Excellent Drilling Results Continue from the Teal Project Area
Perth, June 12, 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 Teal gold project, located 11km northwest of Kalgoorlie-Boulder in Western Australia (see Figure 1 in link below).
HIGHLIGHTS
- New discovery and resource growth drilling continues at the 100% owned Teal gold project area, 11km north-west of Kalgoorlie in the Western Australian goldfields
- To date, 131 holes for 16,342m have been completed at the Jacques Find and Yolande prospects as part of the self-funded 55,000m drill program for 2018
- Significant high grade downhole RC intercepts received to date include(see Note 1 below):
o 10m @ 6.70g/t Au from 60m including 4m @ 14.63g/t Au from 60m (JFRC18048)
o 8m @ 5.88g/t Au including 4m @ 10.20g/t Au from 124m (JFRC18136)(see Note 2 below)
o 8m @ 5.28g/t Au from 64m including 1m @ 19.70g/t Au from 66m (JFRC18095)
o 6m @ 6.69g/t Au from 91m including 1m @ 33.40g/t Au from 92m (JFRC18042)
o 13m @ 2.78g/t Au from 90m (JFRC18076) and 11m @ 2.77g/t Au from 73m (JFRC18049)
o 4m @ 8.41 g/t Au from 44m (JFRC18049) (see Note 2 below)
o 7m @ 4.47g/t Au from 34m (JFRC18097) and 12m @ 2.33g/t Au from 105m (JFRC18129)
o 7m @ 4.02g/t Au from 45m and 5m @ 4.48g/t Au from 79m (JFRC18045)
o 7m @ 4.47g/t Au from 34m (JFRC18034) and 7m @ 4.02g/t Au from 45m (JFRC18045)
o 5m @ 5.09g/t Au from 107m (JFRC18117) and 7m @ 3.59g/t Au from 66m (JFRC18107)
o 4m @ 1.5g/t Au from 56m, 4m @ 2.18g/t Au from 112m, 28m @ 1.20g/t Au and 4m @ 1.87g/t Au from 180m (JFRC18138) (see Note 2 below)
o 7m @ 3.46g/t Au from 90m (JFRC18108) and 5m @ 4.49 g/t Au from117m (JFRC18112)
- Further drilling results expected in the June and September quarters 2018
- Jacques Find now extends to over 800m in strike length and links with the Yolande mineralisation to the north
- New mineralisation discovered 400m north of Yolande and 250m west of the Teal mine
- Results have also confirmed multiple lodes at Jacques Find with significant oxide and transitional gold mineralisation similar to Teal and amenable to open pit development (see Note 1 below)
- Drilling at the Teal gold project area will be completed in June with two rigs moving to the Binduli gold project area before commencing the 14,000m program at the Anthill gold project, 45km northwest of Kalgoorlie on the Zuleika shear zone
- Geological modelling underway with Resource updates planned for the September Quarter
Commenting on the results of the large program, Intermin Managing Director Mr Jon Price said:
"The drilling results to date continue to deliver excellent width and grade and now demonstrate the continuity of the Jacques Find trend along 800m of strike length. Multiple parallel structures have now been identified providing significant potential for further resource growth."
"The Company now looks forward to receiving all the drilling data from the Teal gold camp and compiling an updated resource for release in the September Quarter. The drill rigs now move on to the exciting Binduli and Anthill gold projects where we aim to grow our resources, add to our production profile and continue the search for Kalgoorlie's next new gold discovery."
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(see Note 3 below). As part of the program, 20,000m of RC and diamond drilling was planned for the Teal project area to grow the current resource base and test new discovery targets identified in the successful 2017 program(see Note 4 below).
Jacques Find
The geology at Jacques Find is dominated by lower Black Flag Group rocks (felsic volcanics and sediments) with lesser amounts of porphyry and intermediate volcanics. Two main controls on gold mineralisation are linking NW and NS shears. Dr Gerard Tripp, a highly credentialed expert on the Eastern Goldfields structural geology visited Jacques Find and Teal earlier this year and was highly encouraged by the prospectivity. Several new exploration targets have now been generated.
Fresh rock gold at Jacques Find is typically associated with quartz and sulphides (pyrite-arsenopyrite) with faulting having displaced and pinched out some of the mineralisation. Primary mineralisation at depth exhibits semi-refractory properties and optimal recoveries are achieved through ultra-fine grinding, pressure oxidation or roasting. The shallow oxide supergene mineralisation is similar to the Teal gold mine where recoveries over 94% where achieved.
