Intermin Resources Limited: Menzies Update Including High Grade Drilling Results from Lady Irene and Yunndaga

Perth, Australia - Intermin Resources Ltd. (ASX:IRC) ("Intermin" or the "Company") is pleased to announce drilling results from Intermin's 100% owned Menzies Gold project, located 130km north of Kalgoorlie-Boulder in Western Australia (see Figure 1 in link below). As announced to the ASX on 7 February 2019, the Menzies and Goongarrie gold project areas were returned to Intermin on a 100% basis after the execution of a Deed of Termination and Settlement with Eastern Goldfields Ltd. ("EGS") (Administrators appointed).

HIGHLIGHTS

- Menzies and Goongarrie gold project areas returned to Intermin on a 100% basis(see Note 1 below)

- Current Mineral Resource Estimate for Menzies stands at 2.42Mt at 2.2g/t Au for 171,300 ounces (at a 1g/t lower grade cut off)(see Note 2 below)

- All drilling information received including RC samples and diamond drilling core samples

- Recent drilling comprised two diamond tail holes (200m average depth) and one shallow RC hole (120m) at Lady Irene and three diamond tails holes to an average depth of 200m at Yunndaga

- The drilling at Lady Irene targeted depth extensions below the historic open pits mined in the 2000's and produced approximately 6,500 ounces at 4.5g/t Au to 50m depth

- Drilling at Yunndaga tested depth extensions and repeat structures beyond the historic open cut and underground mines that produced 335,000 ounces including 271,000 ounces grading 16g/t Au from the Yunndaga underground mine

- All samples have now been processed and logged by Intermin and assays returned with significant results including(see Note 2 below):

o 39.3m @ 4.27 g/t Au from 159m including 10m @ 5.73 g/t Au from 160m and 12m @ 7.68 g/t Au from 184m (LIRD003 - Lady Irene)

o 3.95m @ 7.51 g/t Au from 124m including 0.6m @ 27.7 g/t Au from 128m (LIRD002 - Lady Irene)

o 0.5m @ 10.6 g/t Au from 143m, 1.6m @ 1.47 g/t Au from 158m and 1.1m @ 6.30 g/t Au from 162.5m (YURD002 - Yunndaga)

- Results at Lady Irene show significantly wider quartz veins than expected with high grade mineralisation intercepted over a true width of 20-25m (LIRD003). Results from LIRD002 intercepted quartz veins 1-5m wide at a higher tenor, typical of the Menzies region

- Intermin has now commenced a strategic review of all new data at Menzies and Goongarrie to rank follow up drilling priorities and integrate into the Company's 2019 drilling program

- The Company has also increased its landholding in the region to over 120 km2 with low cost acquisitions and applications for 12 new prospecting licences and one exploration licence

Commenting on the latest results, Intermin Managing Director Mr Jon Price said:

"The Menzies and surrounding region has a proud and rich history of gold production from the first discovery in the 1890s and is one of the few remaining mining provinces to experience a resurgence in modern deeper exploration and mining activity in the current A$ gold price environment".

"The latest results demonstrate the potential of the area to deliver high margin open cut and underground mines and we look forward to the next phase of development in the region".

Overview

Menzies Gold Project Geological Summary

Menzies is located in the Eastern Goldfields Province of the Archaean Yilgarn Craton (see Figure 2 in link below). The greenstone belt divides at Menzies into a western section continuing to the northwest and an eastern section continuing northwards to Twin Hills. The greenstone sequence consists of a lower ultramafic formation to the west overlain by meta-sedimentary rocks which are overlain by mafic intrusive and extrusives to the east. Included in the greenstone belt are the major shear zones, the Menzies Shear Zone and the Moriarty Shear Zone, which impart a strong foliation and lineation to the underlying rock.

The Menzies Shear Zone can be traced southwards to the Bardoc Deformation Zone approximately 50km south. Metamorphic grade is high in the amphibolite facies with porphyroblastic grain textures, marked schistosity and mineral lineations.

A southerly plunging fabric is apparent in the Menzies area, where well foliated basalts and sedimentary rocks have economic gold significance, as do the mafic/ultramafic contacts. In general ore zones have shallow westerly dips. Alteration assemblages, comprising biotite, silica, pyrrhotite, pyrite, galena, sphalerite, arsenopyrite and chalcopyrite are typical in areas of stronger gold mineralisation. Cross cutting features and felsic porphyry intrusives are also important in terms of hosting and stoping gold mineralisation.

Drilling Summary

During April 2018, 1,136m of RC and diamond drilling was completed at the Lady Irene and Yunndaga prospects in Menzies by EGS (as announced to the ASX by EGS on 14 June 2018). During the March Quarter 2019, the core was received, processed, logged and assayed by Intermin geologists.

Drilling highlights from the program include(see Note 3 below):

- 39.3m @ 4.27 g/t Au from 159m including 10m @ 5.73 g/t Au from 160m and 12m @ 7.68 g/t Au from 184m (LIRD003- Lady Irene)

- 3.95m @ 7.51 g/t Au from 124m including 0.6m @ 27.7 g/t Au from 128m (LIRD002 - Lady Irene)

- 0.5m @ 10.6 g/t Au from 143m, 1.6m @ 1.47 g/t Au from 158m and 1.1m @ 6.30 g/t Au from 162.5m (YURD002 - Yunndaga)

Lady Irene

In 2002, the Lady Irene open cut mine produced 42,700t @ 4.77g/t Au for 6,552oz. Most of the gold is found within narrow, 2-5m wide quartz veins and selvedges (see Figures 3 and 4 in link below). The latest Lady Irene results are highly encouraging as the estimated true width (20-25m) of the quartz vein in LIRD003 appears to be significantly thicker (see Figure 5 in link below) than a typical intersection as highlighted by LIRD002 (true width 2.5m). The gold grades in LIRD002 and LIRD003 are consistent with the historic high grade nature of the Lady Irene mine. The mineralisation is open to the south and at depth. Follow up drilling is planned.

