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.
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.