Proactiveinvestors United Kingdom Intermin Resources Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Intermin Resources Ltd RSS feed en Thu, 20 Jun 2019 02:26:44 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Intermin Resources Ltd forms strategic joint venture and raises $4.7M ]]> https://www.proactiveinvestors.co.uk/companies/news/165449/intermin-resources-ltd-forms-strategic-joint-venture-and-raises-47m-70847.html Intermin Resources Ltd (ASX:IRC) has signed a binding heads of agreement with Eastern Goldfields Ltd (ASX:EGS) with regard to the Menzies and Goongarrie gold projects located near Kalgoorlie in Western Australia.

EGS will invest up to $7 million, comprised of a $1.5 million placement, now complete, and $5.5 million of exploration and development studies over 4 years to earn a 65% interest in the Menzies and Goongarrie gold projects.

A placement of 39.25 million shares at $0.12 to raise $4.71 million has been complete, which included the $1.5 million investment by EGS.

Intermin is now well-funded for a development decision for the Teal Stage 1 gold mine in the current quarter.

Jon Price, managing director, commented: “This collaborative approach enables accelerated exploration and mining inventory growth to underpin dedicated processing infrastructure in the Menzies region for mutual benefit.”


Joint venture strategic rationale

Intermin has executed a binding heads of agreement with EGS to form a strategic joint venture covering Intermin’s Menzies and Goongarrie gold projects.

Both Intermin and EGS have significant land holdings in this region.

The strategy is to increase resource inventory at Menzies and EGS’s Mount Ida project areas targeting high grade open cut and underground developments to underpin construction of a processing facility.

There is currently no processing infrastructure in the region, this facility could meet the processing needs of EGS, Intermin and other third parties.

The Goongarrie project area is in close proximity to EGS’s Davyhurst 1.2 million tonnes per annum processing facility currently undergoing refurbishment and recommissioning.

The strategy is to conduct significant exploration and resource development drilling to augment ore feed for the mill for mutual benefit.


Agreement details

Details of the heads of agreement between the parties include:

- EGS can earn 25% of the project areas by spending $2 million within a 2 year period and a further 25% by spending $2 million over the following 2 year period;
- EGS to solely contribute to further expenditure of $1.5 million on the projects inclusive of a bankable feasibility study to support a mill installation in the Mt Ida and Menzies region to earn a further 15%;
- EGS to invest $1.5 million in equity in Intermin;
- EGS will manage exploration with direction from JV representatives; and
- EGS and Intermin to execute a formal agreement in the next 60 days.


Placement details

The placement will see 39.25 million shares issued over two tranches priced at $0.12 per share to raise $4.71 million.

The placement includes a strategic investment from EGS of $1.5 million as part of the strategic joint venture.

A share purchase plan (SPP) seeking to raise up to $0.6 million priced at $0.12 with a 1:2 attaching option exercise at $0.17 will open on 16 September, 2016.

Proceeds will be used for the development of the Teal Stage 1 gold mine, accelerated drilling programs at Teal, Peyes Farm, Blister Dam and Windanya, potential acquisitions and general working capital.


Analysis

By forming a strategic alliance with EGS, Intermin are taking advantage of synergies to accelerate the opportunity of realising the value of its gold assets in the Northern Goldfields region.

The collaborative joint venture is mutually beneficial to both parties and provides Intermin’s Menzies and Goongarrie projects with additional exploration funding and processing options.

This increases the potential of these projects to get into production.

Meanwhile, the completion of the placement and subsequent SPP means Intermin is well-funded to develop the Teal Stage 1 gold mine and accelerate exploration drilling and aggressively explore the company’s assets in the Kalgoorlie region.

Intermin remains leveraged to exploration upside in the short term with drill results pending and a 5,000 metre follow-up program planned for September.

The stock is trading up 160% year to date ahead of a decision to mine Teal Stage 1 this quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 05 Sep 2016 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165449/intermin-resources-ltd-forms-strategic-joint-venture-and-raises-47m-70847.html
<![CDATA[News - Intermin Resources Ltd granted more time to finalise financing ]]> https://www.proactiveinvestors.co.uk/companies/news/165448/intermin-resources-ltd-granted-more-time-to-finalise-financing-70743.html Intermin Resources Ltd (ASX:IRC) has been given more time to finalise details regarding financing of the company’s development and exploration activities, with the ASX granting a voluntary suspension.

Intermin is focused on gold in the Kalgoorlie and Menzies areas of Western Australia, which are host to some of Australia’s richest gold deposits.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 31 Aug 2016 06:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165448/intermin-resources-ltd-granted-more-time-to-finalise-financing-70743.html
<![CDATA[News - Intermin Resources Ltd to update on financing ]]> https://www.proactiveinvestors.co.uk/companies/news/165447/intermin-resources-ltd-to-update-on-financing-70703.html Intermin Resources Ltd (ASX:IRC) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Intermin requested the halt pending details regarding financing of the company’s mine development and exploration activities.

The halt will remain in place until the opening of trade on Wednesday 31st August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 29 Aug 2016 08:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165447/intermin-resources-ltd-to-update-on-financing-70703.html
<![CDATA[News - Intermin Resources Ltd intersects thick gold zones at Teal near Kalgoorlie ]]> https://www.proactiveinvestors.co.uk/companies/news/165446/intermin-resources-ltd-intersects-thick-gold-zones-at-teal-near-kalgoorlie-70588.html Intermin Resources Ltd (ASX:IRC) has intersected results including 40 metres at 1.06 g/t gold at the Peyes Farm prospect within the 100% owned Teal gold project near Kalgoorlie.

The results are significant as they will potentially form a key part of Intermin’s production pipeline beyond the Teal Stage 1 open pit gold mine which is nearing development.

Results were received from 58 holes out of the 73 hole program with remaining results expected in the next 3-4 weeks.

5,000 metres of follow up drilling is planned for September.

Jon Price, managing director, commented: “We are only just starting to uncover the broader potential of our 100% owned tenure south of the Teal deposit and at depth.

“Teal Stage 1 will be a great start but I can see Intermin active in this area for many years to come as we unlock this potential.”


Drill result details

The program comprised 73 holes for 5,761 metres and included aircore and reverse circulation drilling.

Best results from the Peyes Farm prospect include:

- 40 metres at 1.06 g/t gold from 20 metres including 8 metres at 4.40 g/t gold;
- 20 metres at 1.10 g/t gold from 20 metres including 4 metres at 4.02 g/t gold;
- 4 metres at 3.35 g/t gold from 36 metres; and
- 4 metres at 5.25 g/t gold from 76 metres.

Results from the remaining 15 holes are expected in 3-4 weeks.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.


Teal Stage 1

The recently completed feasibility study indicates Teal Stage 1 to be a technically strong and financially viable small open pit gold project capable of producing 17,723 ounces of gold over 9 months.

The project is forecast to generate $10.1 million of free cash flow and would have a low $4.5 million capital development cost.

Intermin recently executing a binding letter agreement for ore treatment with Paddington Gold Pty Ltd, a wholly-owned subsidiary of Norton Gold Fields Ltd.

The deal enables an accelerated mining schedule at a reduced capital cost for Teal Stage 1, which is located 12 kilometres from Kalgoorlie-Boulder in the goldfields of Western Australia.

The ore will be delivered by Norton’s haulage contractor at cost using their existing private haul road 2 kilometres to Teal’s east.

This avoids the building of a rail crossing and highway intersection that would be required to deliver ore to the other mills.

Capex savings will be circa $750,000, and with lower haulage costs, this improves the overall project economics.


Production pipeline potential

Intermin has identified a number of shallow oxide and primary mineralisation targets to build a production pipeline past Teal Stage 1.

Scoping study and feasibility work has commenced on a number of projects with the aim of continuous mining and cash flow.

This pipeline includes:

- Teal Stage 2 / Peyes Farm: Extension drilling completed and historic resource at Peyes Farm being followed up;
- Goongarrie: Resource update and mine optimisation underway;
- Pericles deposit (Menzies Gold Project): Current resource of 0.53 million tonnes at 2.49 g/t for 42,500 ounces of gold with open cut oxide followed by underground mining; and
- Teal deeps resource: Expansion drilling into the primary mineralisation at depth to commence in the December quarter.


Analysis

The drill results are encouraging as they lie 600 metres south along strike from the Teal gold mine with mineralisation open in all directions.

Both the Teal and Peyes Farm prospects are demonstrating significant potential for both oxide free milling ore beyond Teal Stage 1 and higher grade primary sulphide mineralisation at depth.

Mine optimisation and metallurgical studies on the sulphide hosted primary mineralisation at Teal have now commenced.

As the Teal gold project is located in the infrastructure rich area of Kalgoorlie, it has a number of ore processing options.

Intermin remains leveraged to exploration upside in the short term with drill results pending and a 5,000 metre follow-up program planned for September.

The stock is trading up 140% year to date ahead of a decision to mine Teal Stage 1 this quarter.

Intermin holds $2.7 million in cash, $3 million in liquid investments and no debt.

Directors and associates hold over 45% of the issued share capital.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 22 Aug 2016 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165446/intermin-resources-ltd-intersects-thick-gold-zones-at-teal-near-kalgoorlie-70588.html
<![CDATA[News - Intermin Resources Ltd updates gold resource to build production pipeline ]]> https://www.proactiveinvestors.co.uk/companies/news/165445/intermin-resources-ltd-updates-gold-resource-to-build-production-pipeline-70481.html Intermin Resources Ltd (ASX:IRC) has updated the Mineral Resource for the 100% owned Goongarrie gold project located 80 kilometres north of Kalgoorlie-Boulder in Western Australia.

The new estimate stands at 272,000 tonnes at 2.86 g/t gold for 25,028 ounces of gold.

The updated resource is based on extensions to the existing open pit mined in the late 1990s.

The resource will form a key part of Intermin’s production pipeline beyond the Teal Stage 1 open pit gold mine which is nearing development.

Mine optimisation work has commenced to generate a maiden mining inventory and initial mine design to support the completion of statutory approvals to mine.


Background

Intermin has a number of quality gold assets in the world class gold mining region surrounding Kalgoorlie in Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal projects which host significant mineralisation and have the potential to be mined via open cut and underground methods.

The Teal Stage 1 open pit gold mine within the Teal project represents a near term opportunity for gold production.


Teal Stage 1

The recently completed feasibility study indicates Teal Stage 1 to be a technically strong and financially viable small open pit gold project capable of producing 17,723 ounces of gold over 9 months.

The project is forecast to generate $10.1 million of free cash flow and would have a low $4.5 million capital development cost.

Intermin recently executing a binding letter agreement for ore treatment with Paddington Gold Pty Ltd, a wholly-owned subsidiary of Norton Gold Fields Ltd.

The deal enables an accelerated mining schedule at a reduced capital cost for Teal Stage 1, which is located 12 kilometres from Kalgoorlie-Boulder in the goldfields of Western Australia.

The ore will be delivered by Norton’s haulage contractor at cost using their existing private haul road 2 kilometres to Teal’s east.

This avoids the building of a rail crossing and highway intersection that would be required to deliver ore to the other mills.

Capex savings will be circa $750,000, and with lower haulage costs, this improves the overall project economics.


Production pipeline potential

Intermin has identified a number of shallow oxide and primary mineralisation targets to build a production pipeline past Teal Stage 1.

