 3 metres at 2.70 g/t from 112 metres. Open in all directions

Mineralisation was intercepted to the north, south and east beyond the current resource envelope and remains open in all directions.

There were also 24 exploration aircore and RC holes for 1,666 metres completed 2.5 kilometres northwest of Anthill.

This drilling confirmed two new prospects – Fire Ant and Tree Ant.

Anthill Gold Project regional prospect and geology plan.

Best results were:

- 5 metres at 2.45 g/t from 33 metres and 1 metre at 0.91 g/t from 44 metres; - 4 metres at 0.69 g/t from 32 metres and 8 metres at 1.37 g/t from 80 metres; and - 4 metres at 1.08 g/t from 72 metres. Drilling at Binduli and Blister Dam

Further assays from Anthill are expected this quarter and the rigs are now drilling at the Binduli and Blister Dam gold projects.

Additional resource drilling is planned for the Anthill South and Anthill East areas in 2019, together with further resource extension drilling to the north and at depth.

Exploration drilling is also planned for the regional prospects in 2019.

Tree Ant and Fire Ant offer the potential for significant mineralisation beneath a highly depleted weathering profile.

READ: Intermin Resources’ fair market value increased 28% by Arrowhead

Intermin has started open pit mine development studies with initial optimisation and design work expected for completion in the first quarter of 2019.

Intermin’s resource base.

Additional test work will also be completed on new representative samples to confirm previous results where recoveries ranged from 93% to 99% with a high gravity recoverable component.

The statutory approvals process has also started ahead of a feasibility study release planned for 2019.

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Wed, 10 Oct 2018 11:43:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206732/intermin-resources-extends-anthill-gold-project-resource-update-on-the-way-206732.html
<![CDATA[News - Intermin Resources grows gold bounty at Kalgoorlie projects by 30% ]]> https://www.proactiveinvestors.com.au/companies/news/205176/intermin-resources-grows-gold-bounty-at-kalgoorlie-projects-by-30-205176.html Intermin Resources Limited (ASX:IRC) has grown overall gold resources by 30% to 562,000 ounces at its Kalgoorlie area projects in the WA Goldfields after mining depletion.

A revised estimate of 8.4 million tonnes at 2.08 g/t gold follows a new discovery and resource expansion drilling campaign at the Teal project area, which is just 11 kilometres from Kalgoorlie-Boulder.

Resources at Teal have increased 80% to 4.25 million tonnes at 2.11 g/t for 289,000 ounces.

READ: Intermin Resources’ fair market value increased 28% by Arrowhead

Intermin’s managing director Jon Price said: “The company commenced a self-funded $4 million, 55,000-metre drilling program in February this year and it has certainly delivered results.

“An 80% increase in resources at Teal at a $14 per ounce discovery cost is not only a testament to the quality of the assets but also the exploration team who have worked tirelessly on target generation and project priorities.”

Shares are up almost 7% to 16 cents.

READ: Intermin Resources discovers more resource growth opportunity at Teal

Since February there have been 182 reverse circulation holes completed for 23,545 metres with the majority of drilling focused on resource growth at the Teal, Jacques Find and Peyes Farm deposits.

More than 85% of the Teal area resource is in the indicated category with mineralisation open in all directions.

The resource for Teal has been depleted to take into account the recently completed Teal stage I and II open cut developments.

Summary of Teal mineral resources at greater than 1.0 g/t gold.

Next drilling phase planned

The next phase of drilling in the Teal area is planned for the March quarter of 2019.

This will focus on building additional resources at Teal West and Teal East and will follow-up encouraging auger results near the Jacques Find and Peyes South areas.

Diamond drilling will also be carried out beneath deep high-grade shoots at Jacques Find and Teal.

READ: Intermin Resources reveals significant gold hits from drilling at Anthill

Intermin continues to undertake new discovery and resource expansion drilling through a 14,000-metre program at the Anthill project.

Further drilling results and an updated mineral resource estimate is expected in the December quarter.

Intermin’s gold project locations, regional geology and surrounding infrastructure.

Follow-up drilling is also underway at the Crake prospect, which is part of the Binduli project area, with an additional 3,000 metres due for completion in the December quarter.

Maiden Crake estimate upcoming

A maiden resource estimate for the Crake prospect is expected in the March quarter of 2019.

First pass drilling totalling 3,000 metres is also planned at the Coote, Darter and Honeyeater prospects as part of the Binduli program.

A 14,000-metre new discovery program at the Blister Dam project is also planned to start in the December quarter.

Moving closer to 1 million ounce milestone

Price said: “With a significant amount of drilling ongoing at Anthill, Binduli and Blister Dam, the company looks forward to releasing further results and resource updates as we move closer to achieving the significant 1 million ounce milestone.”

Mining studies have started on the Jacques Find, Peyes Farm and further stages of the Teal project focused on open pit development for extraction of the oxide and transitional ore as part of the mining production pipeline.

In addition, metallurgical test work will continue to determine optimal processing pathways for primary mineralisation with further discussions to be held with suitable processing plant owners in close proximity.

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Wed, 19 Sep 2018 11:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205176/intermin-resources-grows-gold-bounty-at-kalgoorlie-projects-by-30-205176.html
<![CDATA[News - Intermin Resources reveals significant gold hits from drilling at Anthill ]]> https://www.proactiveinvestors.com.au/companies/news/203264/intermin-resources-reveals-significant-gold-hits-from-drilling-at-anthill-203264.html Intermin Resources Limited (ASX:IRC) has received initial results confirming significAnt gold mineralisation from drilling at the Anthill Gold Project in the Western Australian goldfields.

The high-grade hits include:

• 81 metres at 1.48 g/t gold from 119 metres including 2 metres at 11.90 g/t gold from 132 metres and 15 metres at 2.24 g/t gold from 139 metres;
• 26 metres at 2.96 g/t gold from 174 metres including 1 metre at 17.9 g/t gold from 194 metres; and
• 4 metres at 15.5 g/t gold from 56 metres.

Anthill gold project regional prospect and geology plan

Intermin managing director Jon Price said: “These initial results from Anthill are now clearly demonstrating the potential scale and quality of the orebody that continues to grow with each drilling campaign and certainly justifies our belief that the Zuleika shear can deliver new large scale open cut and underground gold deposits.

“The company will continue aggressive extension and new discovery drilling at Anthill and looks forward to releasing an updated resource and continuing mine development studies.”

WATCH: Intermin Resources will 'drill, grow, and move into that million-ounce category' this year

The current resource at Anthill stands at 1.42 million tonnes at 1.72 g/t gold for 78,000 ounces of gold at a 1 g/t gold cut-off grade.

Over 10,000 metres of reverse circulation drilling to a maximum depth of 200 metres has now been completed at Anthill as part of the self-funded 55,000-metre 2018 program.

Next steps

Given the excellent results from the initial drilling, Intermin plans to complete a further 4,000 metres of resource extension drilling with the aim of extending the strike length further to grow the mineralised envelope ahead of a resource update and open pit optimisation studies.

In addition, over 1,000 metres of drilling has commenced on high-priority new discovery targets including Fire Ant.

Further assay results are expected in the current September quarter, an updated resource estimate in the December quarter and a development scoping study in the March quarter 2019.

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Tue, 21 Aug 2018 12:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203264/intermin-resources-reveals-significant-gold-hits-from-drilling-at-anthill-203264.html
<![CDATA[News - Intermin Resources expands Binduli potential following strong gold results ]]> https://www.proactiveinvestors.com.au/companies/news/202905/intermin-resources-expands-binduli-potential-following-strong-gold-results-202905.html Intermin Resources Ltd (ASX:IRC) has received high-grade gold hits from reverse circulation (RC) drilling at the Crake prospect within its Binduli Gold Project, 9-kilometres west of Kalgoorlie.

The resource definition drilling comprised 25 holes for 2,560 metres and showed gold mineralisation over a 360-metre strike length, which remains open along strike, to the north and at depth.

Follow-up drilling is ongoing and Intermin is planning an additional 30 holes for 3,000 metres, designed to infill and extend the mineralisation.

READ: Intermin Resources’ fair market value increased 28% by Arrowhead

Highlighted assays include: 23 metres at 4.16 g/t gold from 61 metres, including 3 metres at 20.73 g/t from 66 metres; 18 metres at 3.13 g/t from 70 metres; 5 metres at 2.73 g/t from 55 metres; and 16 metres at 1.32 g/t from 73 metres.

Intermin managing director Jon Price said the latest results had confirmed previous assays and demonstrated the potential scale and quality of the Crake prospect.

Price said: “Step-out drilling continues to deliver excellent width and grade and we will continue with aggressive extension drilling in coming months.

“The exploration team has done an excellent job at Crake and has now identified a further three high-priority targets within the Binduli project area.

“We look forward to testing these new targets in an area where little modern exploration has been undertaken.”

READ: Intermin Resources discovers more resource growth opportunity at Teal

New mineralisation was discovered in two holes, confirming the southern area of Crake has excellent resource potential at depth and shallow mineralisation to the north.

Intercepts from these holes include: 2 metres at 1.05 g/t from 117 metres; and 4 metres at 2.33 g/t from 123 metres.

Crake’s geology is similar to the 390,000-ounce Janet Ivy open pit, 1,500 metres to the south, where gold is hosted in a structurally controlled feldspar porphyry.

At the nearby Fort William and Fort Scott pits, together producing over 100,000 ounces to date, gold is hosted within sheared units of volcanics and clastic sediments.

Intermin's resource base

  READ: Intermin Resources drills out southern extensions to Goongarrie Lady

Intermin has completed a detailed geological review of several historic sites at Binduli, including the Coote prospect, which is 700 metres west of Crake and appears to be directly along strike from the Janet Ivy pit.

