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 - 2 - 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.
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