Scoping study and feasibility work has commenced on a number of projects with the aim of continuous mining and cash flow.

This pipeline includes:

- Teal Stage 2 / Peyes Farm: Extension drilling commenced and historic resource at Peyes Farm being followed up;
- Goongarrie: Resource update and mine optimisation underway; and
- Pericles deposit (Menzies Gold Project): Current resource of 0.53 million tonnes at 2.49 g/t for 42,500 ounces of gold with open cut oxide followed by underground mining.


Analysis

Updating Goongarrie increases Intermin’s total JORC gold resources to 3.53 million tonnes at 2.36 g/t gold for 268,085 ounces of gold providing a potential long term production pipeline for Intermin.

The updated resource at Goongarrie is based on extensions to the existing open pit mined in the late 1990s.

Very little exploration has been completed since then and further drilling is planned on both strike extensions around existing workings and greenfields target on structures identified on the lake system.
 
This latest resource will now be re-optimised with the latest mining and milling costs and A$1,600 per ounce gold price as part of the open pit reserve study.

Goongarrie is a key part of the medium to longer term production pipeline strategy beyond Teal Stage 1 that is currently nearing development.

The stock is trading up 150% year to date ahead of a decision to mine Teal Stage 1 this quarter.

Intermin holds $2.7 million in cash, $3 million in liquid investments and no debt.

Directors and associates hold over 45% of the issued share capital.

An accelerated exploration drilling campaign is underway with high priority walk up targets identified for resource growth.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 16 Aug 2016 13:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165445/intermin-resources-ltd-updates-gold-resource-to-build-production-pipeline-70481.html
<![CDATA[News - Intermin Resources Ltd in gold ore treatment deal with Norton Gold Fields ]]> https://www.proactiveinvestors.co.uk/companies/news/156804/intermin-resources-ltd-in-gold-ore-treatment-deal-with-norton-gold-fields-70068.html Intermin Resources Ltd (ASX:IRC) is on the road to gold production, after executing a binding letter agreement for ore treatment with Paddington Gold Pty Ltd, a wholly-owned subsidiary of Norton Gold Fields Ltd.

The deal enables an accelerated mining schedule at a reduced capital cost for Teal Stage 1, which is located 12 kilometres from Kalgoorlie-Boulder in the goldfields of Western Australia.

The ore will be delivered by Norton’s haulage contractor at cost using their existing private haul road 2 kilometres to Teal’s east.

This avoids the building of a rail crossing and highway intersection that would be required to deliver ore to the other mills.

Capex savings will be circa $750,000, and with lower haulage costs, this improves the overall project economics.

Jon Price, managing director for Intermin, commented:

“This agreement with Norton secures ore treatment for Teal at a reduced capital cost by using existing off highway road networks and very competitive terms.

“This marks the final key milestone for the development of Teal and we look forward to moving the mine into production after final board approval this quarter."


Analysis

Payment by Norton will occur in two parts, an upfront payment for 50% of gross revenue payable on 80% of the mine predicted grade.

The final payment will be within 4-5 weeks after assay determination, recovery work and costs reconciled.

This deal is very competitive and allows earlier gold production at attractive unit rates.

The timing is right for Intermin, as the Australian Dollar gold price traces at circa A$1750 an ounce.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 27 Jul 2016 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156804/intermin-resources-ltd-in-gold-ore-treatment-deal-with-norton-gold-fields-70068.html
<![CDATA[News - Intermin Resources Ltd eyes gold production within months from Teal ]]> https://www.proactiveinvestors.co.uk/companies/news/156803/intermin-resources-ltd-eyes-gold-production-within-months-from-teal-69899.html Intermin Resources Ltd (ASX:IRC) has delivered a major milestone on its path to becoming a gold producer, after entering into a mining alliance for the development of Teal Stage 1 with Resource Mining Pty Ltd.

Teal is located 12 kilometres from Kalgoorlie-Boulder in Western Australia.

The binding heads of agreement brings in a well credentialed mining contractor at competitive rates who will manage all mining operations.

This includes operational systems, labour, equipment and statutory obligations.

Intermin will have management oversight and manage all geological functions (grade control, modeling, ore mark up, survey, ore spotting etc) and haulage, ore processing and accounts.

In addition and at the election of Intermin, Resource Mining is willing to partially fund or fully fund the capital development if required.

It will then share in a proportion of the free cash flow after Intermin has recovered $2.1 million in asset recovery charges.

Jon Price, managing director for Intermin, commented:

“On the back of the positive Feasibility Study announced recently, we are rapidly progressing toward mine development of Teal and the mining alliance is another key milestone in the process.

“We look forward to working with Resource Mining who not only brings specialised mining capability but is assisting in financing the project for the benefit of both our businesses.

"Alliances such as these on a shared risk and shared reward basis is a model that works well as we develop our production pipeline.”


Agreement covers development of Teal Stage 1 open cut:

- Total mining volume of 1.87m BCM;
- Ore mined of 171,500 tonnes at 3.2g/t gold;
- Gold production of 15,567 ounces over a 9 month mine life;
- Project generates A$10.1 million at AIC of A$953 an ounce at A$1,600 an ounce gold price; and
- Capital development cost estimate to first production of A$4.5 million.


Analysis

Today's agreement provides Intermin with the flexibility to bring Teal Stage 1 into production in the September quarter 2016 at a reduced development risk.

Milling agreements are being reviewed now with a decision expected in the next few weeks.

The timing is right for Intermin, as the Australian Dollar gold price sits above A$1750 an ounce.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Jul 2016 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156803/intermin-resources-ltd-eyes-gold-production-within-months-from-teal-69899.html
<![CDATA[News - Intermin Resources Ltd's managing director lifts stake through option exercise ]]> https://www.proactiveinvestors.co.uk/companies/news/156802/intermin-resources-ltds-managing-director-lifts-stake-through-option-exercise-69781.html Intermin Resources Ltd's (ASX:IRC) managing director, Jon Price, has increased his stake in the company through the exercise of in-the-money options.

Price exercised 296,826 $0.075 listed options, for a consideration of $22,262, increasing his stake to circa 1.1 million shares.

Intermin recently completed its feasibility study for Stage 1 of the Teal Gold Project, located 12 kilometres from Kalgoorlie in Western Australia.

The study findings indicate a technically strong and financially viable small open pit gold project capable of producing 17,723 ounces of gold over 9 months.

The project is forecast to generate $10.1 million of free cash flow and would have a low $4.5 million capital development cost.

Shares in the company last traded at $0.13, more than double where they started the beginning of 2016.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 13 Jul 2016 12:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156802/intermin-resources-ltds-managing-director-lifts-stake-through-option-exercise-69781.html
<![CDATA[News - Intermin Resources Ltd's Teal Gold Project comes up trumps: study ]]> https://www.proactiveinvestors.co.uk/companies/news/156801/intermin-resources-ltds-teal-gold-project-comes-up-trumps-study-69649.html Intermin Resources Ltd (ASX:IRC) has completed its feasibility study for Stage 1 of the Teal Gold Project located 12 kilometres from Kalgoorlie in Western Australia.

The study findings indicate a technically strong and financially viable small open pit gold project capable of producing 17,723 ounces of gold over 9 months.

The project is forecast to generate $10.1 million of free cash flow and would have a low $4.5 million capital development cost.

The immediate next steps are the finalisation of mining, haulage and milling contracts and to complete project financing options for board approval to mine in the September quarter.

Jon Price, managing director, commented: “The results of the feasibility study for Teal demonstrate strong potential to generate significant cash flow for the business to underpin accelerated exploration and development of the company’s assets in the Western Australia goldfields”.


Feasibility study details

The study is based on Stage 1 of the Teal Gold Project which comprises oxide and transitional material measuring 837,000 tonnes at 2.67 g/t gold for 71,747 ounces of gold.

The study resulted in a maiden Ore Reserve of 17,723 ounces of gold, to be mined using an open pit design over a period of 9 months.

Third party milling is set to recover 15,567 ounces by achieving an 88% metallurgical recovery average.

Capital development costs, which include a 33 metre pre-strip, amount to A$4.5 million.

The project is forecast to generate A$10.1m in free cash flow using a A$1,600 per ounce gold price and all in costs of A$953 per ounce.


Next steps

The immediate next steps are the finalisation of mining, haulage and milling contracts and to complete project financing options for board approval in the September quarter.

On completion and board approval, mine development is anticipated early in the December quarter subject to mobilisation of mining fleet with the successful mining contractor.

Intermin will look to finance the Teal Project through a combination of debt and equity, strategic partnerships or monetisation of company assets.


Project expansion

Resource expansion drilling set to commence in July has the potential to enhance the feasibility study with the inclusion of more ounces into an updated mine plan.

The drilling will also test priority resource extension targets north and south along strike of the current Teal pit design and at the nearby Peyes Farm prospect.


Analysis

The results of the feasibility study on Stage 1 of the Teal Gold Project confirm Intermin has a project capable of producing near term cash flow.

The combination of the low Capex and high profit margins from the study provide a number of financing options including traditional debt/equity, or profit share arrangements with strategic partners open to Intermin.

We would be confident given this and the current market cap that that Intermin will be able to finance the Teal Project.

The Teal gold project with its maiden Ore Reserve represents a opportunity for gold production during a period when the AUD gold price is trading strongly.

The AUD gold price is currently trading near all-time highs of A$1,830 per ounce – given the feasibility study was completed using a A$1,600 per ounce gold price, this will make the project more financially attractive.

Furthermore, previous drilling at Teal and Peyes Farm has indicated there is substantial mineralisation located outside the current Teal Resource.

Resource expansion drilling set to commence in July will add to the project’s potential to expand the resource and mine plan.

The location of the Teal project offers Intermin valuable options for future milling and treatment as there are 5 processing facilities within a 40 kilometre radius of the project.

Intermin shares have appreciated strongly in 2016 up over 85% year to date trading currently at circa $0.10 per share.

Upcoming news includes:
- Finalisation of mining, haulage and milling contracts;
- Completion of project financing options;
- Board decision to mine; and
- Teal and Peyes Farm drilling results.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 06 Jul 2016 11:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156801/intermin-resources-ltds-teal-gold-project-comes-up-trumps-study-69649.html
<![CDATA[News - Intermin Resources Ltd to expand Teal Gold Project ahead of decision to mine ]]> https://www.proactiveinvestors.co.uk/companies/news/156800/intermin-resources-ltd-to-expand-teal-gold-project-ahead-of-decision-to-mine-69504.html Intermin Resources Ltd (ASX:IRC) is about to commence a 5,000 metre drill program at its 100% owned Teal Gold Project, 12 kilometres from Kalgoorlie in Western Australia.

Intermin is in the process of making the transition to gold producer through the proposed development of the Stage 1 open pit at Teal.

Drilling at Teal will test targets immediately adjacent to the recently updated Teal open pit design ahead of a maiden Ore Reserve.

The Peyes Farm prospect, located 600 metres along strike from the proposed Teal pit, will also be targeted in the drilling to potentially extend mineralisation.

Jon Price, managing director, commented: "The original discovery of outcropping mineralisation in the early 1900’s at Peyes Farm lead to the discovery of the Teal deposit under cover along strike.

"We are looking forward to the next round of drilling and potentially the definition of a maiden Resource at Peyes in the near future."


