quarterly activities report for the period ...2016/04/27 · dated: 27 april 2016 quarterly...

ASX CODE: IRC Head Office: 163 Stirling Highway Nedlands WA 6009 Postal: PO Box 1104, Nedlands WA 6909

ACN 007 761 186 ABN 88 007 761 186

T +61 8 9386 9534 F +61 8 9389 1597 E [email protected] W www.intermin.com.au

Dated: 27 April 2016

QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDING 31 MARCH 2016

HIGHLIGHTS

Very high grade reverse circulation (“RC”) drilling results returned from outside

current Resource envelopes within the Menzies gold project including:

3m @ 88.62g/t Au from 84m (incl. 2m @ 118.57g/t Au) – Selkirk1

4m @ 16.80g/t Au from 44m (incl. 2m @ 32.37g/t Au) – Lady Harriet2

Follow up RC drilling completed at the Selkirk and Aspacia prospects3

Total Mineral Resources at Menzies increased to 171,310oz4, up 130%

RC drilling completed at the Teal gold project to provide data for a Resource update

and samples for comprehensive metallurgical testing

Subsequent to the end of the quarter, spectacular 4m composite RC drilling results

returned from Teal5 including:

36m @ 24.05g/t Au from 32m (incl. 4m @ 194.78g/t Au)

52m @ 2.36g/t Au from 64m (incl. 12m @ 4.26g/t Au)

Final pit optimisation study commenced to support a decision to commence open pit

mining at Teal

Acquisition of additional prospective gold tenure in WA Goldfields6

Cash and tradeable securities of $4.5 million

JUNE QUARTER ACTIVITES

Return of assays from Menzies and Teal drilling programs

Final Resource and pit optimisation studies for Teal Stage 1

Evaluation of geo-metallurgical mineralisation properties, resource extension and

pit expansion targets for the Teal gold project

Strategic review of exploration targets and completion of updated strategic plan

Global investor roadshows planned for May & June 2016

ASX CODE IRC, IRCO

CURRENT SHARE PRICE

$0.10

SHARES ON ISSUE 160.7M

OPTIONS (IRCO)

19.5M ($0.075) 5.0M ($0.075)

MARKET CAP

~16.1M (undiluted)

BOARD

Peter Hunt Chairman

Robin Dean

Non-Executive Director

Jon Price Managing Director

Michael Ruane

Non-Executive Director

COMPANY SECRETARY

Bianca Taveira

INVESTOR/MEDIA ENQUIRIES

Jon Price Lorry Hughes

KEY PROJECTS

Teal Gold Project Menzies Gold Project

Goongarrie Project Windanya Project

Blister Dam project

WEBSITE

www.intermin.com.au

1 As announced to the ASX on 3 February 2016 2 As announced to the ASX on 8 February 2016 3 As announced to the ASX on 15 March 2016 4 As announced to the ASX on 8 March 2016 5 As announced to the ASX on 12 April 2016 6 As announced to the ASX on 16 February and 22 March 2016

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mailto:[email protected]

http://www.intermin.com.au/


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ACN 007 761 186 ABN 88 007 761 186


Intermin Resources Limited (ASX: IRC) (“Intermin” or the “Company”) is pleased to provide the March Quarter Activities Report. Intermin is a gold exploration and development company with a key focus in the Kalgoorlie and Menzies regions of Western Australia. The Company has rapidly expanded its project portfolio and completed two acquisitions during the period adding approximately 150km2 of highly prospective exploration tenure within the Bardoc, Zuleika and Kunanalling Shear Zones (Figure 1). Incorporation of the geo-datasets from the new tenements into the Company data base and exploration target prioritisation has commenced (refer ASX announcements dated 16 February and 22 March 2016).

Figure 1: Intermin’s key project locations, regional geology and infrastructure

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

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EXPLORATION & EVALUATION

MENZIES GOLD PROJECT During the quarter an updated JORC 2012 Compliant Mineral Resource Estimate was completed and included mineralisation at the Pericles, Warrior, Bellenger and Yunndaga prospects (Figure 2). Recent confirmatory and expansion RC drilling was also completed in the March quarter and comprised 54 holes totalling 4,814 metres to underpin the estimates (refer ASX announcements dated 25 November 2015 and 8 March 2016). All data was validated and entered into the geological database for evaluation and Resource compilation by independent consultant Coxsrocks Pty Ltd.

