PERTH (miningweekly.com) – ASX-listed Intermin Resources has struck a deal to acquire fellow listed Echo Resources' Anthill gold project, in Western Australia.
Echo has agreed to sell the Anthill project for A$300 000 in cash and a gold production royalty of A$5/oz for the first 100 000 oz mined at the project.
The Anthill project is estimated to contain some 5.1-million tonnes of resource, at 1 g/t gold for 160 000 oz of contained gold. The project is located immediately along strike from the Bullant, Broads Dam, Kundana and Frogs Legs operations, all owned and operated by major gold producers.
Intermin MD Jon Price on Wednesday said the acquisition was in line with the company’s strategy of consolidating assets on major geological structures that have had limited modern exploration.
“The project is a fantastic addition to our portfolio and lies within multimillion-ounce gold camps on the Suleika and Carnage shear zones, where recent new discoveries have been made by the major producers in close proximity.”
Price noted that the Anthill operation had limited drilling with excellent results, and Intermin was looking forward to reviewing the data and starting further drilling at the project area.