Drilling details

A 5,000 metre reverse circulation and aircore drill program is expected to commence in early July at Teal and Peyes Farm.

Drilling at Teal will comprise up to 30 aircore holes to a maximum depth of 50 metres and up to 10 reverse circulation holes to a maximum depth of 120 metres.

Most holes will target mineralisation that will be included within the current Teal pit design and maiden Teal Ore Reserve.

At the Peyes Farm prospect a total of 35 holes for 2,500 metres is planned to confirm historic mineralisation located 600 metres south along strike from the Teal gold deposit.

Results from the drilling are expected in the September quarter.


Teal Gold Project

Intermin recently moved closer to potential gold production at Teal by bringing the project's 71,747 ounce gold resource up to JORC 2012 standard.

Teal is located in an infrastructure rich area just 12 kilometres from Kalgoorlie.

Discussions are well advanced with mining contractors and toll treatment processing facilities ahead of a decision in the September quarter to develop an open pit gold mine.

Mine optimisation work has commenced to potentially deliver an improved economic outcome for Stage 1.


Analysis

The Teal gold project represents a near term opportunity for gold production and this drilling will take the company one step closer as it aims to deliver a maiden Ore Reserve.

Furthermore, previous drilling at Teal and Peyes Farm has indicated there is substantial mineralisation located outside the current Teal Resource.

Intermin recently appointed Peter Bilbe as non-executive director. Bilbe is a mining engineer with 40 years experience and will help Intermin with mine development, exploration and acquisitions.

The location of the Teal project gives Intermin many valuable options for future milling and treatment as there are 5 processing facilities within a 40 kilometre radius of the project.

Intermin shares have appreciated strongly in 2016 up over 100% year to date trading currently at circa $0.11 per share.

As a near term gold producer, the company is leveraged to the strongly performing AUD gold price, currently trading at A$1,775 per ounce.

Upcoming news includes:

- Teal feasibility study results for Stage 1 open pit mine;

- Gold production schedule;

- Metallurgical results from Teal oxide, transitional and primary ore zones;

- Decision to mine; and

- Teal and Peyes Farm drilling results.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 29 Jun 2016 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156800/intermin-resources-ltd-to-expand-teal-gold-project-ahead-of-decision-to-mine-69504.html
<![CDATA[News - Intermin Resources Ltd to expand drilling after gold hits at Menzies ]]> https://www.proactiveinvestors.co.uk/companies/news/156799/intermin-resources-ltd-to-expand-drilling-after-gold-hits-at-menzies-69227.html Intermin Resources Ltd (ASX:IRC) has intersected high grade gold at the Aspacia West prospect within the 100% owned Menzies Gold Project, 130 kilometres northwest of Kalgoorlie.

A three hole reverse circulation program has confirmed and extended shallow high grade gold mineralisation up dip from a historic diamond hole that intercepted multiple zones up to 240 g/t gold.

Results from the completed program included 1 metre at 20.25 g/t gold from 105 metres and 6 metres at 1.44 g/t gold from 61 metres.

With all three holes intersecting mineralisation, Intermin will undertake further drilling to determine potential to define an underground Resource in the September and December quarters.

Intermin's strategy is to define sufficient resources within the historically producing Menzies project to underpin construction of a stand-alone gold processing facility.


Current drill results

Assays returned from the Aspacia West prospect include:

- 1 metre at 20.25 g/t gold from 105 metres;
- 2 metres at 2.80 g/t gold from 110 metres;
- 4 metres at 1.99 g/t gold from 56 metres including 1 metre at 5.48 g/t gold; and
- 6 metres at 1.44 g/t gold from 61 metres including 1 metre at 2.87 g/t gold.

Mineralisation occurs within structurally controlled quartz/sulphide and shear hosted lodes exhibiting a high nugget effect typical of high grade deposits at Menzies.

Planning and approvals are underway for follow up drill programs to test Aspacia West and other adjacent prospects in the September quarter.


Menzies Gold Project

Intermin holds 20 kilometres of strike over 65 square kilometres of granted mining leases at Menzies.

Priority underground targets within Menzies include the Selkirk, Aspacia, Pericles and Yunndaga prospects.

Intermin has a Mineral Resource at Menzies of 2.42 million tonnes at 2.20 g/t gold for 171,310 ounces (>1.0 g/t gold lower grade cut-off).

This resource will form part of the mine optimisation studies for incorporation into the Menzies pre feasibility study.


Recent Menzies drill results

Intermin recently drilled eight holes for 758 metres and intersected follow up high grade gold at the Selkirk prospect within the Menzies project.

The Selkirk prospect is a historic open pit gold mine and drilling is showing the potential for economic mineralisation beneath the pit.

The drill program was designed to extend high grade mineralisation previously intersected measuring 3 metres at 88.6 g/t gold.

Assays included:

- 2 metres at 9.12 g/t gold from 63 metres including 1 metre at 17.81 g/t gold;
- 1 metre at 4.81 g/t gold from 80 metres;
- 2 metres at 4.18 g/t gold from 102 metres  including 1 metre at 6.15 g/t gold; and
- 4 metres at 6.67 g/t gold from 76 metres  including 1 metres at 17.08 g/t gold.


Teal Gold Project

Intermin is in the process of making the transition to gold producer through the proposed development of the Stage 1 open pit at the 100% owned Teal Gold Project in Kalgoorlie.

Recently, Intermin moved closer to potential gold production at Teal by bringing the project's resource up to JORC 2012 standard.

Teal is located in an infrastructure rich area just 12 kilometres from Kalgoorlie.

Discussions are well advanced with mining contractors and toll treatment processing facilities ahead of a decision in the September quarter to develop an open pit gold mine.

Grade has improved markedly and it is envisaged that the new Stage 1 design targeting the soft oxide and transitional material will include the majority of the new Measured Resource.

Mine optimisation work has commenced to potentially deliver an improved economic outcome for Stage 1.


Analysis

The drill results from Aspacia West provide another potential high grade underground resource to add to the 171,310 ounces of gold already defined at Menzies.

Similar to the recent Selkirk prospect drill results at Menzies, high grade gold was intercepted in a number of holes.

Menzies contains many historic pits and workings that have not been drill tested in the last 20-30 years.

Intermin shares have appreciated strongly in 2016 up over 100% year to date trading currently at circa $0.11 per share.

The company is highly leveraged to the strongly performing AUD gold price, currently trading at A$1,750 per ounce.

Menzies is one of the last remaining unconsolidated gold provinces in Western Australia with over 1 million ounces of historic production grading 22 g/t gold.

Upcoming news flow for Intermin includes:

Menzies:

- Follow up drill programs at Menzies in the September quarter.

Teal:

- Pit optimisation study results for Teal Stage 1 open pit mine and production schedule; and
- Metallurgical results from Teal oxide, transitional and primary ore zones.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 15 Jun 2016 11:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156799/intermin-resources-ltd-to-expand-drilling-after-gold-hits-at-menzies-69227.html
<![CDATA[News - Intermin Resources Ltd appoints Lorry Hughes to the board ]]> https://www.proactiveinvestors.co.uk/companies/news/156798/intermin-resources-ltd-appoints-lorry-hughes-to-the-board-68898.html Gold-focussed Intermin Resources Ltd (ASX:IRC) has appointed Lorry Hughes to the position of executive director – business development.

Hughes is an economic geologist with over 20 years’ experience.

In other board changes, long standing directors Michael Ruane and Robin Dean will step down.

Peter Hunt, chairman, commented: “I would like to thank Michael and Robin for their tireless efforts over many years, particularly in more recent times when the overall market has faced considerable challenges."

Intermin's interests are in the Kalgoorlie and Menzies areas of Western Australia, which are host to some of Australia’s richest gold deposits.


Upcoming news flow:

- Pit optimisation study results for Teal Stage 1 open pit mine and production schedule;
- Metallurgical results from Teal oxide, transitional and primary ore zones; and
- Return of assays from Aspacia reverse circulation drilling program at Menzies.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 30 May 2016 06:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156798/intermin-resources-ltd-appoints-lorry-hughes-to-the-board-68898.html
<![CDATA[News - Intermin Resources Ltd delivers key milestone on path to gold production ]]> https://www.proactiveinvestors.co.uk/companies/news/156797/intermin-resources-ltd-delivers-key-milestone-on-path-to-gold-production-68781.html Intermin Resources Ltd (ASX:IRC) has moved closer to potential gold production at the wholly-owned Teal Gold Project by bringing the project's resource up to JORC 2012 standard.

The project is located in an infrastructure rich area just 12 kilometres from Kalgoorlie.

Discussions are well advanced with mining contractors and toll treatment processing facilities ahead of a decision in the September quarter to develop an open pit gold mine.

Grade has improved markedly and it is envisaged that the new Stage 1 design targeting the soft oxide and transitional material will include the majority of the new Measured Resource.

Mine optimisation work will now commence, which has the potential to deliver an improved economic outcome for Stage 1.


Updated Resource

The JORC 2012 compliant resource now stands at 837,000 tonnes at 2.67 g/t gold for 71,747 ounces.

This will be used to produce a maiden Ore Reserve Estimate and mine development plan due for completion in the June quarter.

The soft oxide resource, referred to as the Oxide and Transitional mineralisation zones increased in grade by 13% to 3.44 g/t gold in the updated Measured Resource category.


Stage 1 Teal Gold Project

Earlier studies have shown the potential for Stage 1 to recover 17,000-22,000 ounces of gold from an open pit over a short mine life to 55 metres vertical depth.

This quality soft oxide resource is in close proximity to Kalgoorlie making it a valuable asset. This provides a good foundation to discover further mining opportunities beyond Stage 1.


Drilling at Teal

The next phases of drilling to be conducted at the Teal project are undergoing final approvals and will focus on to following criteria:
 
- Establishment of dewatering bores to support open pit mining;
- Extensional reverse circulation drilling at the Teal deposit to test targets immediately adjacent to the current pit design; and
- Confirmation reverse circulation drilling at the Peyes Farm prospect located 1 kilometre south along strike from Teal.


Analysis

Intermin is moving closer to gold production at an opportune time with the AUD gold price trading at $1,730 per ounce.

Intermin shares are up 120% year to date trading at $0.12 per share.

The location of the Teal project gives Intermin many valuable options for future milling and treatment as there are 5 processing facilities within a 40 kilometre radius of the project.

Intermin is well capitalised holding A$26 million in cash and investments at the end of the March quarter and recently selling gold tailings for an additional A$1.5 million.

Upcoming news for Intermin includes:

- Pit optimisation studies for Teal Stage 1 expected in the June quarter;
- Maiden Ore Reserve Estimate expected in the June quarter;
- Follow up drilling at Teal;
- Metallurgical results from Teal oxide, transitional and primary ore zones;
- Updates on discussions with mining contractors and toll treatment processing facilities;
- Return of assays from Aspacia reverse drilling program expected this quarter; and
- Follow up drill programs at Menzies in the September quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 24 May 2016 12:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156797/intermin-resources-ltd-delivers-key-milestone-on-path-to-gold-production-68781.html
<![CDATA[News - Intermin Resources Ltd finds more high grade gold at Menzies project ]]> https://www.proactiveinvestors.co.uk/companies/news/156796/intermin-resources-ltd-finds-more-high-grade-gold-at-menzies-project-68655.html Intermin Resources Ltd (ASX:IRC) has intersected follow up high grade gold at the Selkirk prospect within the 100% owned Menzies Gold Project, 130 kilometres northwest of Kalgoorlie.