Most of these areas have not been drill tested and have considerable upside potential.

Intermin plans to conduct a first-pass RC program in the December quarter to establish resources and build up the gold profile of the company’s emerging Teal-Binduli gold camp.

READ: Intermin Resources drills out broad high-grade gold at Binduli

Resource definition at Crake is part of Intermin’s self-funded $4 million, 55,000 metre drilling program across its Kalgoorlie gold projects.

Along with Crake, the program is focused on new discoveries and extensions at the Teal, Anthill and Blister Dam gold projects.

Follow-up drilling at Crake will begin in the September quarter with first results expected early in the December quarter.

Intermin will then compile a maiden resource, which is expected to be complete late in the December quarter.

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Tue, 14 Aug 2018 21:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202905/intermin-resources-expands-binduli-potential-following-strong-gold-results-202905.html
<![CDATA[News - Intermin Resources discovers more resource growth opportunity at Teal ]]> https://www.proactiveinvestors.com.au/companies/news/201963/intermin-resources-discovers-more-resource-growth-opportunity-at-teal-201963.html Intermin Resources Ltd (ASX:IRC) has received additional assay results from resource extension and new discovery drilling at the Teal Gold Project near Kalgoorlie, Western Australia.

Drilling commenced in February 2018 with 20,000 metres planned as part of the 55,000-metre program for CY2018.

182 reverse circulation (RC) holes for 23,545 metres has been completed with the majority of the drilling focussed on resource growth at Teal, Jacques Find, Peyes Farm and Yolande.

READ: Intermin Resources drills out southern extensions to Goongarrie Lady

Highlights from the latest assays include:

• New, fresh rock mineralisation discovered 100 metres east of the Teal pit at Teal East featuring 12 metres at 3.43 g/t gold from 96 metres;
• New, shallow gold mineralisation discovered on the eastern edge of Teal pit featuring 14 metres at 3.02 g/t gold from 41 metres;
• Depth extensions at Peyes Farm featuring 4 metres at 4.29 g/t gold from 167 metres; and
• Depth extension potential at Jacques Find featuring 10 metres at 2.12 g/t gold from 139 metres.

New discovery drilling was an important part of the overall Teal program with three new discoveries being made in the June half (Teal East, Wills Find, Teal West).

The strike limits for Teal, Jacques-Yolande and Peyes Farm mineralisation are also now well defined to about 200 metres depth.

READ: Intermin Resources’ fair market value increased 28% by Arrowhead

Intermin’s managing director Jon Price said: “The large drilling program at the Teal gold camp has certainly delivered excellent results to date and identified four parallel mineralised structures across a 6 kilometre strike zone, demonstrating the potential scale of the system.

“We now look forward to the updated resource and moving forward on mining studies to continue creating value for shareholders in this fantastic part of the Western Australian goldfields.”

All data now being compiled to produce updated resource estimates for the Jacques Find and Yolande prospects in August 2018.

Drilling now focusing on Anthill

At the end of June, drilling operations at the Teal project were completed with the RC rig being relocated to Anthill and commencing the 14,000-metre resource drilling program.

Intermin also intends to plan for follow-up resource drilling at Teal West and Teal East and exploration drilling at Wills Find.

 

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Wed, 01 Aug 2018 10:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201963/intermin-resources-discovers-more-resource-growth-opportunity-at-teal-201963.html
<![CDATA[News - Intermin Resources’ fair market value increased 28% by Arrowhead ]]> https://www.proactiveinvestors.com.au/companies/news/201597/intermin-resources-fair-market-value-increased-28-by-arrowhead-201597.html Intermin Resources Limited’s (ASX:IRC) gold strategy has seen New York-based Arrowhead Business and Investment Decisions upgrade its valuation.

Arrowhead has placed a fair market value of 45.4 cents to 48.2 cents per share on the ASX-listed explorer focused on the Kalgoorlie Region of Western Australia, home to some of Australia’s largest and richest gold mines.

The fair value has been established by Arrowhead using its blended valuation method.

Arrowhead had initiated coverage on Intermin on October 3, 2017 and last updated its report on February 16, 2018 with a fair market value of 35.4 cents to 38.1 cents per share.

READ: Intermin Resources’ reconciliation of Teal gold production exceeds estimates

Intermin recently completed mining at the Teal open pit gold mine, located 11 kilometres northwest of Kalgoorlie.

The Stage 1 and Stage 2 mines at Teal produced a total of 229,000 tonnes of ore mined at 3.2 g/t for gold production of 21,936 ounces in the June 2018 quarter.

Gold production was 19% above feasibility levels and above revised project guidance.

 

Intermin estimates costs from Stage 1 and Stage 2 of the mine at all-in costs of A$1,000- A$1,100 per ounce.

Stage 1 and Stage 2 of the Teal project were highly profitable with total estimated free cash flow of $9 – $10 million.

Intermin’s next mining project is the development of Goongarrie Lady, located at the northern end of the Bardoc Tectonic Zone.

READ: Intermin Resources delivers positive feasibly study for Goongarrie Lady gold project

The company completed a feasibility study in June 2018, and plan to mine a maiden JORC 2012 ore reserve of 135,000 tonnes ore grading 2.94 g/t gold for 12,700 ounces of gold over a period of seven months.

The recently concluded reverse circulation drill program involving 167 holes for 8,447 metres confirmed the grade and the geological interpretation to further support the feasibility study and mine approvals.

The project is expected to be highly profitable with an estimated cash generation of $5-$6 million. Intermin expects to make an investment decision in early 2019.

READ: Intermin Resources’ initial Anthill gold resource provides strong growth base

Anthill is one of the most valuable new additions to Intermin’s mining pipeline with an initial resource estimate of 78,000 ounces of gold.

The company has planned a large-scale 14,000 metre follow-up reverse circulation program in 2018 to test the extension, parallel lodes and primary targets, with a scoping study to follow shortly thereafter.

Intermin’s Resource Base

Demand for gold

Gold demand is driven by the need for preservation of value.

The bullion’s modest price recovery compared to other commodities has resulted in a reduction in spending on exploration to less than US$4 billion from almost US$10 billion in 2012.

This has left many companies in the industry forecasting a shortage in supply by the end of the decade leading to a price increase.

Analysis

The company generated a revenue of $3.5 million from gold sales in the quarter ended June 30, 2018 and $11.5 million in the previous quarter ended March 31, 2018.

Intermin’s cash and tradeable securities stood at $9.5 million as at June 30, 2018. The company is debt-free and intends to self-fund its exploration.

The management team is highly experienced in mining development and the exploration of gold projects.

Arrowhead believes Intermin is well placed for the successful development of its projects.

Arrowhead Business and Investment Decisions received fees in 2017 and expects to receive fees in 2018 from Intermin Resources for researching and drafting reports and for a series of other services including distribution and networking services.

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Thu, 26 Jul 2018 12:25:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201597/intermin-resources-fair-market-value-increased-28-by-arrowhead-201597.html
<![CDATA[News - Intermin Resources drills out southern extensions to Goongarrie Lady ]]> https://www.proactiveinvestors.com.au/companies/news/200631/intermin-resources-drills-out-southern-extensions-to-goongarrie-lady-200631.html Intermin Resources Ltd (ASX:IRC) has received results from a three hole reverse circulation (RC) program testing southern extensions at the Goongarrie Lady gold project near Kalgoorlie.

The three holes were testing up to 500 metres south of the current pit design and all returned new and significant gold mineralisation including 2 metres at 17.7 g/t gold from 47 metres.

The three successful drill holes highlight the prospectivity of the southern Goongarrie Lady area in particular GLRC1804 where gold was panned from high-grade quartz veins.

Intermin managing director Jon Price said: “These latest results have demonstrated the potential to extend the project to the south and we look forward to the results of the follow up drilling and assessing the impact on the current production profile and project economics.”

READ: Intermin Resources delivers positive feasibly study for Goongarrie Lady gold project

An initial 1,000-metre follow-up program has been planned and will commence in the current September quarter, aimed at linking the mineralisation with the current reserve envelope.

Further drilling will also test a potentially new parallel lode to the east.

READ: Intermin Resources drills out broad high grade gold at Binduli

Most recently, Intermin received assays from initial resource drilling at its 100% owned Binduli gold project also near Kalgoorlie in Western Australia.

Assays from the first 25 reverse circulation (RC) holes intersected significant gold at the Crake prospect including 28 metres at 3.30 g/t gold from 56 metres.

Crake is one of five high priority prospects at Binduli that have had limited drilling and remain relatively untested at depth.

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Thu, 12 Jul 2018 11:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200631/intermin-resources-drills-out-southern-extensions-to-goongarrie-lady-200631.html
<![CDATA[News - Intermin Resources drills out broad high grade gold at Binduli ]]> https://www.proactiveinvestors.com.au/companies/news/200419/intermin-resources-drills-out-broad-high-grade-gold-at-binduli-200419.html Intermin Resources Ltd (ASX:IRC) has received assays from initial resource drilling at its 100% owned Binduli gold project near Kalgoorlie in Western Australia.

Assays from the first 25 reverse circulation (RC) holes intersected significant gold at the Crake prospect including 28 metres at 3.30 g/t gold from 56 metres.

Crake is one of five high priority prospects at Binduli that have had limited drilling and remain relatively untested at depth.

READ: Intermin Resources delivers positive feasibly study for Goongarrie Lady gold project

Intermin’s managing director Jon Price said: “To be intersecting excellent width and grade at relatively shallow depths in our initial program at Crake is extremely encouraging and we look forward to receiving the remaining assays from the drilling program in coming weeks and compiling an initial resource model.

