Re: ITT - Intermet Resources
Two announcements for ITT today, both positive.
UEQ JV
Operations Office
Unit 1
22 Maple Avenue
FORRESTVILLE SA 5035 Tel: +61 8 8351 3388
Fax: +61 8 8351 0023 InterMet Resources Limited
garyferris@intermetresources.com.au info@intermetresources.com.au ACN 112 291 960
www.intermetresources.com.au Registered Office
Level 41 Australia Square
264-278 George Street
SYDNEY NSW 2000 Tel: +61 2 8221 0404
Fax: +61 2 8221 0407 Monday, 28 May 2007
Uranium Drilling Completed at Cocata Project Drilling Confirms New Palaeochannel at Cocata Project InterMet Resources Limited (InterMet) (ASX:ITT) is pleased to announce the completion
of a reconnaissance rotary-mud drilling and wireline logging program to test the
uraniferous potential of Tertiary palaeochannels at the Cocata Project, Gawler Craton,
South Australia. The drilling program was undertaken by joint venture partner Uranium
Equities (ASX:UEQ) as part of the Cocata Project Joint Venture.
Seven traverses comprising 43 holes for 2637m (Figure 1) were drilled at approximate
1km spacing to investigate the suitability of the sedimentary environment to host uranium
mineralisation. Two palaeochannels were initially targeted; the well-known Yaninee
channel (mineralised further upstream) in the central of the project area and an eastern
channel system recently identified from newly-acquired satellite imagery and ground
gravity data.
Drilling has confirmed the presence of both channels and, in addition, discovered
another palaeochannel in the west of the project area. Anomalous total-count gamma
(up to 3-4 times background) was encountered in holes completed within relatively
unweathered Hiltaba Suite granitic basement confirming the presence of a suitable
source rock.
All three palaeochannels display up to 90m of channel fill, with fluvial and lignitic
sequences up to 20-30m thick both above and below a regionally extensive sedimentary
sequence. Some total-count gamma anomalism was detected at the boundary between
these various sequences in addition to oxidised and reduced facies within them.
Selected samples have been submitted for geochemical analyses and UEQ is reviewing
the significance of the geophysical results as well as assessing the data in relation to the
regional geological context.
Managing Director Gary Ferris commented that "InterMet is very satisfied that
exploration has commenced on the separate two joint ventures for the Cocata Project.
The initial palaeochannel uranium drilling by Uranium Equities and the drilling program
announced today for two of the six IOCGU targets by Silver Swan Group, will give
InterMet great exposure to potential discoveries within this prospective area of the
Gawler Craton".
Silver Swan JV
CONTINUING EXPLORATION AT COCATA PROJECT
Highlights Identified six Gravity Anomalies at Cocata Project in SA
Ground Magnetic Surveys at Anomalies 1 and 2 to commence shortly
Aeromagnetic Surveys over Anomalies 3 to 6 to be announced shortly
Drill programme at Cocata Project to take place next quarter
As previously announced, Silver Swan Group (Silver Swan) (ASX:SWN) recently
completed a ground gravity survey at the Cocata Project located within the Gawler
Craton in South Australia. The survey identified six Gravity Anomalies prospective for
IOCGU type mineralisation which are identified as Anomalies No1 to No6. (Ref. Fig 1)
Silver Swan has completed arrangements to commence detailed ground magnetic surveys at Anomalies No1 and No2 to enhance modelling to precisely locate test drill holes. It is anticipated that the ground magnetic surveys will be completed and interpreted by mid July 2007 with drilling commencing shortly after. In addition, Silver Swan intends to make arrangements to fly detailed aeromagnetic surveys over anomalies No3 to No6 inclusive.
The Cocata project consists of EL 3462 (723 sq kilometres) and EL 3463 (487 sq kilometres). Silver Swan have entered into a Farmin Joint Venture Agreement over the two EL's with InterMet Resources Ltd (ASX:ITT) whereby SWN have the option to earn up to 80% of the tenements to include all minerals exclusive of palaeochannel uranium but including IOCGU uranium mineralization. The palaeochannel uranium mineralization rights are held by Uranium Equities Ltd (ASX:UEQ)
A description of Cocata Anomalies No1 and No2, with drill hole locations, as defined by the initial ground gravity survey are as follows.
Anomaly 1 Anomaly 1 is located in the SW corner of the tenements and represents a ~3.25 mGal gravity anomaly (Figure 2) which trends roughly NW. The anomaly was infilled to 200x200m spaced gravity data to better resolve the gravity feature. Anomaly 1 is oriented within regional NW trending faults which were active during the Hiltaba Suite tectonothermal event and is located near the margin of the Mesoproterozoic Itildoo Basin. This basin is a major zone of extension and may have played an important role in the intrusion of Hiltaba Suite granites into the area. The Blue Range Beds contain clasts of Gawler Range Volcanics suggesting a source of volcanics near the basin.
Based upon current data, two drill holes are planned to test this feature. The rock density ranges from 2.89 g/cc to 3.46 g/cc (g/cc = gram per cubic centimetre) and depth to top of features is estimated to be between 140-300 m. The gravity anomaly is coincident with a moderate magnetic anomaly. Modelling of the gravity data shows the rock body dips moderately to the north.
Anomaly 2 Anomaly 2 (Figure 3) is an isolated ~1.25 mGal anomaly near outcropping Hiltaba Suite
granite at Pordia Hill. Two sets of linear structures are apparent in the data defining rhombohedral bedrock blocks indicative of a tensional structural regime. The gravity high appears to be related to a diamond shaped block of higher density rocks.
A subsidiary anomaly on the southwest margin of the overall gravity anomaly has the highest density at 3.6 g/cc and based upon current data, hole A2-DH1 is planned to test this feature.