The Selkirk prospect is a historic open pit gold mine and drilling is showing the potential for economic mineralisation beneath the pit.

The drill program was designed to extend high grade mineralisation previously intersected measuring 3 metres at 88.6 g/t gold.

Multiple lodes were again intersected in a number of holes with grades measuring up to 17.81 g/t gold.

New priority high grade targets at Selkirk and other similar prospects are planned to be drilled in the September quarter.


Jon Price, managing director, commented

“The small Selkirk mine completed in the 90s delivered very good grade and we are fortunate to be the first to drill beneath the 55 metre deep pit and to be hitting multiple high grade shoots.

"Selkirk is one of many small shallow open pits and old workings that have not had a lot of follow up
drilling in the last 20 years and we look forward to getting the rigs back to work in this great gold
producing region”.


Selkirk drilling results

A total of eight holes for 758 metres were completed at the Selkirk prospect.

The program at Selkirk has successfully followed up recent and historic drill holes and intersected continuations of the targeted high grade gold lodes.

Assays included:

- 2 metres at 9.12 g/t gold from 63 metres including 1 metre at 17.81g/t gold;
- 1 metre at 4.81 g/t gold from 80 metres;
- 2 metres at 4.18 g/t gold from 102 metres  including 1 metre at 6.15g/t gold; and
- 4 metres at 6.67 g/t gold from 76 metres  including 1 metres at 17.08g/t gold.

Selkirk has demonstrated the presence of mineralised lode structures over a 100 metre strike length and 100 metre vertical depth.

The mineralisation is open down plunge to the south.


Analysis

Intermin shares have appreciated strongly in 2016 up 140% year to date trading currently at circa $0.13 per share.

The company is highly leveraged to the strongly performing AUD gold price, currently trading at A$1,750 per ounce.

While the drilling at Selkirk has only been a small program, high grade gold was intercepted in a number of holes with most hitting the desired structures.

This area is typically narrow vein and high grade and the drilling has demonstrated continuity up and down dip having intercepted multiple lodes beneath and along strike of the historic shallow open pit, which has been mined down to 55 metres. 

These assay results show strong potential to define a high grade underground resource with additional drilling.

This is just one of many historic pits and workings that have not been drill tested in the last 20-30 years.

Upcoming news for Intermin includes:

- Final Resource update from the Teal Gold Project;
- Pit optimisation studies for Teal Stage 1;
- Metallurgical results from Teal oxide, transitional and primary ore zones;
- Return of assays from Aspacia reverse drilling program expected this quarter; and
- Follow up drill programs at Menzies in the September quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 17 May 2016 11:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156796/intermin-resources-ltd-finds-more-high-grade-gold-at-menzies-project-68655.html
<![CDATA[News - Intermin Resources Ltd pockets $1.5M for Teal Stage 1 open pit in Kalgoorlie ]]> https://www.proactiveinvestors.co.uk/companies/news/156795/intermin-resources-ltd-pockets-15m-for-teal-stage-1-open-pit-in-kalgoorlie-68601.html Intermin Resources Ltd (ASX:IRC) has sold its Wiluna Calcine gold tailings to Blackham Resources Ltd (ASX:BLK) for A$1.5 million.

Funds will be used to advance the development of the Teal Stage 1 open pit in Kalgoorlie with an updated gold Resource and open pit reserve study to be released in the June quarter.

Consideration will consist of an $800,000 up front cash payment with the remaining $700,000 due by 31 December 2016.

The company will also use its strengthened cash position to accelerate exploration on newly acquired tenure.

Intermin retains 100% of the proprietary technology and will continue to advance commercialisation of the technology and pursue further calcines in Australia and overseas.


Teal Gold Project

All statutory approvals are in place to construct an open pit mine at the Teal project, which has a resource of 0.9 million tonnes at 2.59 g/t gold for 75,282 ounces (>1.0 g/t gold lower grade cut-off).

Intermin is concluding financing options with open pit contractors and is reviewing ore haulage options with multiple existing milling options nearby.

Drill assays from the Teal project released in early May included 25 metres at 12.83 g/t gold from 39 metres, which included 5 metres at 48.84 g/t gold and 1 metre at 167.56 g/t gold.

These latest drill results support potential for resource growth and open pit mining of Stage 1.

Compilation of an updated Mineral Resource Estimate has commenced and samples have been dispatched for metallurgical test work.

An updated mine optimisation study and economic model is expected in the June quarter using updated pricing and cost parameters.


Analysis

Intermin shares are up 140% year to date trading at $0.13 per share.

The A$1.5 million tailings sale provides Intermin with more short term cash flow to add to its cash and investments reserves which stood at A$26 million at the end of March.

Upcoming catalysts include an updated Mineral Resource Estimate and final pit optimisation study at Teal ahead of a decision to mine the Stage 1 pit in the September quarter.

Intermin is set to benefit from a strong AUD gold price, currently trading at A$1,730 per ounce.

The location of the Teal project gives Intermin many valuable options for future milling and treatment as there are 5 processing facilities within a 40 kilometre radius of the project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 13 May 2016 11:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156795/intermin-resources-ltd-pockets-15m-for-teal-stage-1-open-pit-in-kalgoorlie-68601.html
<![CDATA[News - Intermin Resources Ltd hits spectacular gold grades near Kalgoorlie ]]> https://www.proactiveinvestors.co.uk/companies/news/156794/-intermin-resources-ltd-hits-spectacular-gold-grades-near-kalgoorlie-68426.html Intermin Resources Ltd (ASX:IRC) has produced grades of up to 167 g/t gold in its latest round of drilling results from the 100% owned Teal Gold Project near Kalgoorlie.

Assay results included 25 metres at 12.83 g/t gold from 39 metres, which included 5 metres at 48.84 g/t gold and 1 metre at 167.56 g/t gold.

Results support potential for resource growth and open pit mining of Stage 1.

Compilation of an updated Mineral Resource Estimate has commenced and samples have been dispatched for metallurgical test work.

An updated mine optimisation study and economic model is expected in the June quarter using updated pricing and cost parameters.

Intermin’s managing director, Jon Price commented: “This project area is only 12 kilometres from the centre of Kalgoorlie-Boulder and remains seriously underexplored along a 2 kilometre strike length.

The mineralisation sits below 20-30 metres of depleted cover where a lot of the drilling has been undertaken to date.

The big question I have is what lies beneath and I am looking forward to the next round of drilling to grow this project well beyond the approved Stage 1 open pit”.


Background

Intermin is a gold exploration and development company focussed on the Kalgoorlie and Menzies areas of Western Australia.

The company’s flagship projects are the 100% owned Menzies and Teal gold projects.

Intermin recently increased its Mineral Resource at Menzies by 130%, which now stands at 2.42 million tonnes at 2.20 g/t gold for 171,310 ounces (>1.0 g/t gold lower grade cut-off).

This resource at Menzies will now form part of the mine optimisation studies for incorporation into the Menzies pre feasibility study (PFS).


Teal ready for development

All statutory approvals are in place to construct an open pit mine at the Teal project, which has a resource of 0.9 million tonnes at 2.59 g/t gold for 75,282 ounces (>1.0 g/t gold lower grade cut-off).

The project could be brought on stream quickly as there are 5 processing facilities within a 40 kilometre radius of the project with established road networks.

The soft oxide ore, which is in demand is likely to attract a discount in milling costs.

Intermin is concluding financing options with open pit contractors and is reviewing ore haulage options with multiple existing milling options nearby.

Results from the current drilling suggest there is potential for a set of mineralised westerly dipping veins. Further drilling to test this hypothesis is planned.

The location of the project gives Intermin many valuable options for future milling and treatment.


Analysis

The Teal Gold project is looking like a game changer for Intermin, which is now both an exploration and near term production play.

The share price is up over 100% year to date, trading at circa $0.115 per share. More looks to be in store.

The Teal deposit is open at depth and along strike and is a priority target for further exploration and development.

We see good potential for Teal to be a 1 million ounce gold resource in 2-3 years time.

With a number of mills in the Kalgoorlie area requiring feed, Intermin stands to gain through the development of Teal.

We expect activity at the Teal project to resume once additional metallurgical data is available.

Upcoming catalysts include an updated Mineral Resource Estimate and final pit optimisation study ahead of a decision to mine the Stage 1 pit in the September quarter.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

 

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Wed, 04 May 2016 10:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156794/-intermin-resources-ltd-hits-spectacular-gold-grades-near-kalgoorlie-68426.html
<![CDATA[News - Intermin Resources Ltd has spectacular gold hits in WA ]]> https://www.proactiveinvestors.co.uk/companies/news/156793/intermin-resources-ltd-has-spectacular-gold-hits-in-wa-68018.html Intermin Resources Ltd (ASX:IRC) continues to deliver results at its Teal gold project located 12 kilometres northwest of Kalgoorlie-Boulder including a spectacular hit of 32 metres at 24.05 g/t from 32 metres.

Preliminary reverse circulation drilling results at the 100% owned Teal gold project comprised 9 holes for 850 metres to a maximum depth of 120 metres.

The holes were designed to intersect gold mineralisation from within the oxide, transitional and primary ore zones located within and directly beneath the approved Stage 1 pit.

The holes cover 300 metres of strike over the Teal mineralisation.


Drill results

Highlights from the preliminary downhole intercepts from within and below the Teal Stage 1 pit design include:

- 32 metres at 24.05 g/t from 32 metres (including 4 metres at 194.78 g/t)
- 36 metres at 2.02 g/t from 36 metres (including 24 metres at 2.80 g/t from 40 metres)
-  52 metres at 2.36 g/t from 64 metres (including 12 metres at 4.26 g/t from 64 metres)
-  4 metres at 7.50 g/t from 40 metres
-  24 metres at 2.85 g/t from 52 metres (including 4 metres at 9.14 g/t)

These drill results confirm mineralisation geometry and grade across the entire strike length of the deposit to underpin the Stage 1 mine development.


Next steps

The drilling also indicates the potential at depth immediately below the oxide and transitional zone which will be assessed for mining and processing once the upcoming metallurgical testwork is completed in the June quarter.

All individual 1 metre split samples have been submitted for analysis in Perth and once returned will be used to compile an updated Mineral Resource Estimate and final pit optimisation study ahead of a decision to mine the Stage 1 pit in the September quarter.

Assay results will be incorporated into the geological model for Teal and enable confirmatory metallurgical test work to be completed on the oxide and transitional ore zones and additional test work on the primary ore zones.

An updated mine optimisation study and economic model is expected in the June quarter using updated pricing and cost parameters.


Development ready Teal

The current Teal resource of 75,000 ounces is sure to grow after drilling delivered further strong widths and high grades. The 100% owned Teal project is development ready with approvals to mine and could generate cash flow in 2016.

The project could be brought on stream fast as there are 5 processing facilities within a 40 kilometre radius of the project with established road networks. The soft oxide ore, which is in demand and could attract a discount in milling costs.

Intermin is concluding financing options with open pit contractors and is reviewing ore haulage options with multiple existing milling options nearby.