“The Binduli project area now joins Teal, Anthill and Blister Dam as a key asset in our gold portfolio with these drilling results providing growing confidence to accelerate further drilling at Crake and the other four priority prospects within this world class gold producing region.”

Gold over 250 metres strike, remains open

Initial drill results show significant gold mineralisation over a 250-metre strike length which remains open along strike and at depth.

Prospects within the Binduli project area could become valuable resource extensions to the nearby Teal, Anthill and Blister Dam gold projects.

More results pending, further drilling planned

The remaining drilling results are expected in July and August.

Following their receipt, an accelerated structural and extensional drilling program will be designed to test Crake as well as other high priority prospects within the Binduli project area.

The new data will also be used to compile a new resource model for Crake.

Given the strong results to date, an additional rig will be required to complete the upcoming drilling at Binduli in the September and December quarters with the existing rigs now completing the 14,000-metre program at Anthill followed by the 14,000-metre program at Blister Dam.

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Tue, 10 Jul 2018 09:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200419/intermin-resources-drills-out-broad-high-grade-gold-at-binduli-200419.html
<![CDATA[News - Intermin Resources delivers positive feasibly study for Goongarrie Lady gold project ]]> https://www.proactiveinvestors.com.au/companies/news/199734/intermin-resources-delivers-positive-feasibly-study-for-goongarrie-lady-gold-project-199734.html Intermin Resources Limited (ASX:IRC) has revealed its feasibility study findings for the Goongarrie Lady gold project in Western Australia, indicating a technically strong and financially viable project.

Importantly, the project is expected to generate $5.7 million in free cash flow in seven months at A$1,700 per ounce gold price.

WATCH: Intermin Resources will 'drill, grow, and move into that million ounce category' this year

Intermin has envisaged an open pit mine design producing 135,000 tonnes at a fully diluted grade of 2.94 g/t gold for 12,700 ounces over the 7-month mine life.

Third party milling at 94% metallurgical recovery is estimated to produce 11,938 ounces recovered.

The project is expected to have low up-front capital costs of $0.73 million with attractive C1 costs of A$1,131 per ounce and all-in sustaining costs of A$1,164 per ounce.

Summary of feasibility study key outcomes

Intermin managing director Jon Price said: “The Goongarrie Lady Feasibility Study has delivered robust economic results with strong projected cash margins and reduced geological risk.

“As with the successful Teal gold mine, the company has taken a conservative approach to both resource estimation and development studies with the infill drilling increasing geological confidence and mine optimisation studies adopting conservative cut off grades to ensure acceptable cash margins.”

READ: Intermin Resources’ reconciliation of Teal gold production exceeds estimates

The feasibility study has confirmed Goongarrie Lady as Intermin’s next mining project in the production pipeline after the Teal gold mine to advance its aggressive, self-funded Goldfields exploration strategy.

Intermin’s next steps will include completion of statutory approvals in the September and December quarters, review of development options and negotiation with mining and haulage contractors and third-party toll milling operators.

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Thu, 28 Jun 2018 11:19:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199734/intermin-resources-delivers-positive-feasibly-study-for-goongarrie-lady-gold-project-199734.html
<![CDATA[News - Intermin Resources’ reconciliation of Teal gold production exceeds estimates ]]> https://www.proactiveinvestors.com.au/companies/news/199634/intermin-resources-reconciliation-of-teal-gold-production-exceeds-estimates-199634.html Intermin Resources Limited (ASX:IRC) has completed full reconciliation of the mine physicals of its ore processing campaign at the Lakewood toll milling facility.

Importantly, Intermin’s production from its Teal Gold Project in Western Australia of 21,836 fine ounces exceeded feasibility study estimates and was in the upper range of the upgraded production guidance.

The Teal stages 1 and 2 (combined) summary of physicals against feasibility study estimates

The mine performed well against the reserve model with the grade in line, 13% more tonnes mined at the modelled grade and metallurgical recoveries 6% above feasibility study estimates.

Intermin had mined the Teal Gold Mine under a risk share-profit share structure with mining contractor Resource Mining.

Final cost reconciliations are currently being compiled and are expected to be completed in the September quarter subject to resolution of purported cost variation claims received in the March and June Quarters from Resource Mining.

READ: Intermin Resources’ drilling continues to expand potential of Teal gold project

The company recently received further positive drilling results including 10 metres at 6.70 g/t gold from 60 metres at the Teal Gold Project.

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Wed, 27 Jun 2018 14:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199634/intermin-resources-reconciliation-of-teal-gold-production-exceeds-estimates-199634.html
<![CDATA[Media files - Intermin Resources will 'drill, grow, and move into that million ounce category' this year ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9617/intermin-resources-will-drill-grow-and-move-into-that-million-ounce-category-this-year-9617.html Tue, 19 Jun 2018 13:52:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9617/intermin-resources-will-drill-grow-and-move-into-that-million-ounce-category-this-year-9617.html <![CDATA[News - Intermin Resources increases footprint in highly prospective Kalgoorlie-Boulder region ]]> https://www.proactiveinvestors.com.au/companies/news/199087/intermin-resources-increases-footprint-in-highly-prospective-kalgoorlie-boulder-region-199087.html Intermin Resources Ltd (ASX:IRC) continues to execute its company strategy of acquiring quality assets on major geological structures contiguous with existing landholdings, while being in close proximity to supporting infrastructure.

Intermin has now pegged new tenure making up the Yarmany Gold Project, located 65 kilometres west of Kalgoorlie-Boulder in the Western Australian goldfields.

The project area now covers 320 square kilometres of the greenstone belt with two new exploration licence applications contiguous with the company’s wholly-owned Yarmany and Area 54 prospects.

Yarmany is located on the highly prospective Ida and Reptile shear zones in close proximity to all required infrastructure.

Jon Price, managing director, commented: "The area has had limited work completed in the last 20 years and was consolidated through pegging at very low cost.

"We see great opportunity for Yarmany to join Teal, Anthill and Blister Dam as a key growth project for Intermin in this world class gold producing region."

Intermin has now commenced data compilation and target generation for initial drilling upon final granting of the applications.

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Tue, 19 Jun 2018 10:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199087/intermin-resources-increases-footprint-in-highly-prospective-kalgoorlie-boulder-region-199087.html
<![CDATA[News - Intermin Resources positioned to share in exploration upside at Menzies ]]> https://www.proactiveinvestors.com.au/companies/news/198830/intermin-resources-positioned-to-share-in-exploration-upside-at-menzies-198830.html Intermin Resources Ltd (ASX:IRC) is set to gain from any exploration discovery made by Eastern Goldfields Ltd (ASX:EGS) at its Menzies joint venture in Western Australia.

Eastern Goldfields can earn up to 65% at Menzies by spending up to $5.5 million on exploration and studies.

Drilling has been focused on the Lady Irene and Yunndaga prospects.

Eastern Goldfields completed two diamond tail holes and one reverse circulation (RC) hole at the Lady Irene prospect and three diamond tail holes at the Yunndaga prospect.

Historical open pit Lady Irene gold mine

The Lady Irene Gold Mine comprises two shallow abandoned open pits discovered in 1996 and mined in 2001.

It produced around 6,550 ounces from 42,700 tonnes of ore averaging 4.77 g/t gold.

Eastern Goldfields considers the shoots to be under-tested and open at depth to the south.

Yunndaga also under-tested

The Yunndaga deposit is the largest ore body mined in the Menzies area subject to both underground and later open put mining after its discovery in 1894.

Open pit mining from 1995 to 1998 produced 64,300 ounces grading 2.5 g/t, a period when the gold price was between US$300 to US$400 per ounce.

Eastern Goldfields also believes the deposit is under-tested for extensions to ore shoots.

READ: Intermin Resources’ drilling continues to expand potential of Teal gold project

Earlier this week, Intermin received further positive drilling results from its Teal gold project located 11 kilometres northwest of Kalgoorlie-Boulder in Western Australia.

To date, 131 holes for 16,342 metres have been completed at the Jacques Find and Yolande prospects as part of the 2018 drill program.

Geological modelling is underway with a resource update planned for the September quarter.

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Thu, 14 Jun 2018 13:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198830/intermin-resources-positioned-to-share-in-exploration-upside-at-menzies-198830.html
<![CDATA[News - Intermin Resources’ drilling continues to expand potential of Teal gold project ]]> https://www.proactiveinvestors.com.au/companies/news/198649/intermin-resources-drilling-continues-to-expand-potential-of-teal-gold-project-198649.html Intermin Resources Limited (ASX:IRC) has received further positive drilling results from its Teal gold project located 11 kilometres northwest of Kalgoorlie-Boulder in Western Australia.

To date, 131 holes for 16,342 metres have been completed at the Jacques Find and Yolande prospects as part of the 2018 drill program.

READ: Intermin Resources hits high-grade gold in drilling at Teal project near Kalgoorlie

Significant high grade downhole drilling intercepts received to date from the Teal gold project include:

• 10 metres at 6.70 g/t gold from 60 metres including 4 metres at 14.63 g/t gold from 60 metres;
• 8 metres at 5.88 g/t gold including 4 metres at 10.20 g/t gold from 124 metres; and
• 8 metres at 5.28 g/t gold from 64 metres including 1 metre at 19.70 g/t gold from 66 metres.

Drill program aimed at growing the resource base

In February 2018 Intermin began a self-funded 55,000-metre drilling program across its 100%-owned Kalgoorlie gold projects.

The $4 million drill program is focused on new discoveries and resource extensions at the key Teal, Anthill and Blister Dam projects.

