JANET IVY GOLD ROYALTY ($0.50/t of ore mined and treated)
In 2001, Intermin entered into a Deed for the Sale of the Janet Ivy Gold Project which includes Mining Lease M26/446. Through a number of ownership changes is now part Norton Gold Fields Limited (ASX: NGF) (“Norton”) and forms part of their Binduli Gold Project. Norton was delisted from the ASX on 1 July 2015 and is 100% privately owned.
The project is located approximately 10km west of Kalgoorlie and the Royalty Tenement (M26/446) is located directly along strike from Intermin’s Binduli North JV with Evolution Mining Limited.
The Janet Ivy deposit is hosted within a porphyry and to date is the most northerly of a series of significant deposits that occur on or adjacent to the north-south trending Janet Ivy Shear zone. These deposits represent economically significant mineral occurrences and have been subject to numerous mining campaigns throughout the 1980, 1990’s and are currently being mined by Norton.
Mineralisation is controlled by quartz-pyrite veining and associated alteration selvedges emplaced along brittle fractures or tension cracks. The deposit as currently defined is large, low grade and open is open in all directions.
Over 2Moz remain in JORC Compliant Resources at Zijin’s Binduli Project and the largest deposits are Navajo Chief, Janet Ivy, Ben Hur (1,2,3), Fort William and Nefertiti.
The remaining JORC Indicated and Inferred Resource at Janet Ivy as published by Norton prior to acquisition was 13,607,227t @ 0.89g/t Au. Significant potential exists to grow the Janet Ivy resource and other adjacent resources such as the Fort Scott and Fort William Deposit which extend onto M26/446.
At the time of the sale of the Project under the terms of the Royalty Deed, Intermin was prepaid the royalty as part of the acquisition cost up to the equivalent mining and treatment tonnage of 2.76Mt. Intermin anticipates that by the March Quarter 2017 there is potential to receive ongoing Royalty revenue from mining.