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Intermin Resources update including high grade drilling results

Mining News - Published on Thu, 21 Feb 2019

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Intermin Resources Limited announced drilling results from Intermin's 100% owned Menzies Gold project, located 130km north of Kalgoorlie-Boulder in Western Australia. 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 Limited

- 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):
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)
- 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

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 AUD 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."

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Posted By : Rabi Wangkhem on Thu, 21 Feb 2019
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