Intermin acquires Goongarrie Gold Project in WA

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Australian exploration and development company Intermin has acquired 100% interest in the Goongarrie gold project from Cove Resources for 600,000 fully paid ordinary Intermin shares.

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Image credit: Intemin’s ASX release

The project, which is located 40km south of Menzies in the Eastern Goldfields of WA, comprises 4 granted Prospecting Licenses and has a total area of 10km2.

It covers the historic Goongarrie gold mining centre that has produced in the excess of 35,000 ounces of gold from underground and shallow open cut mines (Caledonian, Hicks Lane, Franks Dam and New Boddington) up until 1989.

The project is also immediately adjacent to ELA29/966 recently applied for by Intermin.

Adertisement

“The acquisition of the Goongarrie project is in line with our regional consolidation strategy in this fragmented and underexplored part of the north-eastern goldfields region and we look forward to completing the technical review and commencing on ground exploration in this exciting part of the world,” said Managing Director Jon Price.

“The consideration by way of fully paid ordinary shares enables the company to retain its cash reserves for our regional exploration program and provides the vendors the opportunity to participate in the company’s growth. Consolidation at asset and corporate level needs to happen in the current environment and we would welcome discussions from other third parties who are active within our area of interest.”