The program will include 20,000 metres of drilling at the Teal project area aimed at growing the current resource base and testing new discovery targets identified in 2017.

READ: Intermin Resources strikes gold at Wills Find at early stage of extensive drilling program

Intermin managing director Mr Jon Price said: “The drilling results to date continue to deliver excellent width and grade and now demonstrate the continuity of the Jacques Find trend along 800 metres of strike length.

“Multiple parallel structures have now been identified providing significant potential for further resource growth.

“The company now looks forward to receiving all the drilling data from the Teal gold camp and compiling an updated resource for release in the September quarter.

“The drill rigs now move on to the exciting Binduli and Anthill gold projects where we aim to grow our resources, add to our production profile and continue the search for Kalgoorlie’s next new gold discovery.”

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Tue, 12 Jun 2018 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/198649/intermin-resources-drilling-continues-to-expand-potential-of-teal-gold-project-198649.html
<![CDATA[News - Intermin Resources confirms positive test work results for Richmond vanadium project ]]> https://www.proactiveinvestors.com.au/companies/news/196502/intermin-resources-confirms-positive-test-work-results-for-richmond-vanadium-project-196502.html Intermin Resources Limited (ASX:IRC) and joint venture partner AXF have received positive initial metallurgical test work results from the Lilyvale prospect area, part of the Richmond vanadium project.

The project is in northwest Queensland and covers an area of 1,520 square kilometres with a total resource of 2,579 million tonnes grading 0.32% vanadium.

READ: Intermin Resources surges higher on revealing world-class vanadium resource

China-based AXF brings considerable technical expertise to the project and has extensive business relationships throughout Southeast Asia.

AXF can earn up to a 75% interest by spending $6 million by 2021 inclusive of a feasibility study.

In late 2017, AXF collected about 1.2 tonnes of vanadium samples from Lilyvale for despatch to two research laboratories in China.

READ: Intermin Resources has range of share price catalysts on the horizon

Particle size analysis completed by the laboratories has confirmed previous work where 90% of the contained vanadium reported to the fine size fractions below 43 micrometres.

Importantly, initial two-stage concentration tests resulted in a 1.1% vanadium grade in 39% of the mass at a 78.4% recovery.

Further test work is now underway to optimise the pre-concentration stages with the aim of delivering a 1.5% - 2% vanadium feedstock at acceptable recovery for downstream processing test work.

Infill drilling at the shallow oxide Lilyvale prospect is planned for the September quarter to upgrade the resource to the measured and indicated categories and to provide additional metallurgical samples.

Potential for a world class vanadium deposit

Intermin managing director Jon Price said: “The first pass results from Lilyvale are extremely encouraging and confirm the historic test work completed by Intermin over the last decade.

“To have highly credentialed research institutes in China delivering 78% of the vanadium into 39% of the mass at good grades bodes well for the optimisation test work now underway.

“We look forward to further results and moving forward with AXF on the downstream processing studies and upgrading the Lilyvale resource.

“With the soft oxide mineralisation just 4 metres below surface at Lilyvale, the scale of the project has the potential to compete with any world-class vanadium deposit and meet the supply needs of both the steel and emerging energy storage markets.”

Increasing demand for vanadium

Vanadium redox flow batteries are being increasingly used by the energy storage industry as a key component in the grid-scale storage of solar and wind energy.

Currently, over 80% of the world’s vanadium production comes from China (55%), but stricter environmental regulations on Chinese steel mills have seen a dramatic decline in production.

On the back of tightening supply and increased demand, vanadium prices have recently reached eight-year record highs.

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Tue, 08 May 2018 11:34:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196502/intermin-resources-confirms-positive-test-work-results-for-richmond-vanadium-project-196502.html
<![CDATA[News - Intermin Resources strikes gold at Wills Find at early stage of extensive drilling program ]]> https://www.proactiveinvestors.com.au/companies/news/195609/intermin-resources-strikes-gold-at-wills-find-at-early-stage-of-extensive-drilling-program-195609.html Intermin Resources Limited (ASX:IRC) has released further results from reverse circulation drilling at its new discovery targets at the Teal Gold Project.

The project is in highly prospective territory, 11 kilometres from Kalgoorlie-Boulder in Western Australia.

A new prospect 200 metres east of Peyes Farm named Wills Find returned significant gold mineralisation including 18 metres at 2.69 g/t gold from 96 metres.

Expansion of resource

Managing director Jon Price said: “These latest drilling results provide further evidence of multiple parallel structures across the entire Teal project area and demonstrate the potential scale of the mineralised system.

“We are less than 20% of the way through our 55,000-metre drill program and look forward to testing the remaining new discovery targets and continuing with our resource growth program across 2018.”

Mineralisation similar to Teal Gold Mine

The shallow oxide supergene mineralisation is similar to the Teal Gold Mine where recoveries over 94% where achieved.

To date, 26 reverse circulation holes have been completed for 3,156 metres to a maximum depth of 160 metres testing new discovery targets.

The targets were identified in areas where the historic drilling was regarded as being too shallow, but are also coincident with several prospective structures.

Strategy pays dividends at Wills Find

The Wills Finds target was one such area where three holes drilled by Intermin discovered consistent, anomalous gold.

These holes were plotted and the surrounding structures tested.

The discovery hole recorded 23 metres at 1.29 g/t gold from 67 metres including a higher-grade zone of 10 metres at 2.13 g/t gold from 78 metres.

Step back drilling delivered the aforementioned 18-metre intersection grading 2.69 g/t gold.

Further results pending

Intermin has tested the five priority new discovery targets around Jacques Find and Peyes Farm with two of these areas returning significant mineralisation.

At Wills Find, diamond drilling is planned alongside further reverse circulation drilling to follow up anomalous surface mineralisation.

This will focus on targets close to where quartz veining has been dug out.

Further targets, including east of Teal and untested areas linking Peyes Farm and Teal, are scheduled to be drilled in May.

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Tue, 24 Apr 2018 10:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195609/intermin-resources-strikes-gold-at-wills-find-at-early-stage-of-extensive-drilling-program-195609.html
<![CDATA[News - Intermin Resources hits high-grade gold in drilling at Teal project near Kalgoorlie ]]> https://www.proactiveinvestors.com.au/companies/news/195204/intermin-resources-hits-high-grade-gold-in-drilling-at-teal-project-near-kalgoorlie-195204.html Intermin Resources Limited (ASX:IRC) has received promising reverse circulation (RC) drilling results from the 100%-owned Teal Gold Project.

The company is conducting an extensive exploration program at the project which is 11 kilometres northwest of Kalgoorlie-Boulder in Western Australia.

Managing director Jon Price said: “These latest drilling results further demonstrate the potential scale and quality within the Teal project area.

“They certainly justify the priority placed on this large mineralised system just 15 minutes’ drive from the city of Kalgoorlie-Boulder."

Drill program aimed at growing Teal resource base

In February 2018 Intermin began a self-funded 55,000-metre drilling program across its 100%-owned Kalgoorlie gold projects.

The $4 million drill program is focused on new discoveries and resource extensions at the key Teal, Anthill and Blister Dam projects.

The program will include 20,000 metres of RC and diamond drilling at the Teal project area aimed at growing the current resource base and testing new discovery targets identified in 2017.

Price said: “The ongoing drilling program at Teal will test the full extent of this system to add free milling oxide to our production profile and determine the scale of the deeper, higher grade, primary sulphide mineralisation to enable assessment of future development options.”

Jacques Find features high grades

To date, 31 RC holes have been completed for about 4,100 metres to a maximum depth of 220 metres.

At Jacques Find, drilling has intercepted new zones of shallow oxide supergene mineralisation including 6 metres at 4.72 g/t gold from 54 metres and 6 metres at 4.34 g/t from 42 metres.

Deeper mineralisation with excellent width and grades were also intercepted, including 8 metres at 10.31 g/t from 123 metres and 8 metres at 5.7 g/t from 64 metres.

The drilling has resulted in an additional 100 metres of open-ended gold mineralisation where one hole intercepted strong oxide mineralisation of 5 metres at 1.26 g/t.

The mineralised trend at Jacques Find is now in excess of 500 metres in length and remains open to the north and at depth.

Yolande displays broad zones of oxide mineralisation

At Yolande, three holes have been completed with recent results having defined broad zones of oxide mineralisation above deeper primary mineralisation.

Some of the better results included 37 metres at 2.16 g/t from 90 metres and 9 metres at 4.45 g/t from 118 metres.

READ: Intermin Resources has range of share price catalysts on the horizon

Drilling is continuing at the Teal project area, testing additional new discovery targets, stepping out from the latest drill lines and completing further infill to improve the quality of the resources.

Results from the ongoing drilling are expected in coming weeks, and these along with other developments are potential share price catalysts.

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Wed, 18 Apr 2018 11:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195204/intermin-resources-hits-high-grade-gold-in-drilling-at-teal-project-near-kalgoorlie-195204.html
<![CDATA[News - Intermin Resources has range of share price catalysts on the horizon ]]> https://www.proactiveinvestors.com.au/companies/news/194567/intermin-resources-has-range-of-share-price-catalysts-on-the-horizon-194567.html Intermin Resources Limited (ASX:IRC) has adopted a strategy of entering into joint ventures for most of its broad range of projects which predominantly span base and precious metals.

The company also has exposure to platinum group elements (PGEs), vanadium, molybdenum and cobalt.

Intermin managing director Jon Price said: “Intermin’s strategy of entering into joint ventures with well-credentialed partners for its non-core projects allows it to focus on its strategy of building a mid-tier gold business in the Western Australian Goldfields while giving shareholders exposure to active programs across a range of commodities.”