Figure 2: Menzies project location, recently drilled prospects, tenements and regional geology.

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Intermin’s updated Mineral Resource for Menzies now stands at 2.42Mt at 2.20g/t Au for 171,310oz (>1.0g/t Au lower grade cut-off) as detailed in Table 1 below. This represents a 130% increase on the Mineral Resources of 75,000oz as announced to the ASX on 30 March 2012 and comprises updated Resources for Pericles and new Resources for Yunndaga, Bellenger and Warrior.

Deposit (1g/t cut-off)

JORC Code

Measured Resource Indicated Resource Inferred Resource Total Resource

Mt Au (g/t) Oz Mt Au (g/t) Oz Mt Au (g/t) Oz Mt Au (g/t) Oz

Menzies 2012

Pericles 0.53 2.49 42,500 0.53 2.49 42,500

Yunndaga 1.58 2.03 103,000 1.58 2.03 103,000

Bellenger 0.24 2.63 19,900 0.24 2.63 19,900

Warrior 0.07 2.49 5,910 0.07 2.49 5,910

TOTAL 0.77 2.52 62,400 1.65 2.05 108,910 2.42 2.20 171,310

Table 1: Menzies gold project – Summary of Mineral Resources

Competent Persons Statement - The information in this report that relates to Exploration results, Mineral Resources or Ore Reserves is based on information compiled by Mr David O’Farrell and Simon Coxhell. Both are Members of the Australasian Institute of Mining and Metallurgy and are consultants to Intermin Resources Limited. The information was prepared and first disclosed under the JORC Code 2004. It has not been updated since (unless indicated) to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Mr O’Farrell and Mr Coxhell have sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves’. Mr O’Farrell and Mr Coxhell consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The Mineral 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 300,000tpa processing plant at Menzies to treat both Intermin’s ore within a 7km radius and potentially other third party material in the region. Intermin’s strategy is to define sufficient high grade mining inventory to add to the shallow lower grade material in the current Resource to generate a 3-5yr mine plan to underpin mine development and plant installation. New RC drilling has returned high grade intercepts outside the current Resource envelopes at Selkirk (3m at 88.6g/t Au from 84m), Pericles (3m at 20.1g/t Au from 106m) and Lady Harriet (2m @ 32.37g/t Au from 44m). These intercepts as well as historic data from the Aspacia prospect are priority targets for additional work. Follow up programs were completed in March and results are expected in the June Quarter (refer ASX announcements dated 3 and 8 February and 15 March 2016). Also during the quarter, a regional 363 auger sampling program was completed with the aim of establishing some new prospects that may have been missed by previous explorers. The augers mostly sampled in areas of little, if any, drilling. These sites were inspected beforehand and in some cases noted for their alteration and structure. The results were encouraging with several interesting anomalies highlighting the Lady Irene area on the northern end of the Menzies tenements and west of the Yunndaga mine. Further work, including infill auger sampling, has been scheduled with a view to drill testing the most promising areas in the September quarter.

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TEAL GOLD PROJECT The Teal gold project is located on granted Mining Lease 26/499, 11km northwest of Kalgoorlie in Western Australia (Figure 3) and is ideally situated to make use of a ready workforce, existing transport and toll milling infrastructure available in the Kalgoorlie region. All statutory approvals are in place to construct an open pit mine and the Company is in the process of completing a final Resource update and pit optimisation ahead of a decision to mine which is anticipated in the September quarter (refer ASX announcement dated 30 March 2016). Previous economic and technical studies completed in 2011–2015 used a gold price of A$1,300/oz and delivered economic pit shells containing between 17–22,000 ounces within oxide and transitional ore types.

Figure 3: Tenement location map - Teal gold project (blue), Binduli JV (green) and Janet Ivy Royalty (red) The current Teal Resource is open along strike to the south and at depth and there is strong potential for additional oxide and primary mineralisation to occur in extensions to existing shoots and in parallel north-south trending or oblique shoots (Table 2). In March a 9 hole RC program was completed to intersect gold mineralisation from within the oxide, transitional and primary ore zones located within and directly beneath the approved Stage 1 pit (refer ASX announcement dated 15 March 2016). The holes covered a 300m strike extent of mineralisation likely to be within Stage 1 and a potential expanded pit development.