Yunndaga

At Yunndaga (see Figure 2 in link below), three diamond tail holes were drilled into the three mineralised zones being the North shoot, Eva shoot and Link shoot (see Figure 8 in link below). All three holes hit the designated target zone (within the known resource area) and intercepted mineralisation.

The historic Yunndaga underground reached 600m depth and produced 526,000t @ 16.0 g/t Au for 270,580oz. Open cut mining in the 1990s produced over 64,000 ounces grading 2.5g/t Au (see Figure 7 in link below).

Intermin believes the deep underground mineralisation (240m-600m) has not been tested adequately. Only three historic holes (300-730m) have been drilled which only tested the margins of the Yunndaga deeps. The central core area from the North shoot to Link shoot has never been drilled below 250m depth and presents itself as a priority drill target given the success of recent exploration at similar historic and dormant high grade mines elsewhere in WA (e.g. Bellevue Mine, Leinster).

Selkirk

Selkirk was a small, historic high grade underground mine producing 5,000t @ 24.0 g/t Au for 3,858oz (see Figure 9 in link below). Open cut mining in the 1990's produced 42,000t @ 4.60 g/t Au for 10,070oz. Recent work by Intermin in 2015-2016 identified encouraging high grade potential beneath the pit with intercepts including 3m @ 74.56 g/t Au, 2m @ 12.65 g/t Au (as announced to the ASX on 3 February 2016). The Selkirk mineralisation is still regarded as being open at depth (see Figure 10 in link below). Effectively there are no deeper holes at Selkirk testing the 100-300m depth level, despite the high grade nature of the orebody. Given the history of good depth continuity at Menzies, the Selkirk deeps is a priority drill target.

Lady Shenton-Pericles-Big Babe

The Lady Shenton mine was a highly productive mine in the 1890's producing 185,000t @ 32.0 g/t for 190,000 ounces. Modern open cut mining in the 1990's added a further 314,000t @ 2.62 g/t for 26,000 ounces. The underground workings extended to about 200m depth. Deep drilling to 200m vertical depth has followed the Lady Shenton workings down plunge which appears to show the ore grade and width decreasing. However just to the north, the Pericles deposit appears to replicate the Lady Shenton gold mineralisation, but without being properly tested beyond 150m vertical depth. Pericles mineralisation is open at depth and considered a priority target for further drilling.

Immediately south of Lady Shenton is the Big Babe prospect which has never been mined and contains what appears to be the strongest mineralisation at depth in the Lady Shenton area. Previous Intermin drill intercepts included 6m @ 3.54 g/t Au from 132m and 7m @ 5.81 g/t Au from 155m (MZRC1119) and 8m @ 5.69 g/t Au from 108m (MZRC11202)(see Note 4 below). Structural complexities brought upon by an intruding porphyry has made follow up by RC drilling difficult. Intermin proposes to diamond drill the Big Babe prospect with a view to a better understanding of the high grade ore at depth.

Acacia Ridge (Ni-Co)

The historic Acacia Ridge prospect was documented by Rox Resources in 2004 which reported significant lateritic Ni-Co intercepts(see Note 5 below):

- 14m @ 0.91% Ni, 0.17% Co and 2.47% Mg from 13m (YNRC0003)

- 15m @ 0.76% Ni, 0.17% Co and 8.85% Mg from 15m (YNRC0001)

Rox noted that Acacia Ridge was along strike to Heron Resources' (now Ardea Resources) Highway deposit and OM Group's Cawse nickel deposit to the north. There has been no further work on Acacia Ridge since then.

Additional tenure taken up by Intermin over the last two years has increased the landholding over the ultramafic source rock from 4km to 8km strike length. In total, 45km2 of new tenure has been applied for/granted since 2017. The new tenements also cover a variety of additional prospects including untested auger gold anomalies at Highway West and Yunndaga West, historic gold shows East of Menzies near the Pride of the Hills and Kurrajong workings and conceptual gold targets at Lake Moriarty.

Next steps(see Note 5 below)

1. The Company has commenced a detailed strategic review of the Menzies and Goongarrie project areas incorporating all new data from recent drilling and data on the recent tenure acquisitions. Project ranking and priority drilling targets will be identified in the current Quarter for integration into the 2019 drilling program

2. An EIS Co-Funding application is being prepared for deep drilling at Yunndaga, Lady Irene, Selkirk, Lady Harriet and Big Babe. The drilling will focus on discovery of deep (>150-450m) low tonnage - high grade ore, underneath historical mining areas.

3. Intermin will follow up on its 2016 Menzies auger program by testing several targets outside the Menzies mineralised corridor exploring new grass roots targets. Field reconnaissance over these anomalous areas identified high levels of alteration, veining and geological contacts.

4. The Company will also continue to pursue consolidation opportunities in the region.

Notes:

1 as announced to the ASX on 7 February 2019,

2 as announced to the ASX on 8 March 2016

3 see Table 1 and Competent Persons Statements on Page 10, and Forward Looking Statement on Page 12 and JORC Tables on Page 13

4 as announced to the ASX on 30 April 2012 and 29 September 2011,

5 as announced to the ASX by Rox Resources on 5 October 2004

To view tables and figures, please visit:
http://abnnewswire.net/lnk/3DX3T21I

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