Production outperformance, exploration results and resource upgrades are among the range of possible share price catalysts that could emerge over the next six months.

Teal Gold Project surprises on the upside

Just recently, Intermin upgraded production guidance from the Teal gold mine in Western Australia’s Goldfields.

READ: Intermin Resources mines more gold than expected at Teal project

Additional gold was found within and below the open pit, prompting management to increase production guidance to a range between 21,000 ounces and 22,000 ounces.

Extensive exploration in 2018

Intermin has a busy year ahead in 2018 after drilling over 26,000 metres in 2017 across eight priority project areas on major gold-bearing shear zones.

A fully funded $4 million, 50,000-60,000 metre drilling program is envisaged.

Price said: “The past year has been one of significant growth for the company on the back of a highly successful exploration program, the generation of cash flow from the first stages of the Teal operation and a number of value accretive acquisitions and joint ventures.

“Intermin is now in a strong and quite unique position to be able to self-fund a larger resource growth drilling program in 2018 with the focus on our key projects at Teal gold camp, Anthill and Blister Dam with planning at an advanced stage for 50,000 to 60,000 metres of drilling to commence this quarter.”

“Our shareholders are very supportive of our strategy to grow our resource base above the 1 million ounce mark with an aggressive drill program and that is our key objective for 2018."

Cash flow from Janet Ivy gold royalties

Intermin also owns a 50 cents per tonne mining royalty that relates to ore mined and treated from a mining lease near Kalgoorlie-Boulder in Western Australia.

The company entered into a deed for the sale of M26/446 in 2001 and it is now owned by Norton Gold Fields Ltd (NGF) which was delisted from the ASX on July 1, 2015.

As part of the sale, Intermin was prepaid nearly $1.4 million of the royalty as part of the acquisition cost, equivalent to a mining and treatment tonnage of 2.8 million tonnes.

Ore treated from the tenement at the Paddington mill in the March quarter was 425,000 tonnes which is subject to royalty payments of $212,500.

Intermin anticipates further royalty payments on a quarterly basis for material scheduled by NGF to be treated.

Wholly-owned Richmond vanadium project

Intermin owns five mineral exploration permits covering 481 blocks near Richmond in Queensland.

The mineral resource for Richmond is nearly 2.6 million tonnes grading 0.32% V2O5 at a 0.29% cut-off grade.

READ: Intermin Resources surges higher on revealing world-class vanadium resource

Intermin negotiated an earn-in joint venture whereby AXF Resources can earn 25% of the project area by spending $1 million within a one-year period.

Under the agreement, AXF will solely contribute to further expenditure of $5 million on the projects to earn a further 50% over a three-year period, inclusive of the completion of a feasibility study on part or all of the project area.

Imminent share price catalysts

With AXF now having formally committed to stage II expenditure of $5 million over three years to March 2021, there is the prospect of important near-term newsflow.

Infill drilling of the high-grade Lilyvale prospect at Richmond is planned for the September quarter of 2018 with the aim of upgrading the resource to the measured and indicated categories.

Initial discussions will also commence with potential offtake partners and local, state and national stakeholders.

Metallurgical test work is underway at two leading Chinese research institutes to assess optimal pre-concentration steps and downstream processing options.

Initial results on pre-concentration of the ore are expected in the current June Quarter.

Drilling commences at Menzies-Goongarrie Gold Project

Intermin negotiated an earn-in joint venture with Eastern Goldfields Ltd (ASX:EGS) whereby the group can and 25% of the project areas by spending $2 million within a two-year period.

Eastern Goldfields has the option to earn a further 25% by spending $2 million over the following two-year period.

The agreement also allows Eastern Goldfields 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 Edna/Menzies region to earn a further 15%.

Exploration drilling has commenced and results are due in the September quarter.

Consequently, there are potentially multiple share price catalysts for Intermin over the next six months.

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Tue, 10 Apr 2018 10:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/194567/intermin-resources-has-range-of-share-price-catalysts-on-the-horizon-194567.html
<![CDATA[News - Intermin Resources mines more gold than expected at Teal project ]]> https://www.proactiveinvestors.com.au/companies/news/193830/intermin-resources-mines-more-gold-than-expected-at-teal-project-193830.html Intermin Resources Limited (ASX:IRC) has found additional gold within and below the open pit of the Teal Gold Project in Western Australia, prompting a production guidance increase.

With mining of stages I and II at Teal now complete, guidance has been boosted to between 21,000 and 22,000 ounces.

After the pre-strip was completed at stage II in the December quarter of 2017, the focus has been on completion of ore mining from stage I and stage II of the pit.

READ: Intermin Resources’ initial Anthill gold resource provides strong growth base

As the pit progressed to the end of the design life, additional ore was identified within and below the design and was mined out where possible.

Managing director Jon Price said: “While the project has not been without its challenges, Teal has more than delivered on its promises.

“It is extremely pleasing to see the mine perform well against feasibility study estimates.”

On March 10, the final load of ore was hauled to the ROM pad and mine closure activities began.

230,000 tonnes of ore mined

In total, 230,000 tonnes of ore has been mined grading 3.2 g/t gold for 23,500 ounces mined.

This compares favourably with the 203,000 tonnes grading 3.2 g/t for 20,700 ounces mined as estimated in the feasibility studies for both stages.

The Teal project is 11 kilometres northwest of Kalgoorlie-Boulder.

Based on the additional tonnage, expected grade and improved recovery from the operation, the company has lifted production guidance at an all-in cost of A$1,000–$1,100 per ounce.

Milling at Lakewood facility

The second milling campaign at the nearby Lakewood toll milling facility has been completed with 26,600 tonnes milled at a reconciled grade of 3.5 g/t.

Reconciled gold production of 2,910 fine ounces was achieved at an improved 97.2% recovery with $4.9 million in gross revenue received at an average gold price of $1,684 per ounce.

Final milling will be completed this month with about 50,000 tonnes expected to be treated.

The final production and financial reconciliations are expected in the June quarter of 2018.

READ: Intermin Resources surges higher on revealing world-class vanadium resource

Price added: “The company is now in a strong position to fund an aggressive growth strategy.

“In 2018 this growth strategy means resource growth and new discoveries in one of the most productive goldfields in the world.

“We look forward to delivering ongoing results from the 55,000-metre drill program underway and believe the Anthill, Blister Dam and Teal project areas have potential to deliver a significant step change for the business.”

Intermin has joint ventures in place across multiple commodities and regions of Australia providing exposure to vanadium, copper, PGEs, gold and nickel/cobalt.

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Tue, 27 Mar 2018 11:39:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193830/intermin-resources-mines-more-gold-than-expected-at-teal-project-193830.html
<![CDATA[News - Intermin Resources surges higher on revealing world-class vanadium resource ]]> https://www.proactiveinvestors.com.au/companies/news/193426/intermin-resources-surges-higher-on-revealing-world-class-vanadium-resource-193426.html Intermin Resources Limited’s (ASX:IRC) shares are trading about 24% higher intra-day after revealing an updated JORC resource for the Richmond Vanadium Project in central north Queensland.

The global inferred resource for Richmond totals 2.579 billion tonnes grading 0.32% vanadium pentoxide at a 0.29% cut-off grade, making it one of the largest vanadium deposits in the world.

READ: Intermin Resources’ initial Anthill gold resource provides strong growth base

Intermin managing director Jon Price said: “With vanadium prices reaching 10-year highs on the back of tightening supply and surging demand in the grid-scale battery market, Richmond has the potential to become a major supplier of vanadium to the energy storage and steel markets.”

Resource amenable to low cost, open cut mining

The Richmond project is a joint venture with Chinese backed AXF Vanadium whereby AXF can earn up to a 75% interest by spending $6 million by 2021 inclusive of a feasibility study.

The project covers 1,520 square kilometres and is close to existing infrastructure including a gas pipeline, major highway and railway linked to Townsville Port.

The resource remains open in all directions and is amenable to low cost, open cut mining with the resource located within 15 metres of surface and hosted in a soft marine sediment

Intermin’s initial development focus is on the shallow higher grade Lilyvale deposit which has a 671 million tonne resource grading 0.35% vanadium pentoxide.

Vanadium prices are rising

                                              Vanadium pentoxide (98%) US$/pound price

Vanadium redox flow batteries are being increasingly used by the energy storage industry as a key component in the grid scale storage of solar and wind energy.

Currently, over 80% of the world’s vanadium production comes from China (55%) whether mined or as a by-product of steel making.

Recent changes in Chinese policy include the banning of imported metal slag containing vanadium and stricter environmental regulations on Chinese steel mills has seen a dramatic decline in production.

On the back of tightening supply and increased demand, vanadium prices have recently reached eight-year record highs.

Next Steps

With the release of the global resource, Intermin will now focus on the shallow higher grade Lilyvale prospect with work to include initial metallurgical test work on ore pre-treatment (due June quarter 2018) and infill drilling for a measured resource.

Price added: “The company looks forward to supporting AXF as the JV completes infill drilling and metallurgical test work to assess the most economic and efficient pathway to commercial production.”

READ: Intermin Resources begins major drill program in the Western Australian goldfields ]]>
Tue, 20 Mar 2018 11:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193426/intermin-resources-surges-higher-on-revealing-world-class-vanadium-resource-193426.html
<![CDATA[News - Intermin Resources poised to release resource update at Richmond vanadium project ]]> https://www.proactiveinvestors.com.au/companies/news/193264/intermin-resources-poised-to-release-resource-update-at-richmond-vanadium-project-193264.html Intermin Resources Limited (ASX:IRC) is about to release a resource update in relation to its Richmond Vanadium Project in Queensland.