Current gold prices afford a significantly higher profit margin than was contemplated in Scoping Studies completed in 2011-15 for an initial oxide pit.


Analysis

So far in 2016, shares in Intermin have climbed around 100% to $0.10.

The exploration success and fast tracking of production at the Teal project is just one of the reasons behind the surge in the Intermin share price over the past six months.

The cashed up Intermin has joint ventures in place with strategic industry partners including Evolution Mining (ASX:EVN), Mithrill Resources (ASX:MTH)and has royalties and free carry holdings with gold companies Saracen Holdings (ASX:SAR), Norton Goldfields (ASX:NGF) and Gold Fields.

Intermin has also had exploration success at its 100% owned Menzies project, a credit to the new team behind its resurgence.

Intermin held cash and listed investments of $4.7 million, with directors and associates owning 45% of the company.

Proactive said in March 2016, "Intermin is still lightly valued given the market capitalisation of $12 million and potential to monetise assets in short / medium term."

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 12 Apr 2016 12:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156793/intermin-resources-ltd-has-spectacular-gold-hits-in-wa-68018.html
<![CDATA[News - Intermin Resources Ltd to reveal Teal Gold drilling results ]]> https://www.proactiveinvestors.co.uk/companies/news/156792/intermin-resources-ltd-to-reveal-teal-gold-drilling-results-67951.html Intermin Resources Ltd (ASX:IRC) has been granted a trading halt by the ASX, pending the release of drilling results from the Teal Gold project near Kalgoorlie.

Teal is DMP approved to be mined, with financing and a resource expansion underway.

Intermin has a strategy of consolidating fragmented and underexplored projects in the Menzies–Kalgoorlie corridor.

The halt will remain in place until the opening of trade on Tuesday 12th April 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 08 Apr 2016 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156792/intermin-resources-ltd-to-reveal-teal-gold-drilling-results-67951.html
<![CDATA[News - Intermin Resources Ltd ups pace at development ready Teal gold project ]]> https://www.proactiveinvestors.co.uk/companies/news/156791/intermin-resources-ltd-ups-pace-at-development-ready-teal-gold-project-67778.html Intermin Resources Ltd (ASX:IRC) is edging closer to development and mining at its Teal gold project, which is handily located just 12 kilometres northwest of Kalgoorlie as it ups the pace of work at Teal.

Although not a large current resource of 0.9 million tonnes at 2.6g/t gold for 75,000 ounces; the 100% owned Teal project is development ready with approvals to mine and could generate cash flow in 2016.

The resource base could be expanded further with along strike extensions of Teal and evaluation of the Peyes Farm gold project to the south providing a fast path to more profit at low cost.

Intermin is concluding financing options with open pit contractors and is reviewing ore haulage options with multiple existing milling options nearby.

Notably, there are 5 processing facilities within a 40 kilometre radius of the project with established road networks.

Soft oxide ore is in demand and could attract a discount in milling costs.

Providing upside on Scoping Studies completed in 2011-15 for an initial oxide pit was the then gold price of A$1,300 an ounce has increased. Current gold prices afford a significantly higher profit margin.

The economic pit shells contain between 17 – 22,000 ounces.

Latest drilling of 9 holes in March 2016 provided samples for confirmatory metallurgical testwork on oxide and transitional material and additional test work on primary semi-refractory mineralisation.

The new results will also be fed into an updated Mineral Resource at Teal.

Managing director Jon Price said development of the Teal gold project has always been high on the company’s priority list and 2016 is an opportune time to move Stage 1 into production.

He said with the A$ gold price at high levels, approvals in place, mining contractors willing to work in partnership and a number of mills in the region eager for soft oxide ore, "we expect the latest project work to provide improved margins and reduced development risk.”

Further, the project will benefit from the significant reduction in mining costs and capital risks associated with the project in the current bullish environment for gold miners.


2016 production

With Intermin fast tracking Teal to leverage higher gold prices and lower production costs, ore mining, milling and first gold production could come as early as the December quarter.

Intermin is building its portfolio of gold resources for early stage mine development in Menzies and Kalgoorlie.


Analysis

The cashed up Intermin has joint ventures in place with strategic industry partners including Evolution Mining (ASX:EVN), Mithrill Resources (ASX:MTH) and has royalties and free carry holdings with gold companies (Saracen Holdings (ASX:SAR), Norton Goldfields and Gold Fields.

This combined with the recent exploration success at Menzies and the fast tracking of the Teal production opportunity are just some of the reasons behind the surge in the Intermin share price in the last six months.

A new team focused on consolidation, growth and development is also behind the resurgence.

Another is that with the cash + investments, Intermin is still lightly valued given the market capitalisation of $12 million given potential to monetise assets in short / medium term.



Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Wed, 30 Mar 2016 14:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156791/intermin-resources-ltd-ups-pace-at-development-ready-teal-gold-project-67778.html
<![CDATA[News - Intermin Resources Ltd buys further gold tenure in WA goldfields ]]> https://www.proactiveinvestors.co.uk/companies/news/156790/intermin-resources-ltd-buys-further-gold-tenure-in-wa-goldfields-67646.html Cashed up Intermin Resources Ltd (ASX:IRC) continues to deliver on a strategy to consolidate the fragmented Menzies to Kalgoorlie corridor in Western Australia, to grow its gold ounce resources.

Intermin will issue shares worth $375,000 to Metaliko Resources Ltd (ASX:MKO) to acquire 100% of their tenement package of: four Exploration Licenses, 56 Prospecting Licenses, one miscellaneous License and five Mining Leases covering 141 square kilometres.

The projects to be acquired include:

- Highway West south of Menzies and contiguous with Intermin’s current land holding in the area;
- Goongarrie Lady deposit that adjoins Intermin’s recently acquired Goongarrie gold project 40 kilometres south of Menzies;
- Baden Powell and Windanya on the Bardoc Shear Zone 60 kilometres south of Menzies;
- Tenure on the Zuleika and Kunanulling shear zones 55 kilometres Northwest of Kalgoorlie; and
- Tenure on the Bullabulling shear zone Southwest of Coolgardie.


Jon Price, managing director, said today:

“This latest acquisition is another important step in our strategy of consolidating the Menzies to Kalgoorlie corridor and conducting systematic exploration to grow mineral inventory to support a mine development plan and processing plant in the Menzies region.

“Data integration and project review is now underway with exploration drilling anticipated in the next quarter following the drill campaigns under way at Teal and Menzies,” Price said.

Intermin will commence a detailed database review to validate previously identified targets yet to be followed up and generate new exploration targets in the area of interest.


Recent drilling

In March, Intermin grew the gold resource base at its flagship Menzies project by 130% to 171,310 ounces, north of Kalgoorlie, following exploration programs in 2014/15.

Intermin's total resource inventory is 314,370 ounces at 2.65g/t gold. This does not yet include recent higher grade deeper intercepts recently reported from drilling at Selkirk where Intermin had a 3 metre at 88.6g/t gold hit.

The Menzies projects are within a 14 kilometre strike corridor located 130 kilometres north of Kalgoorlie, where significant past production from high-grade open pit and underground mines has occurred up to the late 1990s.


Strategy

Intermin's aim is to develop a 3-5 year mine plan to support the installation of a simple, small tonnage high grade processing plant that will become a strategic asset for the region, with a Menzies Pre-Feasibility Study (PFS) underway.

This study includes the economic assessment of a small tonnage high grade processing plant at Menzies to treat ore and other third party ore that is currently carted over 130 kilometres for processing.

Jon Price said recently, "Our ultimate aim is to use milling infrastructure we have access to in Perth to construct a flexible low cost 3-400,000 tonnes per annum circuit in the Menzies area to process not only our own ore, but potentially any third party ore that is mined in close proximity.

"The focus for us will be on cash margins, not scale."

Intermin held cash and listed investments of $6.1 million in February 2016, with a low burn rate.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 22 Mar 2016 09:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156790/intermin-resources-ltd-buys-further-gold-tenure-in-wa-goldfields-67646.html
<![CDATA[News - Intermin Resources Limited drilling development ready Teal gold project ]]> https://www.proactiveinvestors.co.uk/companies/news/156789/intermin-resources-limited-drilling-development-ready-teal-gold-project-67524.html Intermin Resources Limited (ASX:IRC) is focused on the Kalgoorlie and Menzies areas of Western Australia, which are host to some of Australia’s richest gold deposits.

Intermin has now commenced reverse circulation drilling at its advanced Teal project in Kalgoorlie, with the program to cover nine holes for 904 metres.

Drilling will provide metallurgical samples for confirmatory test work on the oxide, transitional and primary mineralisation within and below the DMP approved Stage 1 oxide pit.

Jon Price, managing director, commented:

“The Teal gold project is development ready with all required approvals in place and this final reoptimisation and metallurgical work will improve geological and operational confidence as we evaluate mine development scenarios.

"I am hopeful we will have a development decision for the mining and processing of Teal Stage 1 in the June Quarter taking advantage of the current high A$ gold price.”

The new drilling within the Stage 1 pit design will also provide increased data density and improve geological confidence.

Results will be used to finalise optimisation work ahead of an updated mine development plan for Stage 1 and assess economics for a potential Stage 2 development.


Menzies gold project

At the Menzies gold project, 10 holes are planned for 1300 metres at the Selkirk prospect to follow up very high grade intercepts.

These include: 3 metres at 88.6g/t gold from 84 metres; 1 metre at 15.4g/t gold from 34 metres; and 1 metre at 16.4g/t gold from 50 metres.

There is the potential to define high grade mineralisation immediately adjacent to the Selkirk open pit over 100 metres in strike length, which could lead to a maiden resource estimate.

Price added: “Intermin has completed an extensive review of the many exploration and resource development targets at Menzies and is now focussed on systematically growing the high grade underground inventory that this region is renowned for.

"Our Resource position of 170,000 gold ounces is a good start and our aim is to add high grade ounces to develop the 3-5 year mine plan."


Analysis

Intermin’s strategy is to discover and define sufficient resources to underpin the construction of a standalone CIP/CIL processing facility designed to treat high grade free-milling ores at Menzies.

The strategy aims to take advantage of the infrastructure sites located within the company’s granted mining leases and proximity to known gold deposits.

Intermin wholly-owns both the Teal and Menzies projects.

So far in 2016, shares in Intermin have climbed around 50% to $0.075.

Intermin held cash and listed investments of $6.1 million in February 2016, with directors and associates owning 45% of the company.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 15 Mar 2016 10:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156789/intermin-resources-limited-drilling-development-ready-teal-gold-project-67524.html
<![CDATA[News - Intermin Resources Limited lifts Menzies gold resource by 130% in WA ]]> https://www.proactiveinvestors.co.uk/companies/news/156788/intermin-resources-limited-lifts-menzies-gold-resource-by-130-in-wa-67386.html Well funded Intermin Resources Limited (ASX:IRC) has grown the gold resource base by 130% to 171,310 ounces  at Menzies, north of Kalgoorlie, following strong exploration programs and results in 2014/15.

This includes updated Resources for Pericles and new Resources for Yunndaga, Bellenger and Warrior prospects.

The near surface oxide ore has potential for free dig open cut mining and multiple high grade shoots have been identified below the current Resource envelopes.

Total resource inventory for Intermin is growing fast and now stands at 314,370 ounces at 2.65g/t gold.