During 2016 and 2017, Intermin completed two highly successful RC programs (see Note 4,5 below) at the new Jacques Find discovery intercepting steeply dipping high grade gold shoots and extending the zone of mineralisation from 120m in 2016 to 400m length in 2017. The current 2018 resource program has focussed on extending the mineralisation further to the north (another 400m) with infill drilling to improve geological confidence (see Figure 3 in link below).
To date, 131 RC holes have been completed for 16,342m to a maximum depth of 270m. The Jacques Find drilling is about 90% complete. The detailed drilling, mostly on 40m centres, has outlined a semi-continuous series of four high grade zones separated by cross cutting faults (see Figure 2 in link below). The strongest gold mineralisation at Jacques Find generally occurs between 30m and 150m vertical depth and is often found adjacent or proximal to a black shale unit. Gold appears to meander and pinch and swell, typical of many anastomising shear zones.
In the southern Jacques Find area, there are two subparallel, vertically dipping main lodes, typically these are about 4-6m wide. The northern Jacques Find area, which is currently being drilled, also has indications that multiple lodes may also be forming at depth. The high grade zone intercepted by JFRC1704 and JFRC1711 (27m @ 4.16g/t Au from 45m) (see Note 4, 5 below) in 2017 appears to plunge steeply to the south and was intersected by JFRC18002A (18m @ 1.47 g/t Au from 158m). Follow up diamond drilling in this area is planned for the December Quarter.
Further drilling results from the Jacques Find trend are expected in the June and September quarters.
Teal West and Jacques South
Additional drilling was also completed at the Teal West area 400m NW of Yolande and 250m west of the recently completed Teal open cut mine. The drilling followed up new mineralisation intercepted in April with the discovery hole (JFRC 18012) returning 4m @ 2.6g/t Au from 54m (see Note 6 below).
Drilling at Teal West intercepted significant mineralisation including (see Note 7 below):
- 2m @ 2.71 g/t Au from 52m and 6m @ 1.04 g/t Au from 67m (JFRC18126)
- 3m @ 2.74 g/t Au from 55m (JFRC18125)
- 6m @ 1.02 g/t Au from 96m (JFRC18065)
This new prospect may be the northern extension of the Jacques Find trend that has been partially offset or a new structural trend in development. The Teal West mineralisation also looks to extend another 120m further north of the current drill campaign where previous intercepts returned up to 9m @ 1.30 g/t Au from 157m (see Note 5 below). In addition, limited shallow drilling has been completed between Teal West and Yolande 400m to the southeast and has been prioritised for the next drilling campaign.
The mineralised corridor from Jacques Find - Yolande - Teal West spans 1,500m in strike length (see Figure 3 in link below) and is considered highly prospective given the results achieved to date. This corridor appears to be parallel, and of a similar size (~1,500m), to the Teal - Peyes Farm trend 250m to the east. A further two parallel structures have been identified with drilling underway and results expected in the June and September quarters 2018.
Intermin has also recently completed a 197 drill hole auger program (2m depth) that extends the Jacques Find and Teal - Peyes Farm trends for another 1,400m to the south. Earlier drilling by the Company and others returned encouraging gold intercepts in several holes including PFRC1643 (1m @ 10.36g/t Au from 79m) and BNC26 (7m @ 2.49 g/t Au from 105m)(see Note 5 below). These holes are south of the current drill program yet appear to lie close to the Jacques trend line and indicates that both trends remain open to the south.
Further exploration drilling south of Jacques Find and Peyes Farm is planned.
Next Steps
The drilling program at the Teal project area will be completed in June 2018 with further assay results expected in the June and September quarters. On receipt and validation of all new drilling data, an updated geological resource model will be generated for release in the September quarter 2018.
A detailed review of the results will then be undertaken and the follow up drill program designed. Given the successful results to date, the emergence of multiple parallel lodes requiring follow up and the resource growth potential of this large mineralised system, it is envisaged that a further large-scale RC and diamond program will commence in the December Quarter 2018.
On completion of the Teal program, two rigs will commence a 5,000m program at the Crake prospect within the Binduli project area before moving to the Anthill gold project to commence a 14,000m resource extension and new discovery program in the September Quarter 2018.
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 denotes 4m composites only with 1m split assays yet to be received
3 As announced to the ASX on 19 February 2018
4 as announced to the ASX on 16 January 2018
5 as announced to the ASX on 27 November 2017 and 16 January 2018
6 As announced to the ASX on 24 April 2018
7 See Table 1 on Page 6, Competent Persons Statements on Page 10 and JORC Tables on Page 11
To view tables and figures, please visit:
http://abnnewswire.net/lnk/HND0BPR5
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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