The company has entered a trading halt pending the release of the update which will stay in place no later than the commencement of trading on Tuesday, March 20, 2018.

Raft of good news drives Intermin higher

In the last four weeks, the company’s shares have surged from about 18 cents to hit a high of 25 cents.

Another recent promising development was a mineral resource update at the company’s Anthill Gold Project in the Kalgoorlie-Boulder region of Western Australia.

Total mineral resource of 434,000 ounces

The maiden JORC mineral resource at Anthill stands at 1.42 million tonnes at 1.72 g/t gold for 78,000 ounces.

This brings the company’s total mineral resource to 6.36 million tonnes at 2.12 g/t gold for 434,000 ounces.

Vanadium provides diversification

Should the Richmond project deliver a promising resource, it would possibly be seen as a healthy diversification, providing the company with a mix of precious and industrial metals.

The recent increase in the vanadium price makes the upcoming news all the more important.

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Fri, 16 Mar 2018 08:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193264/intermin-resources-poised-to-release-resource-update-at-richmond-vanadium-project-193264.html
<![CDATA[News - Intermin Resources’ initial Anthill gold resource provides strong growth base ]]> https://www.proactiveinvestors.com.au/companies/news/193026/intermin-resources-initial-anthill-gold-resource-provides-strong-growth-base-193026.html Intermin Resources Limited’s (ASX:IRC) initial resource estimate of 78,000 ounces of gold for the Anthill deposit in Western Australia provides a base from which to grow the project.

Of the 1.42 million tonne resource at a grade of 1.72 g/t gold, 75% is in the indicated category.

The Anthill resource takes Intermin’s overall resource in the Eastern Goldfields region to 6.36 million tonnes at 2.12 g/t for 434,000 ounces.

READ: Intermin Resources begins major drill program in the Western Australian goldfields

Jon Price, managing director, said: “The successful drilling at Anthill in 2017 has confirmed the company’s geological interpretation.

“The initial mineral resource is an excellent base on which to grow the project.

“Intermin takes a very conservative and economic approach to resource estimation and typically applies higher cut-off grades as we commence initial development studies.”

Shares reached a 12-month high of 25 cents in late February and have traded in the range of 21 to 23.5 cents today.

READ: Intermin Resources achieves record ore mining at Teal Gold Mine

In the June and September quarters of 2017, Intermin completed 45 reverse circulation holes for 6,282 metres to depths between 75 and 230 metres and one diamond hole to 226 metres.

The best result was 105 metres at 1.38 g/t gold from 48 metres, including 41 metres at 2.35 g/t from 73 metres.

Further drilling planned

A further resource drilling program of 7,000 metres is planned at Anthill to test extensions along strike and at depth outside the resource envelope.

New regional discovery drilling of about 7,000 metres is also planned to test new targets at Fire Ant and to the north, east and west of the Anthill resource.

Intermin Resources' assets are in the prolific Eastern Goldfields.

Price said: “We now look forward to the upcoming extensional and new discovery drill program planned for the June quarter.

“We believe Anthill and new targets identified within the project area have the potential to be a significant part of our future production pipeline.”

Another resource update in third quarter

Results from drilling proposed for the June quarter will be added to the geological database for resource model compilation.

A further resource update is expected in the September quarter.

In addition, initial in-house scoping studies will begin shortly to assess optimal mining and processing pathways for an open cut mine development.

READ: Intermin Resources pegs new tenements in the Western Australian goldfields

The company recently pegged a new tenure, the Lakewood Gold Project, 8 kilometres southeast of Kalgoorlie Boulder.

Lakewood comprises 115 square kilometres on the greenstone belt south of Kalgoorlie-Boulder’s Golden Mile and adjacent to the Lakewood toll milling facility.

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Tue, 13 Mar 2018 11:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193026/intermin-resources-initial-anthill-gold-resource-provides-strong-growth-base-193026.html
<![CDATA[News - Intermin Resources begins major drill program in the Western Australian goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/191805/intermin-resources-begins-major-drill-program-in-the-western-australian-goldfields-191805.html Intermin Resources Limited (ASX:IRC) has commenced a 55,000-metre drill program at its 100%-owned gold projects in the Kalgoorlie region of Western Australia.

Key aspects of the fully funded $4 million program include:

• Program split circa 50% on new discovery and 50% on resource growth;
• Focused on three core project areas: Teal, Anthill and Blister Dam;
• Resource expansion drilling at Teal, Jacques Find, Peyes Farm and Anthill testing extensions along strike and at depth outside current resource envelopes; and
• New discovery drilling at Blister Dam, Teal, Fire Ant and Anthill Extended targeting high-grade open cut and underground orebodies.

READ: Intermin Resources pegs new tenements in the Western Australian goldfields

Jon Price, managing director, said: “With the significant free cash flow that has been generated from our first mining project at Teal, our focus now turns to exploration success as we kick off the largest drill program in Intermin’s history.

“The Western Australian goldfields is a world-class gold producing region with significant discoveries still being made through modern systematic exploration and investment in deeper drilling.

“We look forward to the first drilling results and adding our own chapter to the rich mining history of the Western Australian Goldfields.”

READ: Intermin Resources achieves record ore mining at Teal Gold Mine

The company mined a record 65,200 tonnes of ore grading 3.53 g/t gold for 7,400 ounces during the December 2017 quarter at its Teal Gold Mine in Western Australia.

Significantly, Intermin produced 5,214 ounces of gold at C1 costs of A$680/ounce and an all-in cost (AIC) of A$1,292/ounce.

Given the success of the Teal open cut, the company is targeting additional supergene oxide and transitional material at Jacques Find, Teal Extended and Peyes Farm to add to the production pipeline.

Drilling is underway at the Jacques Find discovery with first results expected early in the June quarter 2018.

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Mon, 19 Feb 2018 11:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191805/intermin-resources-begins-major-drill-program-in-the-western-australian-goldfields-191805.html
<![CDATA[News - Intermin Resources pegs new tenements in the Western Australian goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/191538/intermin-resources-pegs-new-tenements-in-the-western-australian-goldfields-191538.html Intermin Resources Limited (ASX:IRC) has pegged a new tenure, the Lakewood Gold Project, eight kilometres southeast of Kalgoorlie Boulder in the Western Australian goldfields.

The company is currently mining and generating cash from the Teal gold mine and will soon commence a self-funded 50- 60,000 metre new discovery and resource growth drilling program.

READ: Intermin Resources achieves record ore mining at Teal Gold Mine

Jon Price, managing director, said: “We have been extremely fortunate to pick up such a large contiguous block of prospective greenstone belt in the heart of the Kalgoorlie goldfields which is consistent with our strategy of low-cost acquisition of assets on major geological structures.

“Preliminary assessment has highlighted a number of high-quality targets that remain untested and we look forward to commencing drilling on the project once the tenements have been granted.”

Project is located within the highly prospective Black Flag Group

Lakewood comprises a total area of 115 square kilometres on the greenstone belt south of Kalgoorlie-Boulder’s Golden Mile and adjacent to the one million tonnes per annum Lakewood toll milling facility.

The project is located within the highly prospective Black Flag Group which also hosts the Teal-Jacques Find-Peyes Farm deposits.

The area was pegged and applications for tenements submitted at a total cost of $50,000.

Reviewing historical data for target generation

Data compilation and initial drill targeting have commenced with several high-quality targets identified that remain untested.

Intermin intends to undertake a more detailed review of the historical exploration and compile a working database with a view to target generation.

Work will be fast-tracked on the final grant of the applications, expected in the second half of 2018.

READ: Intermin Resources' first-pass drilling results warrant extensive follow-up program

The company recently revealed first pass drilling results from its Blister Dam Gold Project in Western Australia.

Results included intersections of 1 metre at 36 g/t gold from 35 metres and 5 metres at 4.12 g/t gold from 46 metres.

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Tue, 13 Feb 2018 11:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191538/intermin-resources-pegs-new-tenements-in-the-western-australian-goldfields-191538.html
<![CDATA[News - Intermin Resources' first-pass drilling results warrant extensive follow-up program ]]> https://www.proactiveinvestors.com.au/companies/news/191180/intermin-resources-first-pass-drilling-results-warrant-extensive-follow-up-program-191180.html Intermin Resources Limited (ASX:IRC) has released first pass drilling results from its Blister Dam Gold Project, 54 kilometres from Kalgoorlie-Boulder in Western Australia.

Results included intersections of 1 metre at 36 g/t gold from 35 metres and 5 metres at 4.12 g/t gold from 46 metres.

As a result of the drilling, five new prospects have been generated in the project area.

Two distinct gold mineralisation styles

Of the 21 targets identified at Blister Dam, nine of these were subject to first pass drilling.

The program was completed in December 2017 with 46 reverse circulation holes drilled for 4,120 metres to an average depth of 90 metres.

Initial drilling confirms two distinct gold mineralisation styles, being strongly developed high-grade quartz veins and broader lower grade shear hosted gold mineralisation.

Price says Blister Dam is one of group’s most exciting assets

Jon Price, managing director, said: “With these excellent first pass results, Blister Dam has certainly staked its claim as one of the most exciting assets within our portfolio to deliver a significant new discovery.

“We now look forward to the large scale follow up program commencing shortly in an area on the Zuleika shear zone that has had very little modern exploration and remains virtually untested at depth.”

Extensive drilling planned in 2018

The next phase of drilling at Blister Dam will be completed in the first half of 2018.

As part of a $4 million new discovery and resource growth program, over 7,000 metres has been allocated at Blister Dam.

