up on the back of mox

Some interest shown today on the back of a MOX-mania
Current market cap $4M with $3.5M in the bank.
IMO - one to look out for in the coming weeks.


Latest announcement
Wednesday, 27 September 2006
LAKE GILLES PROJECT, SOUTH AUSTRALIA
Newly Defined Salt Creek, Red Dam and Lake Edge Prospects Exhibit Olympic Dam and Carrapateena Style - IOCG Characteristics
Targeted Drilling Due to Commence in December
InterMet Resources Limited (InterMet) (ASX:ITT) is pleased to announce infill gravity survey results have revealed the location of three Olympic Dam and Carrapateena style IOCG prospects at the company’s 100% Lake Gilles project, (EL3466) located 70km west of Port Augusta, South Australia.

The three newly defined Lake Gilles prospects encompassing Salt Creek, Red Dam and Lake Edge are a direct result of InterMet’s infill gravity survey aimed at seeking specific drill targets, following anomalies previously identified by the South Australian Government PACE funded regional gravity survey.

A four hole 2,300m diamond drilling program (Table 1) will commence in December with initial drilling targeting the Salt Creek and Red Dam prospects.
Commenting on the gravity anomalies, InterMet’s Managing Director, Mr Gary Ferris said, “The Lake Gilles tenements were selected due to their favourable geological characteristics suitable for Olympic Dam style IOCG mineralization. Given the gravity survey highlights strikingly similar anomalous characteristics with Olympic Dam and the recent Carrapateena copper-gold discovery, Lake Gilles is emerging as the company’s flagship exploration project”.

The development of the Prominent Hill copper-gold mine and the recent discovery of Carrapateena has put the exploration spotlight back onto the Gawler Craton for IOCG deposits. The Lake Gilles project has many features that are similar to Olympic Dam,
Prominent Hill and Carrapateena, and InterMet has secured a drill rig to commence drilling in early December 2006.

ANOMALOUS CHARACTERISITCS EXHIBIT KEY VECTORS FOR IOCG MINERALISATION
• Density of ~3.3gm/cc, which is in the range for IOCG targets;
• High order gravity anomalies between 1 – 4.8mgal;
• The Lakes Edge gravity anomaly is overlain by a slightly offset magnetic anomaly, a
scenario that is similar to Prominent Hill;
• Salt Creek and Red Dam anomalies are located along a major north east (NE) trending
structure which is a similar scenario to Carrapateena.

DYOR