ASX: EVN Joint Venture

Teal JORC Measured & Indicated Resource

0.90Mt @ 2.59g/t Au for 75,282oz (>1.0g/t)

11km from Kalgoorlie-Boulder

M26/446 $0.50/t Royalty

5 Kms

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Deposit (1.0g/t cut-off)

JORC Code



Teal 2004

Oxide 0.33 3.04 32,530 0.33 3.04 32,530

Primary 0.57 2.34 42,752 0.57 2.34 42,752

TOTAL 0.90 2.59 75,282

Table 2: Teal JORC Compliant Mineral Resource Estimate (>1.0g/t Au lower grade cut-off and 20g/t top cut)

The current Teal Mineral Resource Estimate was compiled in July 2010 (see ASX announcement 29 July 2010) by Mr Simon Coxhell of Coxsrocks from information provided by Mr David O’Farrell. Both are Members of the Australasian Institute of Mining and Metallurgy and are consultants to Intermin Resources Ltd. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Mr Coxhell and Mr O’Farrell have sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves’. Mr. Coxhell and Mr. O’Farrell consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

Figure 4: Teal gold project current Resource model, schematic pit design and approximate locations of drilling traces and selected significant 4m composite downhole assay intervals.

Teal DMP Approved Stage 1 Pit Design

OPEN

Teal Stage 1 Oxide Resource

TRC1601 TRC1602 TRC1603 TRC1604 TRC1605 TRC1606 TRC1607 TRC1608 TRC1609

36m @ 24.05g/t Au from 32m (incl. 4m @ 194.78g/t Au from 44m)




4m @ 7.50g/t Au from 40m

8m @ 3.66g/t Au from 48m (incl. 4m @ 6.95g/t Au from 52m


~ 370m

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Subsequent to the end of the Quarter 4m composite sampling results were returned with excellent preliminary results (refer ASX announcement dated 12 April 2016). Most holes returned highly encouraging results with the exception of TRC1607 which was abandoned at 72m due to loss of circulation and did not reach the target depth (Figure 4). All individual 1m split samples have been submitted for analysis in Perth and are expected to be returned in the June Quarter. Results of limited metallurgical testwork on primary mineralisation indicate a variable refractory component whereby some primary gold mineralisation occurs within sulphides including arsenopyrite. Higher grades (>7g/t Au) appear to be generally associated with quartz-carbonate veining and have very low arsenic content suggesting potential for free-milling properties. Upon receipt of the 1m results, sufficient drilling sample will be collected to conduct comprehensive metallurgical testwork within the oxide, transitional and primary ore zones. The results of the work will facilitate modelling of hydrometallurgical properties to determine processing options for the primary ore zones. The Teal deposit is open at depth and along strike and is a priority target for further exploration and development activity once additional metallurgical data is available. Further drilling is planned to determine the extent and nature of the refractory component and if a larger mine development incorporating primary mineralisation will require pre-treatment such as roasting or fine grinding to improve overall recovery by standard cyanidation processing. In addition, drilling to test for new oxide and high grade free milling transitional/primary gold mineralisation is in the advanced planning stages with a number of POW’s approved at Teal and south along strike at the Peyes Farm prospect.

BINDULI GOLD JOINT VENTURE (Evolution Mining Limited earning 70%) In April 2015, Intermin and its 100% owned subsidiary Black Mountain Gold Limited (“BMG”) entered into a farm-in and joint venture agreement (“JV”) with La Mancha Australia Pty Ltd which was subsequently acquired by Evolution Mining Limited (ASX: EVN) (“Evolution”) (refer Evolution ASX announcement dated 20 April 2015). Under the terms of the agreement, Evolution may earn up to 70% of the highly prospective Binduli Gold Project near Kalgoorlie in Western Australia by spending $4.6m over 5 years. The Binduli project comprises approximately 100km2 tenement package located (5-20kms) North West of Kalgoorlie and is adjacent to the Frogs Leg underground and the White Foil open pit gold mines operated by Evolution and the Janet Ivy open pit gold mine operated by Norton Gold Fields Limited (Figure 3). The Binduli project excludes mining tenements (ML26/499, ML26/621, ML26/346, ML26/549, P26/4056 and L26/261) which contain Intermin’s 100% owned Teal project (refer ASX announcement dated 16 April 2015).