An additional 7,000 metres of drilling will be conducted at Blister Dam in the second half if required.

READ: Intermin Resources aims to surpass one million ounces of gold in 2018 ]]>
Tue, 06 Feb 2018 10:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/191180/intermin-resources-first-pass-drilling-results-warrant-extensive-follow-up-program-191180.html
<![CDATA[News - Intermin Resources achieves record ore mining at Teal Gold Mine ]]> https://www.proactiveinvestors.com.au/companies/news/190795/intermin-resources-achieves-record-ore-mining-at-teal-gold-mine-190795.html Intermin Resources Limited (ASX:IRC) mined a record 65,200 tonnes of ore grading 3.53 g/t gold for 7,400 ounces during the December 2017 quarter at its Teal Gold Mine in Western Australia.

Significantly, the company produced 5,214 ounces of gold at C1 costs of A$680/ounce and an all-in cost (AIC) of A$1,292/ounce inclusive of A$1.64 million (A$315/ounce) in Teal Stage II pre-strip expenditure.

Ore processing at the Paddington Mill was completed during the period with 1,287 fine ounces of gold produced.

On track to achieve guidance of 18,000 to 20,000 ounces of gold

The first toll treatment campaign at the 1 million tonnes per annum (mtpa) Lakewood plant commenced during the period with 34,700 tonnes processed grading 3.67 g/t gold for 3,927 fine ounces produced.

The second treatment campaign commenced subsequent to quarter end and will process circa 30,000 tonnes of ore on stockpile with the third and final campaign scheduled for late February.

It is expected that all mined ore will be treated in the March quarter enabling production and financials to be finalised early in the June quarter.

Intermin maintains guidance at the combined Teal open pit of 18,000 to 20,000 ounces of gold recovered at an AIC of A$1,000 to A$1,100 per ounce.

READ: Intermin Resources aims to surpass one million ounces of gold in 2018

The company’s strategy is to grow its resource base above the 1 million ounce mark with an aggressive drill program.

Intermin has a busy year ahead in 2018 after drilling over 26,000 metres in 2017 across eight priority project areas on major gold bearing shear zones.

Preparations are well advanced to commence a fully funded $4 million, 50,000-60,000 metre drilling program in the current March quarter.

The company is well funded with current cash and tradeable securities totalling $8.7 million.

News flow to continue in 2018

Drilling at the Binduli gold project by JV partner Evolution Mining Limited (ASX:EVN) comprised 38 holes for 4,006 metres with results expected during this quarter.

The results of the metallurgical testwork from the Richmond Vanadium Project underway in China under supervision of JV partner AXF Resources are expected in the June quarter 2018.

Janet Ivy Mining Royalty payments of $0.50/tonne are now due after treated tonnages exceeded the prepayment threshold with regular quarterly payments expected through 2018.

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Tue, 30 Jan 2018 14:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190795/intermin-resources-achieves-record-ore-mining-at-teal-gold-mine-190795.html
<![CDATA[News - Intermin Resources aims to surpass one million ounces of gold in 2018 ]]> https://www.proactiveinvestors.com.au/companies/news/190056/intermin-resources-aims-to-surpass-one-million-ounces-of-gold-in-2018-190056.html Intermin Resources Limited (ASX:IRC) has a busy year ahead in 2018 after drilling over 26,000 metres in 2017 across eight priority project areas on major gold bearing shear zones.

Preparations are well advanced to commence a fully funded $4 million, 50,000-60,000 metre drilling program in the current March quarter.

The company is well funded with current cash and tradeable securities totalling $8 million.

2017 saw first cash flow generated from Teal

Jon Price, managing director, said: “The past year has been one of significant growth for the company on the back of a highly successful exploration program, the generation of cash flow from the first stages of the Teal mining operation and a number of value accretive acquisitions and joint ventures.

“Intermin is now in a strong and quite unique position to be able to self-fund a larger Resource growth drilling program in 2018 with the focus on our key projects at the Teal gold camp, Anthill and Blister Dam with planning at an advanced stage for 50-60,000 metres of drilling to commence this quarter.”

Growing the gold resource base above 1 million ounces

Price continued: “Our shareholders are very supportive of our strategy to grow our resource base above the 1 million ounce mark with an aggressive drill program and that is our key objective for 2018.

“We have done it before and we’ll be working very hard to do it again in what is a world class gold producing region.”

Key 2018 objective is resource growth

In 2018, 75% of the planned drilling will be focussed on resource expansion at the Teal Gold Camp and Anthill Gold Project.

Both reverse circulation and diamond drilling will be completed to continue lateral and depth extensions to known mineralisation and to test parallel structures along strike.

Planning and preparation is also well advanced for significant drilling in 2018 at the high priority Blister Dam Project and will be finalised upon receipt of first pass results in the current quarter.

The program will be fully funded from existing cash reserves generated from the Teal gold mine and through the recently approved exploration grant.

Near-term news flow expected

Intermin expects updates over the short term regarding:

- Gold production and development updates from the Teal gold mine;
- Drilling results from the Kalgoorlie gold projects;
- Gold joint venture drilling results;
- Vanadium joint venture metallurgical test results and resource update;
- Janet Ivy gold mine royalty update; and
- Global investor marketing including the RIU Explorers conference in February.

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Tue, 16 Jan 2018 11:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190056/intermin-resources-aims-to-surpass-one-million-ounces-of-gold-in-2018-190056.html
<![CDATA[News - Intermin Resources appointment to enhance gold operations ]]> https://www.proactiveinvestors.com.au/companies/news/189772/intermin-resources-appointment-to-enhance-gold-operations-189772.html Intermin Resources Limited (ASX:IRC) expects to support development of its gold project pipeline through the appointment of a new chief operating officer.

Mining engineer Grant Haywood has been promoted to the role after serving as the company’s general manager - mining.

Operational experience

He has more than 25 years’ experience in underground and open cut operations for junior and multi-national gold companies, including Gold Fields, Saracen Mineral Holdings and Phoenix Gold.

Haywood holds a First Class Mine Manager’s Certificate and has managed West Australian mining projects from feasibility through to operations.

Lorry Hughes tenders resignation

Intermin’s executive director Lorry Hughes has tendered his resignation to take on an executive position in a new exploration company.

The resignation will take effect on 31 January 2018.

READ: Intermin Resources resumes ore mining at Teal Gold Mine

Intermin is producing gold from the Teal mine in the Goldfields region of Western Australia and is developing a pipeline of other projects in the state.

Peter Bilbe, chairman, said: “The Board would like to extend its sincere thanks to Lorry for his significant contribution to the successful growth of the company and wishes him well in his new role.

“In turn, we are delighted to promote Grant to the position of COO.

“This comes as we continue our mining operation at Teal and grow the business through self-funded exploration, completion of mining studies to bolster our development pipeline and pursue further acquisitions.”

Key catalysts

Intermin is expecting near-term news flow from multiple projects:

-        Exploration updates from its Kalgoorlie gold projects;

-        Gold production and development updates from the Teal gold mine; and

-        Binduli JV drilling results

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Wed, 10 Jan 2018 16:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189772/intermin-resources-appointment-to-enhance-gold-operations-189772.html
<![CDATA[News - Intermin Resources partner confirms presence of gold bearing structures at Kombi ]]> https://www.proactiveinvestors.com.au/companies/news/188611/intermin-resources-partner-confirms-presence-of-gold-bearing-structures-at-kombi-188611.html Intermin Resources Ltd's (ASX:IRC) partner, Mithril Resources (ASX:MTH) has intersected further gold in drilling at the Kombi prospect in Western Australia.

Results have confirmed the presence of gold bearing structures at the prospect, which is circa 70 kilometres southeast of Meekatharra.

The drilling program comprised eight reverse circulation holes for 498 metres.

It was carried out at the southern end of Kombi within a zone of quartz veins and shearing.

READ: Intermin Resources’ partner to follow up high-grade gold hits at Kombi

The latest holes returned 4 metres at 0.95 g/t gold from 28 metres and 4 metres at 0.29 g/t gold from 52 metres.

Mithril is evaluating all drilling data to determine next exploration steps for the area.

Mithril earning into Kombi prospect

At Kombi Mithril can earn a 60% interest from Intermin by completing expenditure of $2 million by 14 April 2019 with circa $1.24 million spent to date.

It can earn an additional 15% by completing further expenditure of $2 million over a further 2 years.

Intermin producing at Teal

Intermin is a gold producer through its mining operation at Teal Gold Mine 11 kilometres northwest of Kalgoorlie-Boulder in Western Australia.

Teal is on track to produce 15,000 to 16,000 ounces of gold generating net cash flows to Intermin of up to $8 million at A$1600 an ounce gold price.

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Tue, 12 Dec 2017 08:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188611/intermin-resources-partner-confirms-presence-of-gold-bearing-structures-at-kombi-188611.html
<![CDATA[News - Intermin Resources resumes ore mining at Teal Gold Mine ]]> https://www.proactiveinvestors.com.au/companies/news/188322/intermin-resources-resumes-ore-mining-at-teal-gold-mine-188322.html Intermin Resources Ltd (ASX:IRC) has resumed ore mining at its Teal Gold Mine, located 11 kilometres northwest of Kalgoorlie-Boulder in Western Australia.

Haulage of the first ore comprising circa 24,000 tonnes with an average predicted grade of 4.1 g/t gold has commenced.

Ore mining on a single shift basis is now underway at both Stage 1 and Stage 2.

READ: Intermin Resources’ drilling reveals potential to develop Teal as a gold mining hub

Intermin’s recent mining operations at Teal have focussed on pre-stripping waste in Stage 2, with the east wall cut back completed ahead of schedule.

