Latest Drilling Grows Anthill Gold Project Strike Length to Over 400 Metres
Latest Drilling Grows Anthill Gold Project Strike Length to Over 400 Metres
Perth, Oct 10, 2018 AEST (ABN Newswire) - Intermin Resources Limited (ASX:IRC) ("Intermin" or the "Company") is pleased to announce reverse circulation ("RC") drilling results from the 100% owned Anthill gold project located 54km northwest of Kalgoorlie-Boulder in Western Australia (see Figure 1 in link below). The project comprises granted Mining Lease M16/531 over greenstone rocks situated within the highly prospective Zuleika Shear Zone, which hosts numerous high-grade gold deposits (see Figure 2 in link below).

HIGHLIGHTS

- Resource extension drilling completed at the 100% owned Anthill gold project on the Zuleika Shear, 45km north-west of Kalgoorlie - Boulder in the Western Australian goldfields

- A total of 122 Reverse Circulation ("RC") holes for 15,118m were drilled to an average depth of 120m and maximum depth of 284m

- Drilling focussed on extending the 120m of strike length that contains the current Mineral Resource estimate of 1.42Mt @ 1.72 g/t Au for 78,000oz Au at a 1 g/t cut off grade(see Note 1 below)

- New results have extended the known strike length to more than 400m with significant mineralisation intersected, including(see Note 2 below):

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

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

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

o 12m @ 2.00 g/t Au from 36m (AHRC18043)(see Note 3 below)

o 4m @ 8.13 g/t Au from 60m (AHRC18119)(see Note 3 below)

o 8m @ 1.92 g/t Au from 96m and 4m @ 7.67 g/t Au from 112m (AHRC180116)(see Note 3 below)

o 13m @ 1.44 g/t Au from 43m, 6m @ 1.00 g/t Au from 66m, 3m @ 2.70 g/t Au from 112m (AHRC18079)

- Mineralisation intercepted to the north, south and east beyond the current resource envelope and remains open in all directions

- Twenty four exploration air core and RC holes for 1,666m completed 2.5km NW of Anthill and confirmed two new prospects, Fire Ant and Tree Ant. Significant results include(see Note 2 below):

o 5m @ 2.45 g/t Au from 33m and 1m @ 0.91 g/t Au from 44m (ARAC1808)

o 4m @ 0.69 g/t Au from 32m and 8m @ 1.37 g/t Au from 80m (ARRC1815)(see Note 3 below)

o 4m @ 1.08 g/t Au from 72m (ARRC1822)(see Note 3 below)

- An updated Mineral Resource for Anthill is expected in the December Quarter with open pit mine development studies and further drilling scheduled for March Quarter 2019

- Further assays are pending and expected within the current Quarter with the rigs now drilling at the Binduli and Blister Dam gold projects

Commenting on the success of the Anthill program, Intermin Managing Director Mr Jon Price said:

"These latest results from Anthill continue to demonstrate the potential scale and quality of the orebody that continues to grow with each drilling campaign and certainly justifies our belief that the Zuleika Shear can deliver new large scale open cut and underground gold deposits."

"Once we receive the final assay data we will compile an updated Mineral Resource Estimate in the current December Quarter and progress future development studies in early 2019."

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, Binduli and Blister Dam gold projects.

Drilling at Anthill commenced in the June Quarter with 122 resource holes (mostly RC) completed for 15,118m to an average depth of 120m and maximum depth of 284m. The drilling focussed on resource extensions to the north, south and east of Anthill which currently contains a JORC 2012 Mineral Resource Estimate of 1.42Mt @ 1.72g/t Au for 78,000oz Au at a 1 g/t cut off grade(see Note 1 below).

The geology at Anthill is dominated by a variolitic basalt with lesser amounts of porphyry and ultramafic rocks observed. At least two mineralised trends (NW and NE) are evident and add to the geological complexity at Anthill. The sequences sits within a synclinal structure. The gold mineralisation is pervasive and occurs in a number of settings, the most important being a quartz stock work or thin veins with carbonate-sericite-silica-sulphide alteration. Some of the gold is coarse and is easily visible in panned RC chips.

Two areas of significant mineralisation outside of the current resource envelope have now been discovered. Anthill South is dominated by the NW "Zuleika Shear" structure and appears to be the strike extension of Anthill. Anthill East looks to be more controlled by a NE cross structure and lacks significant primary ore at depth. The bulk of the ore being supergene/transitional ore.

Additional ore zones have also been extended from Anthill to the north and west (see Figure 3 in link below). Mineralisation remains open both along strike and at depth. Further resource extension drilling is planned for 2019.

As previously mentioned in the 21 August 2018 ASX release, to the north of Anthill drill holes AHRC18001 (best result 2m @ 7.08g/t Au and 10m @ 1.11 g/t Au), AHRC18002 (best result 20m @ 1.62g/t Au and 10m @ 1.27g/t Au) and AHRC18004 (best result 15m @ 1.79g/t Au) all intersected significant mineralisation where historic holes were drilled at opposite angles or to an insufficient depth to reach target structures(see Note 2 below).

