Intermin Resources Limited (ASX:IRC) has pegged a new tenure, the Lakewood Gold Project, eight kilometres southeast of Kalgoorlie Boulder in the Western Australian goldfields.
The company is currently mining and generating cash from the Teal gold mine and will soon commence a self-funded 50- 60,000 metre new discovery and resource growth drilling program.
READ: Intermin Resources achieves record ore mining at Teal Gold Mine
Jon Price, managing director, said: “We have been extremely fortunate to pick up such a large contiguous block of prospective greenstone belt in the heart of the Kalgoorlie goldfields which is consistent with our strategy of low-cost acquisition of assets on major geological structures.
“Preliminary assessment has highlighted a number of high-quality targets that remain untested and we look forward to commencing drilling on the project once the tenements have been granted.”
Project is located within the highly prospective Black Flag Group
Lakewood comprises a total area of 115 square kilometres on the greenstone belt south of Kalgoorlie-Boulder’s Golden Mile and adjacent to the one million tonnes per annum Lakewood toll milling facility.
The project is located within the highly prospective Black Flag Group which also hosts the Teal-Jacques Find-Peyes Farm deposits.
The area was pegged and applications for tenements submitted at a total cost of $50,000.
Reviewing historical data for target generation
Data compilation and initial drill targeting have commenced with several high-quality targets identified that remain untested.
Intermin intends to undertake a more detailed review of the historical exploration and compile a working database with a view to target generation.
Work will be fast-tracked on the final grant of the applications, expected in the second half of 2018.
READ: Intermin Resources' first-pass drilling results warrant extensive follow-up program
The company recently revealed first pass drilling results from its Blister Dam Gold Project in Western Australia.
Results included intersections of 1 metre at 36 g/t gold from 35 metres and 5 metres at 4.12 g/t gold from 46 metres.