The ore will be processed on a campaign basis at the 1 million tonne per annum Lakewood Mill on competitive commercial terms.

The first processing campaign for the 24,000 tonnes of ore is scheduled to commence on 13 December 2017.

Mining, haulage and processing of the remaining ore (circa 75,000 tonnes grading 3.2g/t gold) is scheduled for completion in the March quarter 2018.

READ: Intermin Resources assays further high-grade gold at the Teal gold camp

Importantly, Intermin has maintained its guidance for both Teal Stages 1 and 2 totalling 18,000 - 20,000 ounces of gold at an all-in-cost (AIC) of A$1,000 - $1,100 per ounce.

Jon Price, managing director, said: “It is extremely pleasing to see the completion of the pre-strip at Teal Stage 2 ahead of schedule which is a credit to the team and our mining alliance partner RM Contracting.

“Teal is continuing to deliver to forecast grade with recovery exceeding expectations and we look forward to further cash generation from this successful project during 2018 in what is a very healthy gold price environment.”

Intermin is expecting news flow from multiple projects including drilling results from the Kalgoorlie gold projects, Nanadie Well joint venture and Binduli joint venture.

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Wed, 06 Dec 2017 13:23:00 +1100 https://www.proactiveinvestors.com.au/companies/news/188322/intermin-resources-resumes-ore-mining-at-teal-gold-mine-188322.html
<![CDATA[News - Intermin Resources assays further high-grade gold at the Teal gold camp ]]> https://www.proactiveinvestors.com.au/companies/news/187937/intermin-resources-assays-further-high-grade-gold-at-the-teal-gold-camp-187937.html Intermin Resources Limited (ASX:IRC) is continuing to receive further encouraging drilling results from  the Jacques Find discovery, part of the Teal gold camp near Kalgoorlie-Boulder in Western Australia.

Significant high-grade reverse circulation intercepts include:

- 27 metres at 4.16 g/t gold from 45 metres;
- 1 metres at 9.53 g/t gold and 10 metres at 2.59 g/t gold from 71 metres; and
- 2 metres at 3.38 g/t gold from 31 metres.

All holes successfully intercepted significant mineralisation beyond the current resource envelope to the north, south and at depth.

Importantly, excellent grades and widths in the oxide supergene zone together with primary high grade mineralisation demonstrate potential for both open cut and underground mining.

READ: Intermin Resources’ drilling reveals potential to develop Teal as a gold mining hub

Intermin is planning a major follow up drilling program to commence in the March quarter 2018 with an updated gold resource expected in the June quarter 2018.

The company is also drilling for Australia's next gold discovery at the Anthill project, located on the Zuleika shear zone in the Western Australian Goldfields.

READ NEXT: Intermin Resources' broad gold discoveries at Anthill reveal company-making potential

Intermin is expecting news flow from multiple projects including drilling results from the Kalgoorlie gold projects, Nanadie Well JV and Binduli JV.

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Wed, 29 Nov 2017 11:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187937/intermin-resources-assays-further-high-grade-gold-at-the-teal-gold-camp-187937.html
<![CDATA[News - Intermin Resources’ drilling extends gold zone at Baden Powell project ]]> https://www.proactiveinvestors.com.au/companies/news/187872/intermin-resources-drilling-extends-gold-zone-at-baden-powell-project-187872.html Intermin Resources Limited’s (ASX:IRC) drilling has extended the strike length of gold mineralisation at its Baden Powell gold project, located 60 kilometres north of Kalgoorlie-Boulder in Western Australia.

The drilling was designed to test for shallow strike extensions to previously identified mineralisation adjacent to a historical shallow open pit mine.

Jon Price, managing director, said: “The results from Baden Powell are encouraging given they have extended the strike length of the mineralisation and demonstrated the system is developing at depth.

“Follow up work is planned for the second half of 2018.

“Anthill and Jacques Find will be prioritised given recent drilling success and we eagerly await results from the current drilling at Blister Dam due early in the March Quarter.”

Encouraging second stage drilling results at Baden Powell

The 2017 drilling program at Baden Powell comprised eight reverse circulation holes for 1,164 metres and was completed in two stages.

Intermin’s first five holes in the program included a new discovery - 17 metres at 3 g/t gold from 104 metres.

The final three holes (second stage) for 590 metres have now been completed.

Best downhole intercepts include:

- 14 metres at 1.87 g/t gold from 129 metres; and
- 10 metres at 1.30 g/t gold from 183 metres.

READ: Intermin Resources' broad gold discoveries at Anthill reveal company-making potential

It is likely that given Intermin’s recent drilling success at the Anthill and Jacques Find projects these will be prioritised for substantial follow up in 2018.

Meanwhile, the results from the 2017 program at Baden Powell are encouraging as most holes intersected significant mineralisation at depth.

These holes are the deepest completed at the project and have provided encouragement to conduct further drilling.

At Baden Powell, the company will focus on low level exploration work, including a soil mapping program and possibly an induced polarisation (IP) survey.

READ: Intermin Resources’ drilling reveals potential to develop Teal as a gold mining hub

The company seems to be spoilt for choice as it plans large scale self-funded drilling programs in 2018.

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Tue, 28 Nov 2017 16:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187872/intermin-resources-drilling-extends-gold-zone-at-baden-powell-project-187872.html
<![CDATA[News - Intermin Resources’ partner begins drilling at the Binduli joint venture gold project ]]> https://www.proactiveinvestors.com.au/companies/news/187546/intermin-resources-partner-begins-drilling-at-the-binduli-joint-venture-gold-project-187546.html Intermin Resources Limited’s (ASX:IRC) joint venture partner Evolution Mining Ltd (ASX:EVN) has commenced a 4,000 metre drilling program at the Binduli JV gold project in Western Australia.

The Binduli project comprises circa 100 square kilometres of under-explored tenements located 5-20 kilometres northwest of Kalgoorlie-Boulder.

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 drilling up to 39 angled drill holes to depths of 100-120 metres and will test high priority geochemical and structural targets at the Coot & Crake and Honey Eater prospects.

It is worth noting that the Binduli area is bound to the west by the highly prospective Zuleika Shear Zone and to the east by the increasingly important Abattoir Shear Zone.

At the Coot & Crake prospects, 26 holes are planned to test for new mineralisation for circa 2 kilometres north along strike from previously identified mineralisation with a best intercept of 15 metres at 5.59 g/t gold from 71 metres.

At the Honey Eater prospect located four kilometres southwest of Intermin’s Teal gold mine, 13 holes are planned for 1,380 metres to test new targets along strike from historic drill intercepts.

The drilling is expected to take up to four weeks.

Earlier this month, drilling at the Teal gold project northwest of Kalgoorlie-Boulder intercepted spectacular widths and grades of gold.

READ NOW: Intermin Resources’ drilling reveals potential to develop Teal as a gold mining hub

Significantly, the drilling was successful in extending the mineralisation beyond the current resource envelope to the north, south and at depth.

Intermin is expecting news flow from multiple projects including drilling results from the Kalgoorlie gold projects, Nanadie Well JV drilling updates and gold production/development updates from the Teal gold mine.

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Tue, 21 Nov 2017 11:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187546/intermin-resources-partner-begins-drilling-at-the-binduli-joint-venture-gold-project-187546.html
<![CDATA[News - Intermin Resources’ drilling reveals potential to develop Teal as a gold mining hub ]]> https://www.proactiveinvestors.com.au/companies/news/187266/intermin-resources-drilling-reveals-potential-to-develop-teal-as-a-gold-mining-hub-187266.html Intermin Resources Limited’s (ASX:IRC) drilling at the Teal gold project northwest of Kalgoorlie-Boulder in Western Australia has intercepted spectacular widths and grades of gold.

Significantly, the drilling was successful in extending the mineralisation beyond the current resource envelope to the north, south and at depth.

Jon Price, managing director, commented: “These excellent widths and grades clearly demonstrate the potential scale and quality of this large new mineralised system in the heart of the WA Goldfields.

The new results at Yolande are also encouraging as the mineralisation appears to be related to the IP anomalies north of the Jacques Find discovery where very little drilling has been conducted to date.”

“I see the potential for the Teal area to become a significant new mining hub with both open cut and underground mining.”

Resource extension and discovery drilling completed

Intermin’s drilling aimed to test for extensions to known mineralisation at the Jacques Find prospect and to test an induced IP anomaly which trends for over 600 metres along strike at the Yolande prospect.

Extensional drilling at Jacques intercepted:

- 26 metres at 7.81 g/t gold from 48 metres;
- 16 metres at 5.33 g/t gold from 86 metres; and
- 7 metres at 7.13 g/t gold from 100 metres.

The strike length has now increased to over 800 metres and remains open in all directions, demonstrating the potential scale of the large mineralised system.

Next steps

Due to the quantity of high grade mineralisation discovered, a new priority follow up drill program commenced on 7 November 2017.

The drilling will comprise five holes for circa 550 metres with the results expected in the current December quarter.

Analysis

It is worth noting that Intermin is already a gold producer through its mining operation at the Teal Gold Mine.

Teal is on track to produce 15,000 to 16,000 ounces of gold generating net cash flows to Intermin of up to $8 million at A$1600 an ounce gold price.

The company is well-funded with over $5.7 million in cash at the end of the September quarter, with a robust 2018 and 2019 mining project pipeline.

READ NEXT: Intermin Resources and partner begins drilling high-grade gold targets ]]>
Wed, 15 Nov 2017 13:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/187266/intermin-resources-drilling-reveals-potential-to-develop-teal-as-a-gold-mining-hub-187266.html