The updated resource of 2.42 million tonnes at 2.20g/t gold for 171,310 ounces does not yet include recent higher grade deeper intercepts recently reported from drilling at Selkirk where Intermin had a 3 metre at 88.6g/t gold hit.

This will be infill drilled and enable a maiden Resource to be compiled.

Further drilling is planned to test depth and along strike extensions and updated Resources for Pericles and new Resources for Yunndaga, Bellenger and Warrior fed into the expanded resource base.

The Menzies projects are within a 14 kilometre strike corridor located 130 kilometres north of Kalgoorlie, where significant past production from high-grade open pit and underground mines has occurred up to the late 1990s.

Managing director Jon Price said of today's upgrade: “The 2015 exploration and validation programs have delivered excellent results and enabled significant Resource growth at Menzies. The work ahead of us now is to grow our high grade underground inventory and the deeper drilling results reported this year provide us with great opportunity to achieve this in 2016.”

“Our aim is to develop a 3-5 year mine plan to support the installation of a simple, small tonnage high grade processing plant that will become a strategic asset for the region and we look forward to updating you on the PFS that is underway,” Price said.



Next steps and drilling plans

The new and updated resources will now form part of mine optimisation studies for incorporation into the Menzies Pre-Feasibility Study (PFS).

The PFS is investigating the establishment of a 300,000 tonnes per annum processing plant at Menzies to treat both Intermin’s ore within a 7 kilometre radius and potentially other third party material in the region.

Next drilling campaign at Menzies is planned to commence next Quarter and will focus on high grade underground targets at Selkirk, Aspacia and Pericles.

The aim is to define sufficient high grade mining inventory to add to the shallow lower grade material in the current Resource to generate a 3-5 year mine plan to trigger mine development and plant installation.

Recent very high grade intercepts at Selkirk (3 metres at 88.6g/t gold from 84m) and Pericles (3 metres at 20.1g/t gold from 106 metres) and historic data from Aspacia have provided high priority targets for follow up.



Analysis

Intermin's focus now turns to growing the very high grade narrow vein ore with multiple shoots already identified for follow up. An inventory of +100koz is being targeted to enable mine development planning and processing scenarios to be evaluated under the PFS that has commenced. This study includes the economic assessment of a small tonnage high grade processing plant at Menzies to treat ore and other third party ore that is currently carted over 130 kilometres for processing.

Intermin MD Jon Price recently told Proactive in a Q&A Session in February 2016: "We are exploring in one of the last remaining unconsolidated gold provinces in Western Australia, and the Menzies gold project has historic production since 1894 of over 1 million ounces at 22g/t gold.

"There is significant potential for high grade underground ore below 80 metres depth, the project only has limited shallow drilling in most areas and there has been no mining activity since the 1990’s when gold was A$500 an ounce.

"Our ultimate aim is to use milling infrastructure we have access to in Perth to construct a flexible low cost 3-400,000 tonnes per annum circuit in the Menzies area to process not only our own ore, but potentially any third party ore that is mined in close proximity.

"The focus for us will be on cash margins, not scale."

Intermin held cash and listed investments of $6.1 million in February 2016, with a low burn rate against a market cap. of just $10.8 million.

With directors and associates owning 45% of the company, the interests of shareholders are even more firmly aligned with those of the company's.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 08 Mar 2016 10:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156788/intermin-resources-limited-lifts-menzies-gold-resource-by-130-in-wa-67386.html
<![CDATA[News - Intermin Resources strikes with gold project acquisition in WA goldfields ]]> https://www.proactiveinvestors.co.uk/companies/news/156787/intermin-resources-strikes-with-gold-project-acquisition-in-wa-goldfields--67039.html Intermin Resources (ASX:IRC) has acquired a historic producing gold project located 40 kilometres south of the company's Menzies project in the Eastern Goldfields of Western Australia.

The Goongarrie gold project comprises 4 granted Prospecting Licenses with a Total area of 10 square kilometres and covers the historic Goongarrie gold mining centre.

Production from shallow underground and open pit mines at Goongarrie ceased in the late 1980's and produced 35,000 ounces at 5g/t gold until that date.

Total cost of the acquisition is payable in 600,000 Intermin shares payable to Cove Resources (ASX:CVE) and a vendor worth $40,200 at current prices.

The project is located at the northern end of the Bardoc Tectonic Zone, a major greenstone belt between Kalgoorlie and Menzies within the Kalgoorlie Terrane of the Archaean Yilgarn Craton.

Significantly, the tenements acquired border the edge of the BTZ on or adjacent to major trending shear zones that continue to Intermin's Menzies gold project area 40 kilometres to the northwest.

Strategically, the acquisition fits with Intermin's recent application for an adjacent permit ELA29/966.


Regional consolidation potential

Managing director Jon Price is known to be keen to participate in consolidation at asset and corporate level in the region given the fragmented ownership and underexplored portion of the eastern goldfields.

Price said the company would welcome discussions from other third parties who are active within Intermin's area of interest.

Intermin will begin exploration on the ground once a technical review has been completed.


Recent exploration at Goongarrie

Exploration has been conducted by a number of companies with the most recent work in 2011/12 demonstrating the potential for further mineralisation both along strike and below the very shallow historic mines.

Reverse circulation drill intercepts previously released demonstrate the potential of the project with broad widths and good grades of gold encountered including:

- 21 metres at 3.5g/t gold from 33 metres;
- 43 metres at 1.6g/t gold from 71 metres
- 4 metres at 14.9g/t gold from 38 metres;
- 57 metres at 1.23g/t gold from 31 metres, (including 3 metres at 7.2g/t gold);
- 3 metres at 12.9g/t gold from 10 metres; and
- 22 metres at 2.0g/t gold from 52 metres.


Menzies project

Recently the company released bonanza grade gold results from reverse circulation drilling at the Selkirk prospect, part of Intermin's Menzies project.

Highlights included 3 metres at 88.62g/t gold from 84 metres; while multiple high grade shoots were identified amenable to open cut and underground mining. Menzies has an extensive history of high-grade gold production.


Analysis

Goongarrie is an attractive acquisition as a former shallow underground producer of 35,000 ounces at around 5g/t gold for just $40,200 that is adjacent to Intermin's recent application for tenement ground.

The acquisition is on the same major NNW trending strike parallel shear zones that continue to Intermin's Menzies gold project.

Most recent drilling results provide for good probability of exploration success.

The scrip deal retains cash reserves for exploration. 

The project acquisition as well as ownership of the Menzies project could be the spur for the start of regional cooperation and consolidation opportunities to develop among an under-explored and fragmented patchwork of tenement ownership.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 16 Feb 2016 09:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156787/intermin-resources-strikes-with-gold-project-acquisition-in-wa-goldfields--67039.html
<![CDATA[News - Intermin Resources' Jon Price talks bonanza gold in Proactive Q&A Sessions™ ]]> https://www.proactiveinvestors.co.uk/companies/news/156786/intermin-resources-jon-price-talks-bonanza-gold-in-proactive-qa-sessions-66996.html Intermin Resources’ (ASX:IRC) shares are currently sitting at $0.065, for a market capitalisation circa $10 million.

Taking into account cash of $2.1 million and listed ASX investments circa $4 million, the Enterprise Value of the company is $3.9 million.

Intermin recently revealed bonanza grade gold results from reverse circulation drilling at its Selkirk prospect, part of the Menzies project north of Kalgoorlie in Western Australia.

Highlights include: 3 metres at 88.62g/t gold from 84 metres; while multiple high grade shoots were identified amenable to open cut and underground mining. Menzies has an extensive history of high-grade gold production.

To discuss the next steps, we are joined exclusively by the recently appointed managing director, Jon Price, in Proactive Q&A Sessions™.


PROACTIVE INVESTORS: Welcome Jon.

First of all, following the bonanza grade gold discoveries, what are the next exploration steps at Menzies?

Jon Price:

High grade results like these from Selkirk are typical of the Menzies region, a bit tougher to find but very rich when you do.

We have so far defined around 100 metres of strike at Selkirk and the veins are open at depth with multiple vein sets identified.

Planning for the next drilling program is already at an advanced stage to follow up Selkirk along strike and at depth together with Aspacia, Pericles and Yunndaga.

We expect to be drilling again early in the June Quarter.


Can you take investors through the gold production history of Menzies, and what Intermin Resources is looking to achieve?

Jon Price:

We are exploring in one of the last remaining unconsolidated gold provinces in Western Australia, and the Menzies gold project has historic production since 1894 of over 1 million ounces at 22g/t gold.

There is significant potential for high grade underground ore below 80 metres depth, the project only has limited shallow drilling in most areas and there has been no mining activity since the 1990’s when gold was A$500 an ounce.

Our goal is to grow the resource inventory below the existing shallow oxide resources within our own tenure, look to consolidate the Menzies to Kalgoorlie corridor with value accretive acquisitions and generate a 4-5 year mine plan to justify a standalone low tonnage high grade mining and milling operation in the Menzies area. 


What metallurgical information does the company have on the project, and what plant design would be used for gold extraction?

Jon Price:

The gold occurs mostly in the rich quartz veins so the metallurgy is excellent with a very high gravity recoverable component.

This leads to a simple low cost milling circuit design with a high capacity gravity circuit required to maximise recovery and minimise reagent consumption in the CIL circuit.

We can also utilise in pit tailings storage to reduce capex further.


In regards to ore or milling agreements, is there potential for Intermin Resources to monetise high-grade ore through third party processing?

Jon Price:

The nearest operating mills are 100 kilometres away with the toll mills 130-150 kilometres away so while this is certainly an option in the short term, we are mindful that haulage and toll milling charges erode margin.

Our ultimate aim is to use milling infrastructure we have access to in Perth to construct a flexible low cost 3-400,000 tonnes per annum circuit in the Menzies area to process not only our own ore, but potentially any third party ore that is mined in close proximity.

The focus for us will be on cash margins, not scale.

A small mill can be run continuously or on a number of different roster scenarios to match the ore mined. I have learnt the hard way that the key is to honour the geology, maximise ore extraction and minimise dilution.


You were recently appointed managing director, what specific goals and achievements did the company outline for you during 2016?

Jon Price:

Interestingly, Intermin has been an ASX listed company for 25 years but many do not know much about it.

We have developed a clear strategy for our Menzies and Kalgoorlie projects, have excellent JV partners like Evolution Mining over the Binduli north project and Mithril Resources over the Nanadie Well project, royalty and holding positions that can deliver value and the proprietary calcines gold project technology.

Our roadshow is to raise awareness and articulate this strategy to those interested in the gold space.

More specifically, we aim to significantly increase our resource inventory through exploration, complete mine optimisation studies and develop the mine plan.

We are also on the lookout for acquisitions in our area of interest and see opportunity to consolidate at, what has been, a difficult time for junior explorers.


Finally, why should an investor consider adding Intermin Resources’ to their portfolio?

Jon Price:

Intermin Resources is in the right commodity in the world class goldfields of Western Australia, we are well-funded and have an enterprise valuation of under $3 million.

For those looking for value and capital growth in the gold sector, we believe that Menzies can continue to deliver exploration success like it has to date to build a production profile.

I believe our other assets can also deliver value and neither are reflected in the current share price.

I joined the company as I see considerable potential to build a gold business in this very exciting part of the world.

