Intermin Resources Limited: Quarterly Activities Report 31 December 2018
Perth, Australia - Intermin Resources Ltd. (ASX:IRC) ("Intermin" or the "Company") is pleased to provide the December 2018 Quarterly Activities Report. Intermin is a gold exploration and development company with a key focus in the Kalgoorlie region of Western Australia (see Figure 1 in link below) and has a number of joint ventures in place with quality partners covering multiple commodities in Western Australia and Queensland.HIGHLIGHTS
- Intermin and MacPhersons execute a Merger Implementation Agreement to progress the proposed combination of the two companies through a Scheme of Arrangement
- Fully funded 2018 exploration program completed with 56,000m drilled at the Teal, Anthill, Binduli and Blister Dam projects as planned
- Highly successful new discovery and resource expansion drilling campaign completed during the Quarter at the Anthill gold project, 55km northwest of Kalgoorlie-Boulder
- Updated independent Mineral Resource estimate released for Anthill which now stands at:
o 2.28Mt @ 1.71g/t Au for 125,500 ounces at a 1.0g/t Au lower grade cut-off, up 60%
- Over 65% now in the Indicated Category with mineralisation open to the west and east
- Intermin's Total Mineral Resource grew to:
o 9.26Mt @ 2.05g/t Au for 609,600oz at a 1.0g/t Au lower grade cut-off
- Excellent follow up drilling results received from the Crake prospect, part of the Binduli project area with further drilling planned for 2019
- Follow up drilling results announced from the Blister Dam gold project with further drilling planned in the March Quarter 2019
- Positive metallurgical testwork results received from Richmond vanadium project with 17,500m of infill and regional exploration drilling commenced
- Dispute with Resource Mining over claims covering the Teal gold mine resolved
- Interest in Lehman's Joint Venture divested for A$2.5 million in cash and a royalty
- Janet Ivy Mining Royalty payments of A$0.50/t continue with A$131,000 received in the December Quarter and regular quarterly payments expected through FY2019
- Cash and tradeable securities of A$7.1 million
MARCH QUARTER ACTIVITES
- Documentation for the proposed Merger with MacPhersons Resources Ltd.
- Analysis of all drilling results and target generation for the 2019 program
- Resource modelling and maiden Mineral Resource estimate from the Crake prospect
- Mining studies on the updated Resource model and further metallurgical test work for the Anthill gold project
- Further metallurgical testwork results and drilling results from the Richmond vanadium project
- Final planning and approval for the 2019 drilling program
To view the full report, please visit:
http://abnnewswire.net/lnk/PSIP03Z3
About Intermin Resources Limited:
Intermin Resources Ltd. (ASX:IRC) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Intermin has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Source:
Intermin Resources Ltd.
Contact:
Jon Price Managing Director Tel: +61-8-9386-9534 E: jon.price@intermin.com.au Michael Vaughan Media Relations - Fivemark Partners Tel: +61-422-602-720 E: michael.vaughan@fivemark.com.au