Quarterly Activities Report 31 December 2017
- Ore mined from Teal a record 65,200t grading 3.53g/t for 7,400 ounces
- Gold production of 5,214 fine ounces at C1 costs of $680/oz (see Note 1 below) and an AIC of $,1,292/oz (see Note 2 below) inclusive of $1.64 million ($315/oz) in Teal Stage 2 pre-strip expenditure
- Final ore treatment and sales at Paddington Mill completed successfully with 1,287 fine ounces produced and final reconciled payments made (see Note 3 below)
- First toll treatment campaign at Lakewood commenced with 34,700dt processed grading 3.67g/t Au and 96% recovery for 3,927ozs produced by Quarter end
- $8.3 million received from gold sales at an average gold price of $1,664/oz
- Cash and tradeable securities increase to $8.7 million
- Intercepts returned from the Anthill gold project included (see Note 4 below):
o 41m at 2.63g/t Au from 69m and 30m at 2.98g/t Au from 73m
o 11m at 3.72g/t Au from 46m and 29m at 1.84g/t Au from 49m
o 17m at 5.3g/t Au from 137m and 6m at 11.15g/t Au from 110m
- Intercepts returned from the Jacques Find prospect within the Teal gold project included (see Note 5 below):
o 26m at 7.8g/t Au from 48m and 16m at 5.3g/t Au from 86m
o 27m at 4.16g/t Au from 53m
o 8m at 11g/t Au from 53m and 9m at 7.1g/t Au from 89m
- Over 26,000m drilled across 8 key project areas in 2017 with up to 60,000m planned in 2018 commencing in February
- Drilling at the Binduli gold project by JV partner Evolution Mining Limited (ASX:EVN) comprised 38 holes for 4,006m with results expected in the March Quarter 2018 (see Note 6 below)
- Drilling at the Nanadie Well Cu-Au-Ni-PGE project by JV partner Mithril Resources Limited (ASX:MTH) returned an encouraging intercept of 4m @ 12.76g/t Au from 20m (see Note 7 below)
- Metallurgical testwork from the Richmond Vanadium Project underway in China under supervision of JV partner AXF Resources Pty Ltd with initial results expected in the June Quarter 2018
- Janet Ivy Mining Royalty payments of $0.50/t now due after treated tonnages exceeded the prepayment threshold with regular quarterly payments expected through CY2018
MARCH QUARTER ACTIVITES
- Ore mining, haulage, processing and cash flow from Teal
- Blister Dam and Binduli JV exploration drilling results
- Commencement of 50,000-60,000m discovery and resource growth program
- Anthill JORC 2012 Mineral Resource Estimate and mining pipeline Feasibility program
- Richmond Vanadium metallurgical test work and updated Mineral Resource estimate
1 C1 cash costs exclude pre-strip of Teal Stage 2
2 AIC cash costs include pre-strip, production, exploration and all overheads.
3 As announced to the ASX on 27 July 2016
4 As announced to the ASX on 24 October 2017
5 As announced to the ASX on 15 & 29 November 2017
6 As announced to the ASX on 21 November 2017
7 As announced to the ASX on 13 October, 6 & 14 November and 8 December 2017.
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About Intermin Resources Limited
Intermin Resources Limited (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 Stage 1 gold mine is currently in production.
Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core projects and build a sustainable development pipeline.
Intermin is targeting the definition of significant high grade open cut and underground gold deposits, has acquired highly prospective tenure and will continue to actively pursue consolidation and value-adding joint venture opportunities for the benefit of all stakeholders.
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