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Intermin Resources Ltd.
Summary
| Project: | Goongarrie | |
|---|---|---|
| Deposit: | Goongarrie Lady | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 3/29/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 29-3-2017: Intermin Resources Ltd. announces a Scoping Study report for its Goongarrie Lady deposit at the Goongarrie project. Scoping Study results incl. 142kt @ 3.4g/t Au of Mined ore and upfront capital costs of A$0.53M. Intermin Resources Limited (ASX | |
| Resources: | (Resource, I+I): 0.272Mt @ 2.86g/t Au for 25028oz Au contained at project | |
| CP/QP: | [Resources]: David O'Farrell, Simon Coxhell, Andrew Hawker (Not stated) | |
| ABSTRACT: | Intermin Resources Limited (ASX: IRC)(“Intermin” or the “Company”) is pleased to announce the results of the Goongarrie Lady Scoping Study (“Study”). The project comprises the oxide and transitional material contained in the updated Mineral Resource announced to the ASX on 16 August 2016. The 100% owned Goongarrie Lady gold project (“Goongarrie Lady”) is located on granted Mining Lease M29/420, 80km north of Kalgoorlie-Boulder in Western Australia and 2km east of the sealed Goldfields Highway. Intermin’s Managing Director, Jon Price said: “The results of the Scoping Study for Goongarrie Lady demonstrate strong potential to generate significant cash flow for the business with low upfront capital requirements and very good cash margins”. “The Company’s business model is to develop our 100% owned gold mines and generate cash flow to self-fund our aggressive exploration and acquisition strategy with minimal shareholder dilution,” Mr Price said. “With the Teal gold mine now in production, Goongarrie Lady is shaping up as Intermin’s next mine development and we look forward to releasing the Feasibility Study in the September Quarter for a development decision shortly thereafter,” he added. Statutory approvals on track, Feasibility Study commenced for completion in the September Quarter. | |
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