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Intermin Resources Quarterly Activities Report

Mining News - Published on Thu, 24 Jan 2019

Image Source: ABN Newswire
Intermin Resources Limited has provided 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 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

Source :

Posted By : Rabi Wangkhem on Thu, 24 Jan 2019
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