Excellent Drill Results Continue from Binduli Gold Project
Excellent Drill Results Continue from Binduli Gold Project
Perth, Nov 14, 2018 AEST (ABN Newswire) - Intermin Resources Limited (ASX:IRC) ("Intermin" or the "Company") is pleased to announce further excellent reverse circulation ("RC") drilling results from the 100% owned Binduli gold project, located 9km west of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (see Figure 1 in link below).

HIGHLIGHTS

- Drilling completed at the Crake prospect, part of the 100% owned Binduli gold project area, 9km west of Kalgoorlie in the Western Australian goldfields

- A total of 85 RC holes for 8,096m were drilled to an average depth of 95m

- All 1m split assay results have now been received and include(see Note 1 below):

o 13m @ 4.10g/t Au from 65m including 2m @ 18.52g/t Au from 75m (BRC18036)

o 15m @ 2.75g/t Au from 27m (BRC18069)

o 9m @ 4.38g/t Au from 39m including 1m @ 31.2g/t Au from 39m (BRC18079)

o 4m @ 4.90g/t Au from 52m and 10m @ 2.49g/t Au from 74m (BRC18044)

o 1m @ 26.10g/t Au from 68m (BRC18096)

o 3m @ 7.40g/t Au including 1m @ 19.60g/t Au from 27m and 2m @ 4.41g/t Au from 46m (BRC18071)

- Results show significant gold mineralisation over 420m strike length and remains open along strike to the north and at depth

- All data now being compiled to generate a maiden Mineral Resource Estimate with metallurgical test work and initial mining studies to commence in the March Quarter

- Extension drilling at Crake will continue as a priority in 2019, together with high priority targets including Coote, Darter and Honeyeater

- Binduli now confirmed alongside Teal, Anthill and Blister Dam as a key project area for resource expansion and testing for new open cut and underground discoveries

Commenting on the results of the Binduli program, Intermin Managing Director Mr Jon Price said:

"These latest results continue to demonstrate the potential scale and quality of the Crake prospect in an area that has seen little modern exploration, particularly at depth. To have now identified mineralisation over a 420m strike length provides us with great confidence in the entire Binduli project area which will be a priority in 2019."

"We now look forward to compiling the first Mineral Resource Estimate at Crake and moving forward with mining studies and metallurgical test work to rapidly advance the project into the mine development pipeline."

Overview

In February 2018, Intermin commenced a self-funded $4M, 55,000m drilling program across its 100% owned Kalgoorlie gold projects. The major drill program is focussed on new discoveries and resource extensions at the key Teal, Anthill and Blister Dam gold projects.

In March 2018, the Binduli joint venture tenements were returned to Intermin on a 100% basis and an initial 5,000m of RC drilling commenced at the Crake prospect shortly thereafter. A follow up drill program for approximately 3,000m was completed in the September 2018 quarter.

Crake prospect

The geology at Crake is similar to the 390,000oz Janet Ivy open pit, located approximately 1,500m to the south, where gold mineralisation is hosted in a structurally controlled feldspar porphyry. The bulk of the mineralisation sits at below 25m depth. The top 25m is mostly barren except for minor pods of oxide ore. At the nearby Fort William and Fort Scott open pits, where over 100,000oz have been produced to date, gold is hosted within sheared units of volcanics and clastic sediments.

In total, Intermin drilled 85 RC holes for 8,096m at Crake during 2018. Initial drilling (~5,000m) focussed on areas where historical mineralisation had been delineated but appeared to have poor continuity. The results of this program have been summarised in ASX releases dated 10 July 2018 and 15 August 2018. The first program was largely successful in helping our understanding of the mineralisation by confirming the ore zone is west dipping and better grades were seen in more sulphidic zones along with quartz stock working. Local discontinuities were possibly a result of faulting and displacement.

Follow up drilling (~3,000m) then expanded the potential resource by infilling between the northern and southern drill areas and extending the northern strike length. The strike length has now increased from 360m to 420m. Most of the ore is defined within the top 100m and is open at depth, however a couple of deeper holes showed reasonable continuity to 140m vertical depth (e.g. BRC18093: 6m @ 2.15g/t Au from 163m and 1m @ 1.52g/t Au from 171m) (see Note 1 below).

The recent drill results continue to show that Crake contains significant amounts of gold mineralisation. Of particular interest are the narrow high grade veins, typically >8g/t Au, being more frequently intersected throughout the mineralisation. This potential for higher grades is seen throughout the system (e.g. BRC18079: 9m @ 4.38g/t Au from 39m including 1m @ 31.2g/t Au from 39m, BRC18082: 2m @ 7.62g/t Au including 1m @ 9.93g/t Au from 40m, BRC18096: 1m @ 26.1g/t Au from 68m and BRC180363: 13m @ 4.10g/t Au from 65m including 2m @ 18.52g/t Au from 75m (see Note 1 below). Diamond drilling to improve the understanding of these high-grade veins has been scheduled for 2019 to assess both open cut and underground potential.

In addition, several new, shallower lodes have been intersected as the drilling has stepped back to the west (e.g. BRC18100: 5m @ 1.38g/t Au from 33m, BRC18071: 3m @ 7.40g/t Au from 27m and BRC18092: 1m @ 3.18g/t Au from 24m, 1m @ 4.72g/t Au from 30m and 1m @4.22 g/t Au from 35m) (see Note 1 below). This new mineralisation is consistent with other (multiple) stacked lodes now being interpreted at Crake. The lodes defined to date are typically 1-6m thick but can swell out to 25m. Further step back drilling to the west will test these new lodes in 2019.

Next Steps

A maiden Mineral Resource Estimate will be compiled and is expected to be released in the March Quarter 2019.

Further exploration and resource drilling is expected to commence at Crake during 2019. In addition, as previously announced, Intermin intends to undertake drilling at several historic prospects at Binduli (see Figure 3 in link below). These include Coote which is only 700m west of Crake and also appears to be directly along strike from the Janet Ivy open cut mine. Historic results from Coote include 5m @ 19.62g/t Au and 12m @ 2.33g/t Au(see Note 2 below).

Darter is located 1,600m north along strike from Crake and has recorded highly encouraging mineralisation such as 20m @ 2.85g/t Au. Further north at Honeyeater, there are historic RC hits such as 1m @ 175g/t Au and 17m @ 2.06g/t Au(see Note 2 below).

Most of these areas have not been subjected to adequate drilling and have considerable upside potential.

Notes:

1 see Table 1 on Page 6, Competent Persons Statements on Page 9, Forward Looking Statement on Page 10 and JORC Tables on Page 11

2 Historic results as announced mostly recently to the ASX on 16 April 2015

To view tables and figures, please visit:
http://abnnewswire.net/lnk/XF62DSZK


About Intermin Resources Limited

Intermin Resources Ltd ASX IRCIntermin 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 gold mine has been recently completed.

Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Intermin has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

 


Contact

Jon Price
Managing Director
Tel: +61-8-9386-9534
E: jon.price@intermin.com.au

Michael Vaughan
Media Relations - Fivemark Partners
Tel: +61-422-602-720
E: michael.vaughan@fivemark.com.au



Related Companies

Intermin Resources Limited

ABN Newswire This Page Viewed:  (Last 7 Days: 63) (Last 30 Days: 1127) (Since Published: 1128) 
ANALYTICS: LOGIN HERE

Intermin Resources Limited NEWS: RECENT VISITS (13591)

Research Report

Social Media