During the December 2015 and March quarter a major regional target generation study including the Binduli project was undertaken by Evolution and involved geo-data compilation and a major seismic reflection survey. Seismic profiling is a particularly useful tool to identify potential gold bearing structures and shear zones at depth.

Interpretation of the seismic data is underway and combined with a review of earlier GSWA seismic survey results along the Paddington Anticline has initially highlighted the potential of the Bee Eater area. The study is now expected to be complete in the June quarter 2016 and results used to generate priority drilling targets on the F

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Binduli project and adjacent tenure. A number of previously generated targets will be refined and prioritised with new information from the study.

WILUNA CALCINES GOLD PROJECT In 2011, Intermin acquired the Wiluna Calcine Tailings stockpile from Apex Minerals NL and delineated a JORC 2004 Indicated Mineral Resource Estimate of 372,215t @ 5.01 g/t Au for ~65,000oz (Table 3). The project comprises General Purpose Lease G53/18-19 and is situated separate from and immediately adjacent to conventional tailings dams, waste dumps, open pit gold mines and processing plant which form part of Blackham Resources Limited’s (ASX: BLK) (“Blackham”) Matilda gold project at Wiluna in Western Australia (Figure 5). Blackham is planning to complete a definitive feasibility study to recommence mining and processing at the Matilda Project by June 2016 (refer Blackham ASX announcements dates 24 February and 16 March 2016).

Deposit

JORC Code



Calcines 2004

Stockpiled 0.37 5.01 65,778 0.37 5.01 65,778

Table 3: Wiluna Calcine Tailings Resource Estimate

The Wiluna Calcine Tailings Project was purchased from Apex Gold Pty Ltd in 2011 for $1,480,000 and comprises a calcine tailings stockpile derived from cyanidation of roasted sulphide concentrates produced prior to WW11 from Wiluna refractory gold ores (see ASX announcement 20 June 2011). The current Wiluna Calcine Tails Mineral Resource Estimate was compiled in September 2010 by Mr Simon Coxhell of Coxsrocks from information provided by Mr Geoff Browne. Both are Members of the Australasian Institute of Mining and Metallurgy and are consultants to Intermin Resources Ltd. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Mr Coxhell and Mr Browne have sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves’. Mr Coxhell and Mr Browne consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

The Calcines are the residual product from cyanidation of roasted sulphide concentrates produced prior to WWII from Wiluna refractory gold ores. Extensive laboratory and pilot plant test work conducted by Intermin in 2011 – 2013 indicated that over 85% of the gold contained in the refractory tailings could be recovered via a non-conventional but relatively simple process. The pilot plant was operated successfully on a batch basis for over twelve months in several modified forms with over 80% gold recovery on a regular basis. Modifications to the plant were primarily to provide engineering data for design of a commercial unit. Larger scale test work was conducted to focus on the evaluation of a number of variants of the process for extracting gold from the calcine and demonstrated the current primary process option remains the most technically viable to date. Substantial resources of calcine residues exist worldwide, representing a significant gold inventory and Intermin has been engaging and preparing data for a number of consultants and companies with complimentary assets and capabilities with the view to jointly develop the project and technology for commercialisation.

Planning and preparation has commenced for the next phase of pilot test work and to estimate the capital and operating cost of a commercial processing facility.

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Figure 5: Wiluna Calcines Tailings Resource adjacent to Matilda gold project infrastructure

