KEY POINTS

Highlights include:

  • KITDD_055: 339m @ 2.47% Cu from 197 – 536m, including:
  • 17m @ 9.22% Cu from 333 – 350m
  • KITDD_045: 181m @ 2.8% Cu from 230 – 411m, including
  • 10m @ 10.37% Cu from 251 – 261m
  • 19m @ 6.07% Cu from 350 – 369m
  • KITDD_046: 214m @ 1.76% Cu from 233 – 447m, including:
  • 15m @ 6.32% Cu from 264 – 279m
  • KITDD_042A: 82m @ 2.29% Cu from 342 – 424m.

2014 soil geochemical sampling complete

Two IP surveys complete with a third underway to be finished before the end of the year

Phase 8 drilling for metallurgical samples, resource definition, and geotechnical and hydrological analysis is now complete with the camp to move to care and maintenance during the wet season

A full interpretation of new geochemical and geophysical data to be integrated and ranked against existing targets during the wet season.

Intrepid Mines Limited has received assay results for the following drill holes from the Phase 8 drilling program:

  • KITDD_042A
  • KITDD_043
  • KITDD_044
  • KITDD_045
  • KITDD_046
  • KITDD_047
  • KITDD_048
  • KITDD_049
  • KITDD_050
  • KITDD_051
  • KITDD_055

The location of these drill holes is shown in Figure 1 below.

CEO, Mr Mark Mitchell said:

"We are pleased to report on the first batch of assay results from our recently completed Phase 8 drilling program on our Kitumba Project. The Phase 8 drilling campaign was completed on schedule and within budget and has provided the necessary samples for key datasets to be used in the DFS. This includes approximately 4 tonnes of material to be used for metallurgical studies.

We are also pleased to advise that in parallel to work on Kitumba we have been advancing targets on our wider Mumbwa Project and are encouraged about results from our recent geophysical and soil geochemical surveys. The results of which will be assessed in detail over the current wet season to identify targets for our 2015 drilling season."

Phase 8 Drilling Program Update

Drilling restarted at Kitumba in June 2014 and was completed in November 2014. A total of 33 diamond holes were completed for a total of 12,849 meters. The drill pattern was designed to focus on the collection of material for metallurgical analysis including; a series of variability samples representative of ore-feed (and gangue) from a conceptual mining schedule, comminution samples and feed for a pilot plant.

Metallurgical holes were also designed to fill gaps in the existing resource and to inform an updated Mineral Resource Estimate. It is expected the Company will be in a position to report this to the market in Q2 2015.

Select metallurgical/infill holes were also used for geotechnical and hydrological purposes.

Drilling that was specifically designed for geotechnical purposes only (no mineralisation expected), was also completed. These holes were drilled into areas of planned development (box cut, decline, air shafts). Geotechnical holes have been probed with an Acoustic Televiewer (ATV) for the collection of detailed-high resolution structural and engineering data. Geotechnical samples for laboratory analysis have been collected and planned testwork includes; unconfined compressive strength, direct shear, triaxial, cherchar abrasivity index, slake durability and petrographic analysis.

Additional drilling outside the Kitumba resource has included sterilisation drilling on areas slated for planned infrastructure (KAKDD_04, 05 and 06 on Table 1) and percussion (PCD) and reverse circulation (RC) drilling of groundwater monitoring bores.

Other Mumbwa Project Area Activities

Targets generated during 2014 are shown against the exploration licences in Figure 2.

Limited RC drilling on Induced Polarisation (IP) targets at Target F and Target H was completed prior to the onset of the wet season, results on these are pending. Further drilling on a range of targets including Kakozhi will be conducted during the next field season.

The Company plans to use the break in field operations to conduct a full target review and ranking exercise incorporating all new data including IP surveys at Kakozhi, Target H and Kantonga (currently underway) as well as over 2,500 soil geochemical samples collected over all five Mumbwa Project tenements.