Extensive magnetite-rich zone at Paddy Prospect

Reconnaissance mapping and sampling aimed at testing the extent of the outcropping....

  Reconnaissance mapping and sampling aimed at testing the extent of the outcropping iron mineralization in and around Intermit Resources’ Paddy Lease have defined three main magnetite lenses mapped for up to 500m along strike, with each lens up to 50m in width. The Paddy ML comprises a magnetite skarn and Interment's initial sampling has recorded Fe values up to 69.86% Fe. The Paddy Lease is part of the Munderra Project. InterMet Managing Director, Gary Ferris said mapping and sampling within the Paddy area showed the magnetite outcrops across a relatively large zone and may represent a significant body of magnetite, especially if it were to continue under cover along strike. “The Paddy prospect has never been assessed as a potential iron ore prospect and, with excellent nearby infrastructure, strong demand and high prices for iron ore, Intermit is looking to fast track the full assessment of the prospect,” Mr Ferris said. The iron at Paddy crops out as a low hill where the main pit is located. Surrounding the hill are two parallel zones of low outcropping iron trending to the west. The main pit shows a profile through the iron zone. The iron is slightly weathered at the surface, with the appearance of hematite along fractures, but at approximately 1m-depth the iron becomes massive magnetite. According to InterMet, a previous ground magnetic survey shows the area of magnetic anomaly is greater than the outcropping magnetite, suggesting a potentially much larger zone of mineralisation. InterMet said it would continue mapping to help define drill targets. The company has also collected 20 magnetite samples to assist in fully characterising the material for total iron content and presence of other elements.