Intermin Resources Limited (ASX: IRC), based in Nedlands, Australia is a metals and mining sector company with primary exploration interest in vanadium, nickel, gold, molybdenum and copper deposits. On March 20th, 2019, the company informed that the new discovery and resource extension drilling has begun at Lady Irene under the 11,000-metre 2019 Kalgoorlie and Menzies regional program, following results from the former programs undertaken in 2016, 2017 and 2018.
The results from the initial phase are scheduled to be updated in the second quarter of 2019. The drill program will be aligned with the impending implementation of the proposed merger with MacPhersons Limited (ASX: MRP), subject to shareholdersâ and Court approval; and also the expected closure of negotiations, formal documentation as well as crucial regulatory consents for the potential acquisition of the Coolgardie Gold Project from Focus Minerals Limited (ASX: FML).
In the same month, the company announced a maiden Mineral Resource estimate for the Crake prospect located within the wholly-owned Binduli gold project, situated 9-km west of Kalgoorlie-Boulder in the heart of the Western Australian goldfields. As per the successful infill and extensional drilling, the maiden Mineral Resource estimate stands at 1.12Mt grading 1.59 g/t Au for 57,700oz at a 1.0 g/t Au lower grade cut-off, which includes 69% in the Indicated Category with mineralisation open to the west and north.
The new results take the Interminâs total Mineral Resource estimate to 10.38Mt grading 2.00g/t Au for 667,500oz at a 1g/t Au lower grade cut-off. Going forward, the company plans to start additional resource drilling at Crake and the Binduli project area in 2019.
Source: Company announcement on ASX (20/03/2019)
Recently, Focus Minerals filed for lodgement applications with the Department of Mines, Industry Regulation and Safety for leave to proceed with applications for exemption from expenditure obligations concerning a number of the Groupâs tenements. The Group disclosed the existence of these proceedings to Intermin Resources as part of Intermin's ongoing due diligence review of the Coolgardie Gold Project.
The exclusivity agreement that provided 5 months for the parties to finalise formal documentation and obtain all necessary approvals for the proposed transaction was signed back in early February 2019 with no binding sales agreement in place as of now.
As per Interminâs financial report for the half-year ended December 31st, 2018, the total revenue from continuing operations amounted to $ 2.897 million, down on $ 12.15 million recorded in the prior corresponding period ended December 31st, 2017 (pcp). Besides, the loss for the period and total comprehensive income attributable to owners stood at ~ $ 501.8 million. The net cash and cash equivalents stood at $ 6.28 million. There were net cash outflows of ~ $ 4.51 million from operating activities and ~ $ 573.09k from investing activities. The financing activities, on the other hand, contributed ~ $ 1.07 million to net cash inflows in the form of proceeds from issues of ordinary shares.
To date, IRC has a market cap of AUD 29.42 million. With the end of the trading session on March 20th, the IRC stock price closed at AUD 0.130, up 4% by AUD 0.005.
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