Intrepid Mines Limited: New Access and Option Agreement on Licence Adjacent to Kitumba
African Deposits Limited ("ADL") holds a small-scale mining licence of approximately 4 square kilometres over highly prospective land adjacent to Kitumba (See Figure 1 below). Intrepid has entered into an agreement with ADL which allows the Company access to ADL's mining rights for a period of one year, with an option to extend for an additional year. During this period, the Company may elect to purchase the shares in the company holding the ADL mining rights, subject to statutory approvals being obtained. The Zambian Minister of Mines, Energy and Water Development has granted his consent to the terms of the agreement.
The ADL ground was previously held by BHP Billiton and some legacy exploration data is available to the Company. A number of holes will be drilled to test this target in coming months.
The Company's CEO, Scott Lowe, said:
"This is a positive development as the agreement allows for the drill-testing of ground that is very close to Kitumba and features a number of positive indicators of potential mineralisation."
To view Figure 1. Mumbwa project showing proximity of ADL ground to Kitumba deposit and planned infrastructure, please visit the following link: http://media3.marketwire.com/docs/151014_IAU_Figure1.pdf
Historically known as Lulu (including a small artisanal operation), the ADL ground is considered to be prospective for the following reasons:
- Similar structural position as Kitumba on the edge (cooler hematite dominant) of the large Sugar Loaf high temperature magnetite system
- Known mineral occurrence on the tenure
- Copper mineralisation intersected in previous drilling by BHP Billiton
- Prospective geology in the form of outcropping Hook Syenitic intrusions and hematite breccias.
The Company plans to drill up to 6 holes, including 4 diamond and 2 RC holes for 2,600 metres.
Matters related to shares held, change of address and tax file numbers should be directed to:
|Computershare Investor Services|
|GPO Box 2975, Melbourne, Victoria 3001, Australia|
|Telephone: 1300 805 505|
|+61 3 9415 4000|
ABN: 11 060 156 452
Enquiries regarding this report
Scott Lowe, Chief Executive Officer
(office) +61 2 9357 9000