M26/446 ROYALTY UPDATE Intermin owns a $0.50/t mining royalty that relates to ore mined and treated from Mining Lease M26/446 located approximately 10km west of Kalgoorlie in Western Australia (Figure 3). In 2001, Intermin entered into a Deed for the Sale of the Janet Ivy Tenements which include M26/446. Through a number of ownership changes, M26/446 is owned and operated by Norton Gold Fields Limited (ASX: NGF) (“Norton”). Norton is privately owned and was delisted from the ASX on 1 July 2015. At the time of the sale of the Project under the terms of the Royalty Deed, Intermin was prepaid $1,380,000 of the royalty as part of the acquisition cost, equivalent to a mining (and treatment) tonnage of 2.76Mt ($0.50/t). Mill factored reconciliation from the Janet Ivy Open Pit Mine as the end of March 2016 was 2,625,442t milled or stockpiled for treatment at the Paddington Mill which is located approximately 30km north of Kalgoorlie. The tonnage mined and milled is close to the prepayment level and there is potential for Intermin to receive additional royalty payments in 2016 as M26/446 contains a number of significant gold deposits. In addition, substantial mineralisation exists below the 0.50g/t Au lower cut-off grade for the Janet Ivy deposit which has the potential to be mined and processed utilising heap leach methods. To view details on published JORC Compliant Resource and Reserve Estimates including a Competent Persons Statement for Table 1, refer to Norton’s Resource and Reserve Update December 2014 (NGF: ASX announcement dated 3 February 2015). The most recent JORC Compliant Mineral Resource Estimate for the Janet Ivy Deposit was released to the ASX by Norton while the entity was listed on 3 February 2015 (Table 1).

Calcines tailings resource (Note - insitu bulk density sample sites for resource calculation)

Matilda project processing plant

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JORC Code



Janet Ivy 2012 8.36 0.87 237,000 5.25 0.92 155,000 13.61 0.89 389,000

Table 4: Norton’s published JORC Compliant Resource Estimate for the Janet Ivy Gold Deposit. (Source: Norton Goldfields Limited’s Resource and Reserve Update December 2014 ASX announcement dated 3 February 2015).

NANADIE WELL COPPER-NICKEL-PGE JOINT VENTURE (Mithril Resources Limited earning 75%) The Nanadie Well Project is located approximately 100km south east of Meekatharra in the Murchison Mineral Field of WA and covers an area of 145km2. In December 2013 Intermin entered into a Farm-in and Joint Venture agreement with Mithril Resources Ltd (ASX: MTH) (“Mithril”) whereby Mithril could earn a 75% interest by spending $4M over 6 years. The project is highly prospective for Cu, Au, Ni and PGE’s.

The Project hosts the Nanadie Well Copper Deposit where a 2004 JORC Code Compliant Inferred Resource of 36.07Mt @ 0.42% copper (151,506 tonnes copper) was estimated by Intermin in September 2013 (refer ASX announcement dated 19 September 2013).

During the quarter Mithril reviewed results of the previous RC drilling program conducted at the Stark prospect which defined the strike extent of copper-nickel-PGE mineralised massive sulphides to over 200 metres and identified a potential new “hanging wall” zone of mineralisation (refer Mithril ASX announcements dated 30 November, 21 December 2015 and 27 January 2016).

Copper-nickel-PGE mineralisation at Stark remains open in all directions and further drilling is required in particular to test a downhole EM off-hole conductor (modelled conductance up to 6,000S) approximately 150 metres beneath existing massive sulphides.

No field work was undertaken this quarter with exploration focused on target generation and prioritisation to determine the extent of the follow up field programs.

RICHMOND OIL SHALE-VANADIUM-MOLYBDENUM PROJECT Intermin owns 100% interest in 3 Exploration Permits (Mineral) covering 855km² of tenure near Richmond in North West Queensland. The tenements cover large areas of Cretaceous Toolebuc Formation which are host the very large oxide vanadium and molybdenum Resource (Table 5).

Work on the project has focused on upgrading of the fresh oil shale by mineral dressing procedures that aim is to produce a high grade Kerogen concentrate which can be further processed to release its oil content leaving an ash containing high levels of vanadium and molybdenum for metal recovery. Results to date warrant further test work to improve the selectivity of various mineral dressing approaches available. Intermin has been actively seeking a joint venture partner to assist with the next stage of development of this very large project which is to conduct further test work and define a technical solution to extract the minerals economically.

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Resource Category

Tonnes (Mt)

Grade (% V2O5)

Grade (g/t MoO3)

Notes

Measured (1) 204 0.40 300 (1) St Elmo Western tenement block Resource/Grade

Indicated (1) 1,032 0.40 311 (2) Alisona Eastern tenement block

Indicated (2) 2,890 0.35 290 (3) Lilyvale Eastern tenement block

Indicated (3*) 410 0.44 332

* including 87.7 0.55 384

Inferred (1) 772 0.39 385

TOTAL 5,308 0.37 312

Table 5: Richmond Project Julia Creek Oxide Resource

The initial Julia Creek – Richmond Mineral Resource Estimate was compiled in 2007 and subsequently updated to its current form by Mr Simon Coxhell of Coxsrocks from information provided by Mr David O’Farrell. Both are Members of the Australasian Institute of Mining and Metallurgy and are consultants to Intermin Resources Ltd. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Mr Coxhell and Mr O’Farrell have sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves’. Mr Coxhell and Mr O’Farrell consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.

