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  • Intermet Resources Primed For Drilling At Calypso Nickel Project With Magnetic Survey Results 0 comments
    Apr 10, 2013 9:24 PM

    Intermet Resources (ASX: ITT) has confirmed the magnetic signature over two ultramafic intrusives from preliminary analysis of a detailed ground magnetic program completed at its Calypso Nickel Project in Western Australia.

    While analysis of the data is continuing, it indicates that a nickel intersection made by BHP Minerals in the mid 1980's may coincide with a zone of slight magnetic destruction.

    The ground magnetic program was designed to better define and detail the structure, geology and potential mineralisation for drill targeting in the upcoming aircore drilling program across the Zeus and Argos prospects.

    Historic aircore drilling by BHP Minerals had intersected shallow nickel sulphides - including 16 metres at 0.2% nickel from 16 metres - and prospective geology at the Zeus and Argos prospects respectively.

    The prospects are also defined by a coincident intense aeromagnetic and broad gold soil geochemistry anomalies.

    InterMet recently secured an exclusive six month option from Rossiter Minerals to acquire an 80% interest in the Calypso Project.

    It has also received heritage clearance and re-established access to the area, which is situated in a prolific nickel sulphide province in Western Australia.

    The Calypso Project is an early stage nickel exploration project located within the southern extent of the highly endowed Agnew-Wiluna Nickel Belt, which plays host to several world class deposits, along with a number of smaller nickel resources.

    These include the 335 million tonne at 0.516% nickel Mount Keith, Perseverance, the 189 million tonne at 0.69% nickel Honeymoon Well, and the 60 million tonne at 0.813% nickel Cosmos Deeps.

    The Zeus prospect is one of two discrete, intense aeromagnetic anomalies of about 1 kilometre in length within the Calypso Project.

    Zeus and the other aeromagnetic anomaly, Argos, will be the focus of InterMet's due diligence during the term of the option.

    InterMet plans to twin the historic drill holes to confirm the presence of nickel mineralisation and review the existing relationship between the anomalies and the previous sampling results to establish the potential of these prospects.

    Analysis

    Drilling is expected to begin in the current quarter. With this, it is about to get very interesting for investors as preliminary results confirm the magnetic signature over two ultramafic intrusives modelled to date.

    The magnetic program will enable Intermet to define and detail the structure, geology and potential mineralisation for drill targeting in the upcoming aircore drilling program across the Zeus and Argos prospects.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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