Intermin Resources Limited (ASX:IRC) ("Intermin" or the "Company") is pleased to announce an updated Mineral Resource Estimate for the 100% owned Anthill gold project area located 55km northwest of Kalgoorlie-Boulder in Western Australia (see Figures 1 and 2 in link below).

HIGHLIGHTS

- Highly successful infill, extensional and new discovery drilling completed at the Anthill gold project, 55km north-west of Kalgoorlie-Boulder in the Western Australian goldfields

- In total, 15,118m of drilling completed in 2018 with the majority focussed on extensions to known mineralisation to the north, south and east (see Note 1 below)

- Updated independent Mineral Resource estimate now compiled for the Anthill project and now stands at:

o 2.28Mt @ 1.71g/t Au for 125,500oz at a 1g/t Au lower grade cut-off, up 60% (see Note 2 below)

- Over 68% in the Indicated Category with mineralisation open to the east and west (see Note 2 below)

- Intermin's Total Mineral Resource estimate grows to:

o 9.26Mt grading 2.05g/t Au for 609,600oz at a 1g/t Au lower grade cut-off (see Note 2 below)

- Additional resource drilling planned at Anthill in 2019 with follow up exploration drilling at the regional Fire Ant and Tree Ant prospects (see Note 3 below)

- Updated mining studies have commenced assessing optimal mining and processing pathways for open cut mine development (see Note 3 below)

Commenting on the Anthill Resource, Intermin Managing Director Mr Jon Price said:

"The successful drilling at Anthill in 2018 has continued to demonstrate the potential scale and quality of the project, particularly with the new mineralisation discovered to the east and south and we look forward to further drilling campaigns in 2019 at both Anthill and the new prospects to the north."

"The strike length at Anthill has grown from 120m to over 400m since initial mining studies were completed. We now look forward to re-optimising the new model and see potential for Anthill to be a significant part of our future production pipeline."

Overview

Project Geology

Anthill is located in the Eastern Goldfields (see Figures 1, 2 and 3 in link below), adjacent to the highly endowed Zuleika shear zone. The geology is dominated by a variolitic basalt with lesser amounts of porphyry and ultramafic rocks observed. At least two mineralised trends are evident and add to the geological complexity at Anthill. The gold mineralisation is pervasive and occurs in a number of settings, the most important being a quartz stock work of thin veins with carbonate-sericite-silica-sulphide alteration. Some of the gold is coarse and is easily visible in panned RC chips.

Resource Update

In the June and September Quarters 2018, the Company completed 122 Reverse Circulation ("RC") holes for 15,118m drilled to an average depth of 120m and maximum depth of 284m.

Significant downhole RC intercepts reported in 2018 included(see Note 1 below):

- 23m @ 4.16 g/t Au from 61m (AHRC18020)

- 18m @ 3.13 g/t Au from 70m (AHRC18043)

- 31m @ 3.28 g/t Au from 112m including 1m @ 31.7 g/t Au from 130m (AHRC18079)

- 19m @ 2.70 g/t Au from 57m (AHRC18092)

- 10m @ 2.79 g/t Au from 80m (AHRC18051)

- 21m @ 1.94 g/t Au from 33m (AHRC18013)

- 25m @ 2.53 g/t Au from 132m (AHRC18017)

- 23m @ 3.22 g/t Au from 174m (AHRC18018)

New mineralisation was discovered at Anthill East and Anthill South (see Figure 3 in link below). Anthill South appears to be a strike extension of the main Anthill mineralisation. A plan view is shown in Figure 4 (see link below). The new data has been used to compile a detailed Mineral Resource Estimate compliant with the JORC 2012 Code. The Mineral Resource for Anthill now stands at:

- 2.28Mt @ 1.71g/t Au for 125,000 ounces at a 1.0g/t Au lower grade cut-off (see Note 4 below)

Further breakdowns of ore types and categories are shown in Table's 1 - 3.(see Note 4 below)

The updated resource of 125,000 oz is a 60% increase on the earlier Mineral Resource estimate of 78,000oz(see Note 6 below). Attributable discovery costs incurred this year for Anthill are estimated to be around $20/oz. Intermin's global gold Resources now stands at 9.26Mt grading 2.05g/t Au for 609,600oz at a 1g/t Au lower cut-off grade(see Note 5 below).

Next Steps

Intermin believes the mineralisation at Anthill is significant with potential for additional resources to be delineated with further drilling beyond the current mineralised envelope. The proximity and influence of the Zuleika shear zone together with high grade intersections returned during 2017/18 indicate the potential for a larger size resource at depth and extensions to be tested(see Note 3 below).

The priority target in 2019 is the high grade mineralisation potential that remains open at depth and to the east. An initial step back diamond drill hole will target the central Anthill area at AHRC18010 (10m @ 2.15g/t Au from 263m) and the adjacent drill hole AHRC17039 (33m @ 3.13g/t Au from 157m). (see Note 7 below)

A potentially new, unrelated target area to the southeast of Anthill appears to be open and requires further drilling (AHRC18115, 4m @ 2.60g/t Au from 35m). No resource blocks were applied here. At Anthill South, there are potential up dip extensions to the southwest as indicated by AHRC18095 (9m @ 1.63g/t Au from 65m) and AHRC18116 (8m @ 1.68g/t Au from 94m and 1m @ 10.20g/t Au from 114m).(see Note 7 below)

Follow up drilling is also planned at the regional Fire Ant (ARAC 2m @1.34 g/t Au) and Tree Ant prospects (ARAC1808 4m @ 2.89g/t Au from 32m, ARAC1821 2m @ 3.27g/t Au from 67m and ARRC1815, 5m @ 1.28g/t Au from 82m) located 2.8km northwest of Anthill.(see Note 7 below)

Preliminary in house mining studies will commence to assess the optimal development pathways for the open cut mine development of the Anthill resource.

Notes:

1 As announced to the ASX on 21 August and 10 October 2018,

2 as announced to the ASX on 13 March 2018, see Tables 1-3 on Pages 3 and 4, Tables on Page 8 and Competent Persons statement on pages 4 and 8. See also JORC tables on page 10,

3 see Forward Looking and Cautionary Statements on Page 9

4 see Tables 1-3 on Pages 3 and 4, Tables on Page 8 and Competent Persons statement on pages 4 and 8. See also JORC tables on page 10

5 see table on Page 8 and Competent Persons statement on pages 4 and 8. See also JORC tables on page 10

6 as announced to the ASX on 13 March 2018

7 as announced on the ASX on 21 August and 10 October 2018

To view tables and figures, please visit:
http://abnnewswire.net/lnk/A9QO90F5


About Horizon Minerals Limited

Horizon Minerals Limited (ASX:HRZ) 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.

Horizon 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.

Horizon 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@horizonminerals.com.au

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



Link: Anthill Resource grows 60% to over 125,000 ounces



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