LEHMANS GOLD JOINT VENTURE (10% free-carried with Saracen Mineral Holdings Limited) The Lehmans Gold joint venture covers 33km2 of the Yandal greenstone belt immediately adjacent to the Thunderbox Gold Mine owned and operated by Saracen Mineral Holdings Limited (ASX: SAR) (“Saracen”). The project is located approximately 45km south of Leinster in Western Australia and the tenements consist of fourteen Mining Leases and two Prospecting Licences in accordance with the Intermin Tenement Schedule (Figure 6).

Intermin retains a 10% interest and is free carried to a decision to mine. Currently Saracen are firmly focussed on the recommencement of mining and processing operations at Thunderbox and are not actively exploring the JV tenure. Recent activity has included work related to mine dewatering into the abandoned Double A open pit and civil construction to support production. Thunderbox is currently on track to pour gold in the June quarter 2016 in accordance with their schedule (refer Saracen ASX announcement dated 22 December 2015). Intermin is encouraged by the resurgence of mining activity at the Thunderbox deposit and when mining and processing are fully operational, expects a subsequent renewed focus on the discovery and definition of additional resources to supply the 2.5mtpa processing facility.

WHITE RANGE GOLD PROJECT (Disposed) Intermin has disposed of its White Range gold project in the Northern Territory to Red Dingo Corporation Pty Ltd. The Company is currently attending to some clean up issues at the site prior to making application for return of environmental bonds held by the DME in respect of the White Range tenements. F

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Figure 6: Lehmans JV tenements in relation to the Thunderbox Gold Mine (JV tenure shown with blue shading).

JV NOTES

Interest to acquire Commitment Status

La Mancha - Binduli JV 2015

Year 1 Minimum expenditure $200k Commenced

Initial 51% interest Expenditure of $2.1M within 3 years -

Further 19% interest Expenditure of $2.5M over 2 years -

Mithril - Nanadie Well JV 2013

Year 1 Minimum expenditure $250k per year Completed

Initial 60% interest Expend $2M within 4 years Commenced

Further 15% interest Expend $2M within 2 years with a minimum expenditure of $400k -

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CORPORATE / FINANCE Total cash at bank as at 31 March 2016 is $1.8 million. In addition, the Company holds investments in ASX listed Companies with a current value of approximately $2.7 million. During the Quarter, the Company issued 5,000,000 fully paid ordinary shares in Intermin to Metaliko Resources as consideration for the acquisition of the Kalgoorlie divestment packages as outlined in the ASX announcement on 22 March 2016. The Company also reached agreement with Cove Resources for the acquisition of Cove’s Goongarrie gold project tenements (refer ASX announcement dated 16 February 2016) and expects to issue the consideration of 600,000 fully paid ordinary shares in Intermin on completion in the June Quarter. Issued Share Capital

Class or securities Issued at 31 March 2016

Fully Paid Ordinary Shares (IRC) 160,742,121

Listed options (IRC) – 7.5c strike expiring 30 June 17 19,467,892

Unlisted options – 7.5c strike expiring 30 June 18 5,000,000

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TENEMENT SCHEDULE

Prospect/Tenement Notes

Percentage interest held at the end of the

quarter

Percentage interest acquired during the

quarter

Percentage interest disposed during the

quarter

WESTERN AUSTRALIA

BINDULI - PEYES FARM

M26/346 100% - -

M26/499 100% - -

M26/549 100% - -

M26/621 100% - -

L26/261 100% - -

P26/4056 100% - -

BINDULI NORTH – EVOLUTION JV

E24/183 JV 100% - -

P26/3576 JV 100% - -

P26/3577 JV 100% - -

P26/3922 JV 100% - -

P26/3923 JV 100% - -

E26/168 JV 100% - -

M26/616 JV 100% - -

P26/3988 JV 100% - -

P26/3989 JV 100% - -

P26/3990 JV 100% - -

P26/3579 JV 100% - -

P26/3581 JV 100% - -

P24/4252 JV 100% - -

P24/4770 JV 100% - -

P24/4771 JV 100% - -

P24/4772 JV 100% - -

P24/4773 JV 100% - -

P24/4774 JV 100% - -

P24/4775 JV 100% - -

P24/4776 JV 100% - -

P24/4777 JV 100% - -

P24/4778 JV 100% - -

P24/4779 JV 100% - - For

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Prospect/Tenement Notes Percentage interest held

