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Horizon Minerals Ltd

Intermin Resources hits high-grade gold of up to 11.3 g/t at Binduli

Mine optimisation and design work has begun as part of a consolidated feasibility study due for completion in the March quarter of 2020.

1561432051_Intermin-Teal-drilling.jpg
Drilling by Intermin at a prospect on the Binduli Gold Project

Intermin Resources Ltd (ASX:IRC) has received high-grade gold results of up to 11.3 g/t in infill and extensional drilling at Crake and Cooke prospects within the Binduli Gold Project near Kalgoorlie, WA.

A total of 36 holes for 3,595 metres were drilled at an average depth of 100 metres with results demonstrating width and continuity across a 400-metre strike and mineralisation is open along strike to the north.

Best results from Crake are 4 metres at 11.3 g/t from 80 metres and 8 metres at 2.71 g/t from 104 metres in one hole and 8 metres at 5.78 g/t from 36 metres and 4 metres at 1.09 g/t from 64 metres in another.

READ: Intermin Resources completes merger with MacPhersons Resources

Intermin managing director Jon Price said: “The Binduli area is certainly shaping up as a genuine contributor to our mine development and production pipeline as part of the feasibility study work underway.

“The drilling has improved geological confidence and demonstrated excellence width and grade continuity and we look forward to receiving further results as drilling continues.”

Shares are up more than 11% to 11 cents.

Results demonstrate width and grade continuity across a 400-metre strike length with the mineralisation open along strike to the north and at depth.

Potential to add to resource

The results have potential to add to the mineral resource for Crake, which stands at 1.12 million tonnes at 1.59 g/t for 57,700 ounces at a 1 g/t lower grade cut-off.

This forms part of a resource of more than 667,000 ounces for the Binduli project.

READ: Intermin Resources gains Orion Mine Finance as new substantial shareholder

Other results from Crake include:

  • 8 metres at 2.01 g/t from 12 metres and 16 metres at 2.32 g/t from 52 metres; 
  • 4 metres at 2.77 g/t from 40 metres and 8 metres at 1.92 g/t from 60 metres;
  • 8 metres at 3.01 g/t from 112 metres;
  • 12 metres at 1.71 g/t from 44 metres;
  • 4 metres at 1.67 g/t from 36 metres, 4 metres at 1.63 g/t from 44 metres and 4 metres at 1.49 g/t from 56 metres; and
  • 4 metres at 3.02 g/t from 56 metres and 16 metres at 1.60 g/t from 88 metres.

Diamond drilling has been planned at the prospect to help determine the structure of high-grade shoots.

Coote results

Notable results from Coote, 700 metres to the west, include:

  • 4 metres at 2.50 g/t from 40 metres;
  • 1 metre at 5.1 g/t from 53 metres; and
  • 1 metre at 1.76 g/t from 17 metres, 5 metres at 1.40 g/t from 24 metres, 1 metre at 1.14 g/t from 38 metres and 1 metre at 1.01 g/t from 45 metres and 4 metres at 2.63 g/t from 51 metres.

Intermin drilled nine holes for 1,045 metres at Coote to test previous drilling as well as exploration step-out drilling.

The geology is similar to Crake and Janet Ivy with a mineralised pink porphyry hosting the gold.

READ: Intermin Resources has new substantial shareholder in Ashok Parekh

These results are considered encouraging with several holes recording narrow shoots of ROM grade mineralisation within a broad zones of lower grade gold.

A follow-up RC program is planned.

Drilling continues as part of a regional program testing new targets across the portfolio including Darter, Honeyeater, Teal East, Windanya, Olympia, Menzies and Goongarrie as well as Scotia with results expected in the September quarter.

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