Excellent Initial Drilling Results from Binduli Gold Project
- Initial resource drilling completed at the 100% owned Binduli gold project area, 9km west of Kalgoorlie in the Western Australian goldfields
- To date, assays have been received from 25 Reverse Circulation holes or approximately half of the current program
- Significant downhole intercepts received to date from the Crake prospect include(see Note 1, 2 below):
o 28m @ 3.30g/t Au from 56m including 4m @ 15.10g/t Au from 64m (BRC18020)
o 20m @ 4.57g/t Au from 68m including 8m @ 8.38g/t Au from 80m (BRC18043)
o 28m @ 2.43 g/t Au from 104m including 8m @ 5.87 g/t Au from 124m (BRC18024)
o 36m @ 1.19g/t Au from 52m (BRC18034)
o 4m @ 3.24g/t Au from 48m, 16m @ 1.24g/t Au from 76m and 4m @ 1.29g/t Au from 108m (BRC18027)
o 18m @ 1.75g/t Au from 72m (BRC18029)
o 16m @ 1.81 g/t Au from 32m (BRC18033)
- Results show significant gold mineralisation over a 250m strike length and remains open along strike and at depth
- The geology is dominated by a large porphyry intrusive with significant zones of high grade gold mineralisation at relatively shallow depths
- Crake one of five high priority prospects at Binduli that have had limited drilling and remain relatively untested at depth
- A total of 5,000m was planned within the project area with 1m splits and further assay results expected in July and August
- Follow up drilling planned for the September and December quarters
- Binduli now joins Teal, Anthill and Blister Dam as a key project area for resource expansion and testing for new discoveries
Commenting on the results of the Binduli program, Intermin Managing Director Mr Jon Price said:
"To be intersecting excellent width and grade at relatively shallow depths in our initial program at Crake is extremely encouraging and we look forward to receiving the remaining assays from the drilling program in coming weeks and compiling an initial resource model."
"The Binduli project area now joins Teal, Anthill and Blister Dam as a key asset in our gold portfolio with these drilling results providing growing confidence to accelerate further drilling at Crake and the other four priority prospects within this world class gold producing region."
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 with the Company commencing an initial 5,000m RC program at the Crake prospect shortly thereafter.
The geology at Crake is similar to the 390,000 ounce Janet Ivy open cut pit(see Note 3 below) approximately 1,500m to the south where the gold is hosted in a structurally controlled feldspar porphyry. At the nearby Fort William and Fort Scott open cut pits, where more than 100,000 ounces have been produced to date(see Note 3 below), gold is hosted within sheared units of volcanics and clastic sediments.
To date, 4m composite assays for 25 of the planned 57 holes have been received covering 2,560m of the 5,000m program (see Figure 3 in link below) with single meter splits and further results expected in July and August.
The drilling has highlighted a variably altered pink porphyry with minor amounts of pyrite and magnetite. Higher grades usually coincide with stronger pyrite mineralisation (up to 3% by volume). Panning the high grade interval in drill hole BRC18020 (4m @ 15.1 g/t Au) from the Crake prospect yielded significant coarse free gold (see Figure 2 in link below).
The high grade zones appear promising with several new areas now identified. BRC18024 (including 8m @ 5.87 g/t Au) was the most western hole drilled and was targeted oblique (048deg) to the historic hole (IRB9002 4m @ 16.84 g/t Au from 120m - see Note 4 below) which was drilled to the north (360deg). Initial interpretation suggests the high grade zones are related to cross cutting structures.
The mineralisation is open at depth as well as along strike to the north. In particular BRC18033 (16m @ 1.81 g/t Au from 32m) was located in an area to the north that was untested and previously thought barren. Additional drilling to improve the structural understanding of the geology is now being planned for the September and December quarters.
Following the receipt of the remaining drilling results and 1m split assays in July and August, an accelerated structural and extensional drilling program will be designed to test Crake as well as other high priority prospects within the Binduli project area. The new data will also be used to compile a new resource model for Crake.
Given the strong results to date, an additional rig will be required to complete the upcoming drilling at Binduli in the September and December quarters with the existing rigs now completing the 14,000m program at Anthill followed by the 14,000m program at Blister Dam.
1 see Table 1 on Page 5, Competent Persons Statements on Page 6, Forward Looking Statement on Page 7 and JORC Tables on Page 8
2 denotes 4m composites only with 1m split assays yet to be received
3 As announced to the ASX on 21 November 2017
4 as announced to the ASX on 19 February 2018
To view tables and figures, please visit:
About Intermin Resources Limited
Intermin 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.
Intermin Resources Limited