Results Confirm Iron Potential at Paddy ProspectHighlights• Rock...

Results Confirm Iron Potential at Paddy Prospect
Highlights
• Rock chip results show iron values between 59.8 – 68.2% Fe
• All samples low in Phosphorous
• Heli-mag survey planned to define extent of magnetite
• Drilling planned for January-February 2008
InterMet Resources Limited (ASX:ITT) advises that geochemical assay results from recent
reconnaissance mapping and sampling at the Paddy Prospect, located near Mt Garnet have
been received. The results confirm the high-grade nature of the iron at the surface with results
between 59.8 and 68.2% Fe (Table 1). Eighteen samples were collected from surface outcrops
to determine the grade of iron across the prospect. The average grade reported is 65.7% Fe.
Only three samples reported <65% Fe (124824, 124831 and 124837) and these samples reflect
either weathered samples or samples with accessory garnet (Table 1). The presence of small
zones of garnet is not envisaged as a problem with the iron grading ~60% Fe. It is envisaged
that the garnet would be readily removable by magnetic separation, thereby improving the
grade. The current pit at Paddy shows the weathering zone is very shallow (~1m deep).
InterMet has a drill rig booked for January-February 2008 to undertake a preliminary drilling
program aimed at defining the depth and extent of the iron mineralisation. Initial drilling will
include between 20-40 holes down to 100m which will assist in defining the thickness and
shape of the mineralisation.
InterMet is also planning to take a bulk sample of iron from the Paddy pit for full metallurgical
testing to assist with marketing if sufficient depth is defined by the drilling. InterMet is also
planning a helicopter based aeromagnetic survey (Heli-mag) over the Paddy, Mt Ruby and Mt
Lucy iron prospects to assist in defining the extent of iron mineralisation on these projects.
Several rock chip samples were collected from the granite located near the Paddy prospect to
test for the presence of gold, base metals and tin-tungsten mineralisation. A sample from near
the pit assayed 0.44% tin and 0.24% tungsten. This result is seen as encouraging and InterMet
will undertake further sampling aimed at investigating the tin-tungsten potential of the ground
surrounding the Paddy iron prospect. The Mount Garnet area is a rich tin area with numerous
hard rock occurrences of tin and several large alluvial tin fields.
InterMet will also be drilling between 10-20 holes in the Jessie copper prospect located
approximately 10km northwest of Paddy at the completion of the drilling there. The drilling
program is aimed at defining the thickness of the copper mineralisation and to test the thickness
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InterMet Resources Limited
of the magnetite at the Jessie prospect. InterMet has previously reported copper up to 36% and
iron up to 64.4% Fe from the Jessie prospect.