And with the Australian Dollar gold price currently over A$1750 an ounce and costs of doing business declining, we believe the timing is right.

PROACTIVE INVESTORS: Thank-you Jon.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 12 Feb 2016 13:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156786/intermin-resources-jon-price-talks-bonanza-gold-in-proactive-qa-sessions-66996.html
<![CDATA[News - Intermin Resources extends high-grade gold streak at Menzies ]]> https://www.proactiveinvestors.co.uk/companies/news/156785/intermin-resources-extends-high-grade-gold-streak-at-menzies-66909.html Intermin Resources (ASX:IRC) is exploring the highly prospective Menzies gold project, where significant past production from high-grade open pit and underground mines has occurred up to the late 1990's.

Menzies is located 130 kilometres north of Kalgoorlie in Western Australia.

The final results from a 47 hole, 3556 metre, reverse circulation drilling program delivered at the Lady Harriet prospect:

- 3 metres at 9.68g/t gold from 7 metres, including 1 metre at 24.96g/t gold; and
- 4 metres at 16.80g/t gold from 44 metres; including 2 metres at 32.37g/t gold.

Results earlier in the month from the project’s Selkirk area returned: 1 metre at 15.10g/t gold from 40 metres; 1 metre at 16.41g/t gold from 50 metres; and 3 metres at 88.62g/t gold from 84 metres.

These results are typical of the region, being narrow vein and very high-grade mineralisation.

Today's new mineralisation is outside the current resource envelope.

The aim of the program was to test priority extension targets and provide additional geological data in support of the updated resource, expected in Q1 2016.

The resource will cover the Pericles prospect, with new estimates for the Lady Harriet, Bellenger and Yunndaga prospects.

Intermin continues to move the project forward, with scoping studies for development planning having commenced.

There are also resource expansion targets in the advanced planning stage, which are expected to commence once approvals are in place.

Share in the company recently hit a 12-month high of $0.065.


Historic production

Adding to the interest of today's results, the Lady Harriet prospect returned some high grade oxide results from two holes to the immediate south of the historic pit and outside current mineralisation envelopes.

Historic production at Lady Harriet was significant, and includes underground mining from 1896 to 1922, recovering 12,000 tonnes at 22.0g/t gold for 8,516 ounces, to a depth of 60 metres.

Open cut mining in 1998 recovered 262,000 tonnes at 2.89g/t gold for 24,324 ounces, to a depth of 60 metres.

For the Menzies project, historic production since 1894 is over 1 million ounces at 22g/t gold.

This shows the prospectivity of the area and that gold exists, and with modern exploration techniques, Intermin Resources has the potential to grow its resources.

Follow up drilling is required to determine the significance of the new mineralisation in relation to the surrounding prospects, and will commence once priority target evaluation and POW approvals are in place.


Analysis

While early days for Intermin Resources, the company is targeting the definition of multi-million ounce gold deposits, and is advancing a number of high quality resource projects towards a commercial outcome.

The company is focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia’s richest gold deposits.

Intermin Resources also recently appointed experienced mining executive Jon Price, as managing director.

Upcoming key catalysts include the resource upgrade expected in Q1 2016.

At the end of 2015, the company held sash and tradeable securities of $5.2 million.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 08 Feb 2016 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156785/intermin-resources-extends-high-grade-gold-streak-at-menzies-66909.html
<![CDATA[News - Intermin Resources drills outstanding gold grades ]]> https://www.proactiveinvestors.co.uk/companies/news/156784/intermin-resources-drills-outstanding-gold-grades-66837.html Intermin Resources’ (ASX:IRC) Menzies gold project in Western Australia is continuing to produce spectacular high-grade drill results in support of an upcoming resource estimate.

New assays from the project’s Selkirk area have returned 1 metre at 15.10g/t gold from 40 metres, 1 metre at 16.41g/t gold from 50 metres and 3 metres at 88.62g/t gold from 84 metres, including 2 metres at 118.57g/t gold.

Selkirk forms part of a 700-metre-long mineralised zone and remains open along strike and at depth.

The prospect and Menzies’ broader northern corridor area remain largely untested below 100 metres depth.

The multiple high-grade shoots identified at the site are considered amenable to both open cut and underground mining with excellent metallurgy.

As such, the region is interpreted as having potential to deliver moderate tonnage high-grade and high-margin open cut and underground deposits that can support a simple, centralised processing facility.

Underground and open pit production from the northern and southern mineralised corridors at Menzies totalled 2.8 million tonnes at 8.91g/t gold for some 810,000 ounces of gold up to the late 1990s.

The mineralisation at most deposits is interpreted to be open beyond the extent of historic workings.

Due to the demonstrated historic grades, orebody geometry and continuity, the historic mines represent priority targets to define further economic mineralisation.

With momentum from the latest exploration at Selkirk, follow-up drilling to test new priority targets in the advanced planning stages and expected to start once approvals are in place.

This is expected to contribute significantly to an updated resource position expected in the March quarter.
 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 03 Feb 2016 12:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156784/intermin-resources-drills-outstanding-gold-grades-66837.html
<![CDATA[News - Intermin Resources hits high-grade gold at Menzies ]]> https://www.proactiveinvestors.co.uk/companies/news/156783/intermin-resources-hits-high-grade-gold-at-menzies-66544.html New drilling at Intermin Resources’ (ASX:IRC)  Menzies gold project in Western Australia has extended mineralisation at the site beyond current resource envelopes with grades as high as 67.6g/t gold.

Key intersections returned 20 metres at 13.8g/t gold from 68 metres (including 4 metres at 67.6g/t gold), 5 metres at 10.1g/t gold from 35 metres (including 1 metre at 42g/t gold) and 5 metres at 7.3g/t gold from 23 metres (including 1 metre at 25.5g/t gold).

Other highlights marked 2 metres at 11.6g/t gold from 23 metres (including 1 metre at 18.1g/t gold), 12 metres at 2g/t gold from 64 metres (including 4 metres at 4g/t gold)  and 16 metres at 2.1g/t gold from 32 metres (including 4 metres at 6.8g/t gold).

The results are expected to be incorporated into an updated resource statement in the March quarter.

The Menzies region is considered one of the few remaining mining provinces in WA’s Goldfields to experience a resurgence in modern exploration and mining activity in the current Australian-dollar gold price environment.

Intermin’s latest drilling demonstrates the potential of the area to deliver high margin open cut and underground mines and will underpin upcoming work to expand the mineral inventory.

Intermin is well funded to deliver further resource growth and progress toward a development plan with cash and ASX listed securities to the value of A$6 million as of the end of September.


Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 13 Jan 2016 11:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156783/intermin-resources-hits-high-grade-gold-at-menzies-66544.html
<![CDATA[News - Intermin Resources appoints Jon Price as managing director ]]> https://www.proactiveinvestors.co.uk/companies/news/156782/intermin-resources-appoints-jon-price-as-managing-director-66417.html Intermin Resources (ASX:IRC) has appointed ex-Phoenix Gold (ASX:PXG) founder and highly regarded mining executive Jon Price as managing director effective immediately.

Price was founding managing director of Phoenix Gold and oversaw its acquisition by Evolution Mining (ASX:EVG) in 2015. During his tenure, Phoenix increased its gold resource to 4.02 million ounces, including a 1.16 million ounce reserve.

Intermin is developing the 100% owned Teal Gold Deposit located 11 kilometres north west of Kalgoorlie and has Department of Mines and Petroleum approval to mine an oxide gold resource using open cut mining methods and transport the ore to a nearby third party treatment facility.

Exploration upside appears good at Teal as the deposit is open along strike and at depth with early estimates pointing to a potential +1 million ounce gold resource.

To the west and south of the Teal deposit, Evolution Mining is earning up to 70% of the Binduli North Project in staged funding by 2018 and 2020.

Another focus for Intermin is the historic Menzies Gold Project located 130 kilometres north of Kalgoorlie where there has been historic production since 1894 of 1 million ounces at 22g/t gold.

No mining has occurred since the mid to late 1990s and the target is free-milling gold in rich quartz veins and shear zones.

The appointment of Price is significant given his exploration success at Phoenix in Western Australia, lifting the resource base and market valuation.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 04 Jan 2016 15:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156782/intermin-resources-appoints-jon-price-as-managing-director-66417.html
<![CDATA[News - Intermin Resources strikes more gold at Menzies ]]> https://www.proactiveinvestors.co.uk/companies/news/156781/intermin-resources-strikes-more-gold-at-menzies-65807.html Preliminary reverse circulation drilling at Intermin Resources’ (ASX: IRC) Menzies gold project in Western Australia is expected to result in an upgraded resource and improved economics.

The program has so far completed 37 holes for 2,454 metres, with the latest results marking 8 metres at 16 g/t gold from 20 metres (including 4 metres at 30.7 g/t gold from 24 metres) and 16 metres at 2.15 g/t gold from 16 metres (including 4  metres at 7 g/t gold from 20 metres).

Another recent hole returned 4 metres at 4.85 g/t gold form 12 metres.

The results are particularly encouraging for the project’s Pericles prospect since the shallow, high-grade mineralisation intercepted in this area is considered likely to improve open pit economics and the existing resource of 1.1 million tonnes at 2 g/t gold for 75,000 ounces of gold.

Intermin’s next activities for completion in the March quarter include an update of this resource as well as an optimisation of the project’s mine design and the start of a mining approvals process using an updated mining proposal.

Historic production at Menzies since 1894 has totalled some 1 million ounces of gold at 22 g/t gold.

However, exploration and mining activity at the site has been limited since the 1990s due to low gold prices at this time in the range of A$500 per ounce.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 25 Nov 2015 16:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156781/intermin-resources-strikes-more-gold-at-menzies-65807.html
<![CDATA[News - Intermin Resources finds gold up to 10.4g/t in Western Australia ]]> https://www.proactiveinvestors.co.uk/companies/news/156780/intermin-resources-finds-gold-up-to-104gt-in-western-australia-62860.html Intermin Resources (ASX:IRC) has found good gold occurrences drilling in Western Australia at the Menzies Gold project, finding high grades of up to 10.4 grams per tonne gold.

Over 800,000 ounces of gold have been lifted from open pits and underground mines within the project area, located 130 kilometres north of Kalgoorlie since 1893.

However, there has been no mining at the Pericles Deposit where the current action is taking place.

With the deposit open and high grades continue at depth, this will likely see a boost to exploration and potential development prospects.

Potential exists for the resource to be mined via open cut followed by a shallow decline.

Currently, there is an inferred resource at the Pericles deposit within the project of 75,000 ounces at 2.04g/t gold above a 1g/t cut off but this is likely to increase.

New results from RC drilling included: 4 metres at 6.49g/t gold and 12 metres at 4.39g/t Au and 4 metres at 10.39g/t gold from 92 metres.

This should see an upgrade to the Pericles JORC resource not too far away. Especially with further drilling to commence shortly to see how far the high grade material extends.

Intermin is also developing the Teal Gold Deposit located 11 kilometres north west of Kalgoorlie, where the plan is to mine an oxide gold resource using simple open cut mining and transport the ore to a nearby third party treatment facility.

