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Horizon Minerals Ltd

Intermin Resources begins portfolio-wide exploration program, receives positive gold drilling results from prospects near Kalgoorlie

Intermin’s focus during this intensive phase of regional exploration will be building a pipeline of projects within the Kalgoorlie and Coolgardie areas.

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Intermin’s share price was up more than 9% in intra-day trading

Intermin Resources Limited (ASX:IRC) has completed first-pass aircore and reverse circulation (RC) drilling at several of its regional prospects around Kalgoorlie-Boulder in Western Australia, intersecting gold mineralisation and defining further targets for testing.

Prospects targeted include Teal East, Darter and Honeyeater at the Binduli Gold Project as well as the Olympia, Windanya and Baden Powell North prospects where historical drilling had intersected gold mineralisation and required follow-up.

The company has predominantly focused on resource growth drilling since 2017, with new JORC resources established at Anthill, Jacques Find, Peyes Farm and Crake.

READ: Intermin Resources to divest two non-core gold projects in $8 million transaction

Intermin managing director Jon Price said the regional drilling program continued to deliver encouraging results and demonstrated the quality of the asset portfolio in and around Kalgoorlie-Boulder.

He added: “We also look forward to the new target generation work currently underway providing both near mine extension and new discovery opportunities in this world-class gold producing region.”

Intermin's Kalgoorlie-Coolgardie project areas and surrounding infrastructure

 

READ: Intermin Resources progresses potential Coolgardie Gold Project acquisition

Drilling at the Teal East prospect, adjacent to the Teal open cut mine, comprised four step-out holes for 555 metres with the best result 12 metres at 4.19 g/t gold from 76 metres, including 2 metres at 11.45 g/t from 77 metres.

The short program aimed to follow-up high-grade gold mineralisation discovered in 2018 which is separate to the Teal ore body.

Recent results confirm mineralisation has strike continuity, especially to the north, and provides a strong target for future resource growth.

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

Further results from the Darter and Honeyeater prospects, 15 holes for 998 metres and 16 holes for 1,049 metres respectively, include

  • 3 metres at 2.25 g/t from 12 metres;

  • 1 metre at 1.25 g/t from 24 metres, 2 metres at 1.33 g/t from 28 metres and 5 metres at 1.05 g/t from 32 metres;

  • 4 metres at 1.8 g/t from 56 metres, all at that Darter; and

  • 3 metres at 2.02 g/t from 37 metres at Honeyeater.

Further drilling is planned at Darter but historic results from Honeyeater were, in most cases, not validated.

READ: Intermin Resources completes merger with MacPhersons Resources

Other historic targets were tested with six RC holes for 677 metres drilled at Windanya and six holes for 328 metres at Baden Powell North.

Results from Windanya include 5 metres at 2.28 g/t from 92 metres and 1 metre at 1.68 g/t from 106 metres in one hole as well as 1 metre at 9.91 g/t from 35 metres and 1 metre at 1.05 g/t from 41 metres in another.

The best result at Baden Powell North was 1 metre at 1.36 g/t from 35 metres and two holes drilled at the Olympia prospect did not encounter substantial mineralisation but recorded low-grade surface gold and some mineralisation at depth.

READ: Intermin Resources and MacPhersons secure merger approval from Supreme Court of Victoria

The company has begun a regional “grassroots” exploration program with detailed soil geochemistry surveys underway at multiple targets within the Kanowna North, Windanya, Binduli (Darter/Coote area) and Olympia prospects.

A geological review has also been started on the Boorara tenement package to identify high-priority exploration targets outside of the Boorara Gold Project area, including the Beehive, Balagundi and Kanowna South prospects.

The 100%-owned Boorara project has been subject to limited exploration, covering a 192-square kilometre area and spanning 25 kilometres from the Golden Ridge Gold Mine to the south and the Kanowna Belle Gold Mine to the north.

The geological review is expected to be complete in the September quarter and first-pass drilling will begin in the December quarter.

Soil sampling programs have recently been completed at Kanowna North, Windanya South and North, Olympia, Coote and Darter with anomalous targets planned to be drill tested, while more advanced prospects like Baden Powell are scheduled for resource drilling.

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