(MENAFN- ABN Newswire)
Consolidates Tenure on the Highly Prospective Ida Shear Zone Perth, June 19, 2018 AEST (ABN Newswire) - Intermin Resources Limited ( <>
HIGHLIGHTS
- New tenure pegged making up the Yarmany Gold Project, 65km west of Kalgoorlie-Boulder in the Western Australian goldfields
- Project area now covers 320km2 of greenstone belt including two new Exploration Licence applications contiguous with the Company's 100% owned Yarmany and Area 54 prospects
- Yarmany is located on the highly prospective Ida and Reptile shear zones in close proximity to all required infrastructure
- Data compilation and target generation underway for initial drilling upon final granting of applications expected in the first half of 2019 (see Note 1 below)
Commenting on the acquisition, Intermin Managing Director Mr Jon Price said:
"The consolidation of the Yarmany tenure is in line with the Company's strategy of acquiring quality assets on major geological structures contiguous with existing landholding and in close proximity to supporting infrastructure. The area has had limited work completed in the last 20 years and was consolidated through pegging at very low cost. "
"The Company now holds a commanding position in the Yarmany project area of over 320km2 and has commenced data compilation and target generation for initial drilling upon final granting of the applications. We see great opportunity for Yarmany to join Teal, Anthill and Blister Dam as a key growth project for Intermin in this world class gold producing region. "
Overview
The Yarmany project area comprises 5 granted tenements and 5 applications. ELA15/1655 (220 km2) and ELA 16/510 (18 km2) are recent applications and cover newly available ground contiguous with the Company's 100% owned Yarmany and Area 54 prospects. Intermin now holds a dominant position overlying the Ida and Reptile Shear zones and covering over 320km2.
Previous geochemical work completed (Delta Gold in 1992-2001 and others) identified numerous anomalies, many of which have yet to be followed up. The Iguana - Jamaica and Lizard gold mines along strike of the Company's tenure were developed between 2000 and 2009 producing 68,000 ounces of gold grading 3g/t and have current resources of 201,000oz (see Note 2 below). Intermin has commenced data compilation and target generation for drilling in early 2019 upon final granting of applications (see Note 1 below).
Notes:
1. See Forward Looking Statement on Page 4
2. See ASX announcement from EGS dated 14 June 2018
To view figures, please visit:
http://abnnewswire.net/lnk/L53Y5SQ8
About Intermin Resources Limited
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.
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