at the end of the quarter


quarter


quarter

P24/4780 JV 100% - -

P24/4781 JV 100% - -

P24/4782 JV 100% - -

P24/4783 JV 100% - -

P24/4252 JV 0% - -

P24/4770 JV 0% - -

P24/4771 JV 0% - -

P24/4772 JV 0% - -

P24/4773 JV 0% - -

BULLABULLING

E15/1042 0% 100% -

P15/4820 0% 100% -

P15/5360 0% 100% -

P15/5361 0% 100% -

P15/5362 0% 100% -

P15/5363 0% 100% -

P15/5364 0% 100% -

P15/5365 0% 100% -

BLACK FLAG

P16/2820 0% 100% -

P16/2821 0% 100% -

BADEN POWELL

M24/919 0% 100% -

P24/4199 0% 100% -

P24/4586 0% 100% -

P24/4702 0% 100% -

P24/4703 0% 100% -

CHADWIN

P24/4397 0% 100% -

P24/4398 0% 100% -

P24/4399 0% 100% -

P24/4404 0% 100% -

P24/4405 0% 100% -

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ACN 007 761 186 ABN 88 007 761 186





quarter


quarter

GOONGARRIE

E29/419 0% 100% -

E29/922 0% 100% -

L29/109 0% 100% -

M29/420 0% 100% -

P29/2070 0% 100% -

P29/2073 0% 100% -

P29/2268 0% 100% -

P29/2269 0% 100% -

P29/2286 0% 100% -

P29/2287 0% 100% -

P29/2288 0% 100% -

P29/2289 0% 100% -

P29/2290 0% 100% -

P29/2307 0% 100% -

P29/2308 0% 100% -

LEO DAM

P24/4767 0% 100% -

P24/4768 0% 100% -

P24/4769

0% 100% -

BLISTER DAM

E24/148 0% 100% -

P16/2466 0% 100% -

P16/2467 0% 100% -

P16/2468 0% 100% -

P16/2469 0% 100% -

P16/2470 0% 100% -

P16/2631 0% 100% -

P16/2632 0% 100% -

P16/2633 0% 100% -

P16/2634 0% 100% -

P16/2635 0% 100% -

P16/2636 0% 100% -

P16/2637 0% 100% -

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ACN 007 761 186 ABN 88 007 761 186





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quarter

P24/4291 0% 100% -

WINDANYA

MLA24/957 0% 100% -

MLA24/958 0% 100% -

MLA24/959 0% 100% -

P24/4191 0% 100% -

P24/4218 0% 100% -

MENZIES, WA

P29/1961 0% 100% -

P29/1973 0% 100% -

P29/1974 0% 100% -

P29/1975 0% 100% -

P29/1976 0% 100% -

M29/410

70% - -

M29/14 100% - -

M29/88 100% - -

M29/153 100% - -

M29/154 100% - -

M29/184 100% - -

M29/212 100% - -

E29/772 100% - -

ELA29/966 100% - -

P29/2216 100% - -

P29/2251 100% - -

P29/2252 100% - -

P29/2253 100% - -

P29/2254 100% - -

P29/2344 100% - -

P29/2345 100% - -

L29/42 100% - -

L29/43 100% - -

L29/44 100% - -

P29/2153 100% - -

P29/2154 100% - -

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ACN 007 761 186 ABN 88 007 761 186





quarter


quarter

P29/2155 100% - -

P29/2156 100% - -

NANADIE WELL

E20/797 JV 100% - -

E51/1040 JV 100% - -

E51/1270 JV 100% - -

E51/1285 JV 100% - -

E51/1351 JV 100% - -

LEHMANNS (Saracen Mineral Holdings Limited - free carried interest)

