Quarterly Activities Report 30 September 2017
Perth, Oct 26, 2017 AEST (ABN Newswire) - Intermin Resources Limited (
ASX:IRC) provides the Company's Quarterly Activities Report for the period ending 30 September 2017.
HIGHLIGHTS
- Ore mined / sold from Teal Stage 1 totalled 56,353t grading 3.51g/t for 6,351 ounces (see Note 1 below) at a C1 cost of $867/oz and an AIC of $1,193/oz (see Note 2 below) produced at 94% recovery
- $9.2 million received from gold sales at an average gold price received of $1,627/oz (see Note 1 below)
- Teal Stage 2 pre-strip commenced on schedule with 63,690bcm mined during the Quarter
- Cash and tradeable securities increase to $7.4 million
- Production guidance for both stages of 18,000 - 20,000 ounces maintained at All in Costs (AIC) of $1,030 - $1,100/oz with completion expected in the March Quarter 2018 (see Note 3 below)
- 6,280m drilled at the Goongarrie Lady gold project with the open pit Feasibility Study on track for completion in the March Quarter 2018
- 32,000m exploration program on schedule with excellent results received to date
- Diamond drilling at the Anthill prospect confirmed new geological interpretation and returned a broad downhole intercept of 105m @ 1.38g/t Au from 48m (including 41m @ 2.35g/t Au from 73m) (see Note 4 below)
- RC drilling at the Baden Powell prospect returned a high grade downhole intercept of 17m @ 3.00g/t Au from 104m (including 7m @ 5.95g/t Au from 111m) (see Note 5 below)
- First pass aircore drilling at the new Olympia prospect intersected highly encouraging quartz-sulphide related and supergene gold up to 1.4g/t Au (see Note 6 below)
- Drilling at the Nanadie Well JV (Mithril Resources: MTH) returned an encouraging intercept of 127.75m @ 0.40% Cu, 0.11g/t Au from 43m (including 4.90m @ 1.80% Cu, 0.25g/t Au from 88m) (see Note 5 below) at Stark and 4m @ 12.76g/t Au from 20m at the Kombi gold prospect (see Note 7 below)
- Exploration preparations well advanced for JV partner Evolution Mining Limited (ASX:EVN) to conduct up to 3,600m of RC drilling at the Binduli gold project in the current Quarter
- Richmond vanadium project JV Agreement complete and initial bulk samples collected for dispatch to research institutes in China for detailed metallurgical testwork (see Note 8 below)
- Potential for Intermin to receive royalty payments of $0.50/t of ore mined and treated from the Janet Ivy gold mine in the current financial year
Notes:
1 Includes actual and provisional data in accordance with the Ore Sale Agreement announced to the ASX on 27 July 2016.
2 AIC includes production, exploration and all overheads.
3 As announced to the ASX on 6 & 25 July 2016
4 As announced to the ASX on 1 July and 30 August June 2017,
5 As announced to the ASX on 11 July and 29 August 2017,
6 As announced to the ASX on 1 August 2017,
7 As announced to the 13 September and 13 October 2017,
8 As announced to the 20 September 2017.
To view the full report, please visit:
http://abnnewswire.net/lnk/X06U1FFD
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.
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