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

A maiden resource is expected for Anthill in the March quarter 2018.
Intermin Resources' broad gold discoveries at Anthill reveal company-making potential
Visible gold panned from the reverse circulation drill chips

Intermin Resources Ltd (ASX:IRC) is on a self-funded search for Australia's next gold discovery, and the latest results from the wholly-owned Anthill project identify this potential.

Anthill is located on the Zuleika shear zone in the Western Australian Goldfields, which has recently been revealing new discoveries.

Highlights from the initial reverse circulation extensional and validation drilling program include:

- 41 metres at 2.63g/t gold from 69 metres;
- 30 metres at 2.98g/t gold from 73 metres; and
- 11 metres at 3.72g/t gold from 46 metres.

While the above results show the potential for open pit mining, there were also deeper intersections supporting continued mineralisation, such as:

- 17 metres at 5.37g/t gold from 137 metres;
- 6 metres at 11.15g/t gold from 110 metres; and
- 11 metres at 6.22g/t gold from 157 metres.

Jon Price, managing director, commented:

"These outstanding high-grade results at Anthill demonstrate large scale open cut and underground potential and we look forward to commencing the accelerated and fully-funded drilling program to test extensions to the mineralisation along strike, at depth and on parallel structures.

"Modern exploration on the Zuleika shear and in the WA Goldfields, particularly at depth, has resulted in a number of significant new discoveries and Anthill has now shown potential to become a stand-alone company making asset."

Analysis

Intermin maintains its growth strategy by generating near-term cash by developing gold projects via third party infrastructure, while entering joint ventures on non-core projects.

The company's tenements have had little modern exploration, yet are positioned in the heart of the Western Australian goldfields.

Intermin is well-funded with over $7 million in cash and investments, with news flow to remain strong in the short to medium term with a robust 2018 and 2019 mining project pipeline.

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