M36/35 10% f/c - -

M36/421 10% f/c - -

M36/462 10% f/c - -

M36/494 10% f/c - -

M36/512 10% f/c - -

M36/513 10% f/c - -

M36/525 10% f/c - -

M36/527 10% f/c - -

M36/584 10% f/c - -

M36/585 10% f/c - -

M36/586 10% f/c - -

M36/587 10% f/c - -

M36/588 10% f/c - -

M36/589 10% f/c - -

P36/1649 10% f/c - -

P36/1651 10% f/c - -

E36/837 100% - -

JANET IVY (Norton Gold Fields Limited) – Royalty Only

M26/446 0% - -

P26/3609 0% - -

L26/201 0% - -

OTTO BORE (Gold Fields Limited) – Royalty Only

M36/177 0% - -

E36/435 0% - -

WILUNA CALCINE TAILINGS

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ACN 007 761 186 ABN 88 007 761 186





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quarter

G53/18 100% - -

G53/19 100% - -

JULIA CREEK, QLD (100% Non-oil shale rights)

*EPM14802 0% - -

*EPM14803 0% - -

*EPM14804 0% - -

*EPM14805 0% - -

*EPM14806 0% - -

*EPM14957 0% - -

*EPM15066 0% - -

*EPM17775 0% - -

*EPM19830 0% - -

*MDL396 0% - -

RICHMOND, QLD

EPM25163 100% - -

EPM25164 100% - -

EPM25258 100% - -

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ACN 007 761 186 ABN 88 007 761 186


About Intermin Intermin is a gold exploration and development company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia’s richest gold deposits. 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. Perth and Menzies-based Intermin is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core projects and build a sustainable development pipeline. Intermin is targeting the definition of significant high grade open cut and underground gold deposits, has acquired highly prospective tenure and will continue to actively pursue consolidation and value-adding joint venture opportunities for the benefit of all stakeholders.

Intermin Resources Limited – Summary of Gold Mineral Resources


JORC Code



Menzies 2012

Pericles 0.53 2.49 42,500 0.53 2.49 42,500

Yunndaga 1.58 2.03 103,000 1.58 2.03 103,000

Bellenger 0.24 2.63 19,900 0.24 2.63 19,900

Warrior 0.07 2.49 5,910 0.07 2.49 5,910

Kalgoorlie 2004

Teal 0.33 3.04 32,530 0.57 2.34 42,752 0.90 2.59 75,282

Calcines 2004 0.37 5.01 67,778 0.37 5.01 67,778

TOTAL 0.33 3.04 32,530 1.71 3.14 172,930 1.65 2.05 108,910 3.69 2.65 314,370

Notes: 1. Competent Persons Statement - The information in this report that relates to Exploration results, Mineral Resources or Ore Reserves is based on information compiled by Mr David O’Farrell and Simon Coxhell. Both are Members of the Australasian Institute of Mining and Metallurgy and are consultants to Intermin Resources Limited. The information was prepared and first disclosed under the JORC Code 2004. It has not been updated since (unless indicated) to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. Mr O’Farrell and Mr Coxhell have sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves’. Mr O’Farrell and Mr Coxhell consent to the inclusion in this report of the matters based on their information in the form and context in which they appear. 2. Forward Looking Statements - No representation or warranty is made as to the accuracy, completeness or reliability of the information contained in this release. Any forward looking statements in this release are prepared on the basis of a number of assumptions which may prove to be incorrect and the current intention, plans, expectations and beliefs about future events are subject to risks, uncertainties and other factors, many of which are outside of Intermin Resources Limited’s control. Important factors that could cause actual results to differ materially from the assumptions or expectations expressed or implied in this release include known and unknown risks. Because actual results could differ materially to the assumptions made and Intermin Resources Limited’s current intention, plans, expectations and beliefs about the future, you are urged to view all forward looking statements contained in this release with caution. The release should not be relied upon as a recommendation or forecast by Intermin Resources Limited. Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

Visit us at www.intermin.com.au For further information, please contact: Investors/Media Jon Price, Managing Director Lorry Hughes, Corporate Development Manager Office: +61 8 9386 9534 Office: +61 8 9386 9534 [email protected] [email protected]

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quarterly activities report for the period ...2016/04/27 · dated: 27 april 2016 quarterly...

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