Intermin Resources Soared On ASX Post Mineral Resource Upgrade

Intermin Resources Soared On ASX Post Mineral Resource Upgrade

Intermin Resources Limited (ASX: IRC) announced on 12th March 2019 that the company’s maiden resources fatten to over 667,000 ounces for the Crake Gold Project, located 9km west of Kalgoorlie-Boulder and within the 100% owned Binduli gold project. The company completed an infill and extensive drilling at the crake gold project and drilled 85 Reverse Circulation (RC) holes for 8,096m of resources drilling in 2018. Recently, the company also signed a Deed with Focus Minerals for a potential future acquisition of Coolgardie Gold Project. 

As per the company, the geology at the crake gold project resembles Janet Ivy open pit, which hosts 390,000oz of gold in a structurally controlled feldspar porphyry. The nearby Fort William and Fort Scott open pits, hosts over 100,000 ounces of gold within sheared units of volcanic and clastic sediments.

At crake gold site, the gold mineralisation strikes NW and dips shallowly to the SW and gold lodes are often tabular shaped with 20m thickness and extended the width greater than 60m.

Resource update:

In March 2018, the company regained a 100% stake in Binduli Joint Venture (JV). The RC drilling, which drilled 85 holes subsequently in 2018, was completed on an approximate 20m pattern that spanned 450m and covered mineralisation from 10m to 170m vertical depth.

The major holes from the drilling resulted in:

 The drill hole identified as BRC18020 resulted at 23m @ 4.16 g/t of gold from 61m including 3m @ 20.73g/t of gold from 66m

The drill hole identified as BRC18036 resulted at 13m @ 4.10g/t of gold from 65m including 2m @ 18.53g/t of gold from 75m

The drill hole identified as BRC18043 resulted at 18m @ 3.13 g/t of gold from 70m

The drill hole identified as BRC18069 resulted at 15m @ 2.75 g/t of gold from 27m

The drill hole identified as BRC18079 resulted at 9m @ 4.38 g/t of gold from 39m

The drill hole identified as BRC18029 resulted at 15m @ 1.96 g/t of gold from 75m

The drill hole identified as BRC18057 resulted at 12m @ 1.75 g/t of gold from 45m

The drill hole identified as BRC18018 resulted at 8m @ 2.51 g/t of gold from 106m

To compile a detailed and independent Mineral Resources Estimate, the company analysed the newly received data from the RC holes and concluded that the mineral resources for the crake gold project stand at 1.12Mt @ 1.59g/t of gold for 57,700oz at a 1.0g/t of gold lower grade cut-off.

With the recent exploration, which resulted in the mineral resource of 1.12Mt @1.59b/t of gold for 57,7000oz at a 1.0g.t of gold lower grade cut-off, the company successfully updated its global resources as well and reported it at 10.38Mt grading 2.00g/t of gold for 667,500 ounces at a 1g/t of gold lower grade cut-off.

Intermin believes that the mineralisation identified at the crake was significant and will further support the RC drilling planned at Crake and other Binduli potential areas such as Coote, Darter, and Honeyeater. The company will commence initial scoping and mine developments in the March quarter.

An extensive drilling and newly identified mineral sources, which upgraded the existing resources for the company, helped it to gain the momentum on ASX.

During the time of writing this report ,the shares of the company are trading at A$0.130 (as on 12th March, 03:40 PM), up by 4% as compared to its previous close.


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