One to keep an eagle eye on.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 11 Jun 2015 10:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156780/intermin-resources-finds-gold-up-to-104gt-in-western-australia-62860.html
<![CDATA[News - Intermin Resources farming out gold project to La Mancha Resources ]]> https://www.proactiveinvestors.co.uk/companies/news/156779/intermin-resources-farming-out-gold-project-to-la-mancha-resources-61799.html Intermin Resources (ASX:IRC) has entered into a farm-in and joint venture agreement with La Mancha Resources Australia Pty Ltd for the Binduli Gold Project near Kalgoorlie, Western Australia.

La Mancha can earn up to 70% in the 98.8 square kilometre project, which is adjacent to its Frogs Leg underground and White Foil open pit gold mines, by spending $4.6 million.

The Joint Venture agreement excludes granted mining leases (ML26/499, ML26/621, ML26/346, ML26/549 and L26/261) which contain Intermin’s Teal and Peyes Farm Gold Deposits.

Binduli is bound to the west by the economically important Zuleika Shear Zone and to the west by the Abattoir Fault.

The Zuleika Shear Zone and major faults and splays related to it are host to numerous significant gold deposits, a number of which are currently in production or development.

La Mancha can earn an initial 51% interest in the Binduli Gold Project by completing expenditure of $2.1 million within three years.

It can elect to earn a further 19% interest in the Binduli Gold Project by completing additional expenditure of $2.5 million over a further two years.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 16 Apr 2015 13:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156779/intermin-resources-farming-out-gold-project-to-la-mancha-resources-61799.html
<![CDATA[News - Intermin Resources assays point way to estimating oil yields for Queensland oil shale project ]]> https://www.proactiveinvestors.co.uk/companies/news/156778/intermin-resources-assays-point-way-to-estimating-oil-yields-for-queensland-oil-shale-project-51036.html Intermin Resources (ASX: IRC) has received assays on oil shale samples recovered from its Richmond Project in Queensland that correlate well with the organic carbon content.

The linear correlation between the Modified Fischer assays and organic content could allow reasonably accurate estimations of oil yields for the remaining samples from the recent drilling program.

Intermin has appointed Arnofio consultants, which specialised in flotation technology to undertake metallurgical testwork, which will formally begin within the next fortnight.

It had last month completed a 22 hole air core drill program that has confirmed the historic oil grade and thickness of the Toolebuc Oil Shale over substantial areas of its tenements at the Richmond Oil Shale Project in Queensland.

These tenements cover 4,055 square kilometres of outcropping vanadium-molybdenum mineralisation from near-surface to about 15 metres  depth near Julia Creek and Richmond in North West Queensland.

Below this, the Toolebuc oil shale is fresh and contains organic content capable of generating more than 60 litres of oil per tonne of shale.

The company aims to develop a pre-concentration process whereby the organics and the vanadium-molybdenum and nickel metals are significantly concentrated prior to retorting for the oil recovery.

Success would greatly enhance the economics and potential for early development of the Richmond Project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 10 Dec 2013 17:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156778/intermin-resources-assays-point-way-to-estimating-oil-yields-for-queensland-oil-shale-project-51036.html
<![CDATA[News - Intermin Resources confirms oil grade and thickness at Queensland oil shale project ]]> https://www.proactiveinvestors.co.uk/companies/news/156777/intermin-resources-confirms-oil-grade-and-thickness-at-queensland-oil-shale-project-50107.html Intermin Resources (ASX: IRC) has completed a 22 hole air core drill program that has confirmed the historic oil grade and thickness of the Toolebuc Oil Shale over substantial areas of its tenements at the Richmond Oil Shale Project in Queensland.

To date, two oil shale prospect areas have been defined at Richmond, Lilyvale, which is the focus of the current program, and Clutha.

While, both prospects are laterally extensive, much of the Toolebuc remains untested especially within Intermins tenement portfolio.

The company has no immediate plans to drill out these “grass roots” areas and will only consider specific targets and infill drilling.

Its recent drilling has outlined an area with significantly higher organic carbon values than those previously recorded.

The company added that upgrading the kerogen (oil source) component of the Richmond oil shale appears to have considerable potential in not only producing oil but also an “ash” that contains vanadium, molybdenum, nickel and copper.

These could considerably exceed the value of the oil content should markets be available.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 12 Nov 2013 16:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156777/intermin-resources-confirms-oil-grade-and-thickness-at-queensland-oil-shale-project-50107.html
<![CDATA[News - Intermin Resources finalises agreement with Global Oil Shale Group on Julia Creek oil shale tenements ]]> https://www.proactiveinvestors.co.uk/companies/news/156776/intermin-resources-finalises-agreement-with-global-oil-shale-group-on-julia-creek-oil-shale-tenements-43867.html Intermin Resources (ASX: IRC) has concluded negotiations with Global Oil Shale Group plc on defining interests in the Julia Creek and Richmond tenements located in Queensland.

The Julia Creek and Richmond tenements are known to host large oil shale resources and significant concentrations of vanadium, molybdenum and nickel.

Global Oil Shale Group, a global energy company focused on mining and processing kerogen rich oil shale into oil, electricity and value added by-products, has reported an oil in shale resource of 2.18 billion barrels within the Julia Creek block of tenements.

Key points of Agreement:

- Global Oil Shale Group will gain full ownership of the Julia Creek block of tenements subject to a right by the company to recover metal values from oil shale mineralisation and residues produced from oil or hydrocarbon production.

- The company will retain 100% ownership of the Richmond tenements including the rights to process any oil shale resources and all minerals including vanadium, molybdenum and nickel.

The company will work with Global Oil Shale Group to potentially develop an oil shale processing industry at Julia Creek recovering both hydrocarbons and metals.

Retaining ownership of the Richmond tenements will provide the company with the opportunity to develop resources from hydrocarbon and metal production.

Now that negotiations have concluded, the company intends to proceed with a drilling campaign to establish the oil/shale potential at its Richmond tenements.

The resources within the Richmond tenements are relatively simple, flat lying and near surface. The company will provide a progress update soon.

At 31 March 2013, the company had $2.2 million in cash.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 29 May 2013 17:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156776/intermin-resources-finalises-agreement-with-global-oil-shale-group-on-julia-creek-oil-shale-tenements-43867.html
<![CDATA[News - Intermin Resources receives approval for mining of Teal Gold deposit in Kalgoorlie ]]> https://www.proactiveinvestors.co.uk/companies/news/156775/intermin-resources-receives-approval-for-mining-of-teal-gold-deposit-in-kalgoorlie-43804.html Intermin Resources (ASX: IRC) has received approval from the Department of Mines and Petroleum to proceed with mining of the company’s Teal Gold deposit, which is strategically located in the mining hotspot of 12 kilometres northwest of Kalgoorlie in Western Australia.

The approval is conditional upon lodgement of the Department of Mines and Petroleum Environmental Bonds by the Company.


Starter pit option

A pit optimisation study has revealed the potential for a relatively low risk starter pit accessing principally soft oxide supergene mineralisation.

An operation could have low mining costs due to the anticipated free dig nature of Stage 1, with a development scenario including 271,000 tonnes at 2.63g/t gold for 22,888 ounces using upper cut of 20g/t gold, and lower cut of 0.5g/t gold.

Importantly metallurgical testwork has established that the upper supergene oxide zone is free milling, with recoveries of +95% returned from testwork completed, while portions of the fresh material has a refractory component.

Intermin also has several toll milling options within 35 kilometres of the deposit.


Cash position

Intermin had over $2.2 million in cash at the end of March 2013.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 May 2013 14:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/156775/intermin-resources-receives-approval-for-mining-of-teal-gold-deposit-in-kalgoorlie-43804.html
<![CDATA[News - Intermin Resources gets lift with removal of Queensland’s oil shale mining ban ]]> https://www.proactiveinvestors.co.uk/companies/news/156774/intermin-resources-gets-lift-with-removal-of-queenslands-oil-shale-mining-ban--39518.html Intermin Resources (ASX: IRC) is encouraged by the Queensland Government’s plan to lift the current ban on oil shale mining in the state.

The move will provide clarity to parties seeking to evaluate the potential of the very large oil and metal resources contained within Intermin’s Julia Creek and Richmond tenements.

Queensland currently has around 90% of Australia’s known oil shale resources, which are equivalent to around 22 billion barrels of oil.

As the world supply of conventional crude oil diminishes, there are strong prospects for oil shale to become the next major source of liquid fuel supplies in Australia.

In 2005, Intermin assigned its rights to the oil and hydrocarbons in the Julia Creek and Richmond deposits to Xtract Energy but retained the rights to vanadium-molybdenum and other metals from the oil shale and residues from oil shale mining.

Recently, Xtract Energy entered into an agreement with Global Oil Shale for the assignment of its interests in the Julia Creek deposit.

Intermin has been in discussions with Global Oil Shale for some time regarding a joint approach for the processing of oil shale for recovery of contained oil and the metal values.

The company said these discussions were at an early stage.


Rigorous policing

The Queensland Government’s new oil shale policy sets rigorous environmental controls on the industry and will allow existing oil shale operator Queensland Energy Resources to progress its trial plant at Gladstone to commercial stage.

Queensland Energy Resources has already successfully demonstrated the viability of its processing technology.

New entrants to the industry will need to prove their oil shale extraction technologies through trials, and prepare full Environmental Impact Statements for their projects.

The strict environmental controls will apply to any proposal to mine and process oil shale.

To date, there has been extremely limited commercial application of oil shale in Australia and overseas.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 14 Feb 2013 08:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156774/intermin-resources-gets-lift-with-removal-of-queenslands-oil-shale-mining-ban--39518.html
<![CDATA[News - Intermin Resources unearths up to 17.8g/t gold at Binduli North ]]> https://www.proactiveinvestors.co.uk/companies/news/156773/intermin-resources-unearths-up-to-178gt-gold-at-binduli-north-26533.html Intermin Resources (ASX: IRC) has received assays for two deep cored holes drilled at the Teal prospect, part of its wholly owned Binduli North Project near Kalgoorlie, which intercepted high grade gold at up to 300 metres depth.

Best intersections from the first hole were 5 metres at 17.8 grams (g/t) gold from 269 metres and 2 metres at 8.62g/t from 305 metres.

The second hole intersected 3 metres at 2.15g/t gold from 221 metres and 4 metres at 2.66g/t from 230 metres.

The core holes were drilled to test for extensions of gold mineralisation at depth, as well as provide samples of Teal primary mineralisation for metallurgical testwork.

The observation of stronger grade mineralisation in the first hole is consistent with a near vertical shoot of mineralisation with a southerly plunge.

The Teal prospect has been the subject of considerable exploration by Intermin over the past three years.

Drilling has defined a Measured and Indicated Resource of 1.4 million tonnes at 2.25g/t for 104,418 ounces of contained gold, at an uncut grade.

Recent pit optimisation of the Teal Resource suggests that a relatively low risk starter pit accessing principally soft oxide supergene mineralisation could be established.

Total mineralisation within the Stage 1 starter pit is estimated at 271,000 tonnes at 2.63g/t for 22,888 gold ounces.

Metallurgical testwork has established that the upper supergene oxide zone is free milling, with recoveries of over 95% returned from testwork completed.

Intermin expects to receive approval to begin mining at Teal soon, with a final decision to mine to be made following receipt of approvals and the conclusion of toll treatment negotiations.

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Fri, 16 Mar 2012 14:20:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/156773/intermin-resources-unearths-up-to-178gt-gold-at-binduli-north-26533.html