Proactive Investors - Run By Investors For Investors

Intermin Resources adds 60% to gold bounty at Anthill

Drilling in 2018 has added 47,500 ounces with overall Eastern Goldfields resources now standing at 609,600 ounces.
Drilling at an Intermin project
Further drilling is planned in 2019 at Intermin’s Eastern Goldfields projects

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.

View full IRC profile View Profile

Intermin Resources Ltd Timeline

Related Articles

December 13 2018
Post-tax net present value of $234 million and a fast payback period of 5.3 years based on average scandium oxide price of US$1,550 per kilogram.
Lake Yindarlgooda at Riversgold’s project in the Goldfields
February 15 2019
The Eastern Goldfields is Riversgold’s focus in Western Australia while it also has ground in South Australia and Alaska.
March 13 2019
The company also has three porphyry related projects in British Columbia in Canada

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use