Drilling to the south of Anthill delineated another 140m of strike length to Anthill. The mineralisation is similar to Anthill, but appears to be more patchy, possibly the result of structural complexity. All the westernmost holes appear to warrant further "up dip" drilling to the west. Best results at Anthill South include(see Note 2 below):

- 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)

- 8m @ 1.92 g/t Au from 96m and 4m @ 7.67 g/t Au from 112m (AHRC180116)

- 4m @ 15.50 g/t Au from 56m (AHRC18057)

- 13m @ 1.44 g/t Au from 43m and 3m @ 2.70 g/t Au from 112m (AHRC18079)

- 1m @ 24.10 g/t Au from 79m (AHRC18038)

At Anthill East, the mineralisation spans about 160m in length. Anthill East has a pronounced cross structure orientation (NE/SW) and has recorded significant lengths of supergene or oxide ore along the main trend. Better results include(see Note 2 below):

- 10m @ 2.77 g/t Au from 80m (AHRC18051)

- 4m @ 7.65 g/t Au from 52m (AHRC18090)

- 8m @ 2.33 g/t Au from 68m (AHRC18091)

- 12m @ 2.00 g/t Au from 36m (AHRC18043)

- 4m @ 8.13 g/t Au from 60m (AHRC18119)

- 6m @ 2.56 g/t Au from 49m (AHRC18046)

Updated cross sections at Anthill are shown in Figures 4-7(see Note 2 below). They show a series of stacked lodes variably dipping to the north east. A new cross section across Anthill South and Anthill East is also shown in Figure 8(see Note 2 below).

Anthill Regional Exploration

A total of six targets were tested in an area about 2.5km north of Anthill. Several of these targets were drilled beneath historic holes that had been terminated in mildly anomalous mineralisation (>0.1 g/t Au) or had anomalous surface Au geochemistry. These targets were later confirmed in sampling conducted by Intermin.

The drilling was first conducted with a small air core rig, but this proved unsatisfactory as it was not able to drill to the predetermined depths. An RC rig was then mobilised to complete the program. A total of 24 holes for 1,666m were drilled. The drilling was highly successful in delineating two new prospects at Fire Ant and Tree Ant. These are the best results to date outside of the Anthill area on M16/531 and included(see Note 2 below):

- 5m @ 2.45 g/t Au from 33m and 1m @ 0.91 g/t Au from 44m (ARAC1808, Tree Ant)

- 4m @ 0.69 g/t from 32m and 8m @ 1.37 g/t Au from 80m (ARRC1815, Tree Ant)(see Note 3 below)

- 4m @ 1.08 g/t Au from 72m (ARRC1822, Tree Ant)(see Note 3 below)

- 4m @ 1.36 g/t Au from 64m (ARRC1821, Tree Ant)(see Note 3 below)

- 2m @ 1.32 g/t Au from 40m (ARAC 1803, Fire Ant)

At Fire Ant, small amounts of disseminated cubic pyrite were observed in the bedrock sediments along with anomalous mineralisation. At Tree Ant, the drilling intersected graphitic shales and sediments. The gold is possibly supergene in nature and reflects a deeply developed weathering profile. Intermin considers this drilling to be early stage exploration, as further work needs to be done to review and optimise the drill direction and depth. Following this, Tree Ant and Fire Ant will be priority follow up targets in 2019.

Further assay results and 1m splits are expected in the current December Quarter.

Next Steps

On receipt and validation of the all assay data, Intermin will compile an updated Mineral Resource for the Anthill gold project for release in the current December Quarter.

Further resource drilling is planned for the Anthill South and Anthill East areas in 2019, together with further resource extension drilling to the north and at depth. The high grade intercept at Anthill South (AHRC18079 - 31m @ 3.28 g/t Au) will be investigated in more detail via diamond drilling to further increase structural knowledge of the area.

Exploration drilling is also planned for the regional prospects in 2019. Tree Ant and Fire Ant both offer potential for significant mineralisation beneath a highly depleted weathering profile. Further refinements in the drill direction are anticipated.

Open pit mine development studies have also commenced with initial optimisation and design work expected for completion in the March Quarter 2019. Additional metallurgical testwork will also be completed on new representative samples to confirm previous results where recoveries ranged from 93% to 99% with a high gravity recoverable component (17% to 78%)(see Note 4 below). The statutory approvals process has also commenced ahead of Feasibility Study release planned for 2019.

Notes:

1 as announced to the ASX on 13 March 2018,

2 see Table 1 on Page 8, Competent Persons Statements on Page 11, Forward Looking Statement on Pages 12-13 and JORC Tables on Page 14

3 denotes 4m composites only with 1m split assays yet to be received

4 as announced to the ASX by Metaliko on 21 April 2011

To view tables and figures, please visit:
http://abnnewswire.net/lnk/Q02457KU


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



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