A ground magnetic survey at InterMet Resources’ Paddy iron ore prospect in North Queensland has delineated target zones of strong magnetic intensity which will be tested by drilling in March and April.

The ground magnetic survey was undertaken to assist with locating drill holes and delineate the extent of the magnetite mineralization.

The survey followed mapping and rock chip sampling that reported high-grade iron in the form of magnetite and showed good correlation with the rock chip results.

A large magnetic high in the vicinity of the old pit, and further results, correlate with areas of high magnetic intensity. Two samples of iron from an outcrop just west of the Paddy pit are within a magnetic low zone, suggesting some possible magnetite destruction (hematite production) or magnetic reversal.

The two samples assayed high grades at 68.3% and 66.1% iron and confirm that high-grade iron occurs at the surface.

InterMet’s managing director Gary Ferris says: “The results show we may have a significant ore body. InterMet plans to extend the ground magnetic survey to the north-west to capture an interpreted trend in that direction seen in the current data.”

InterMet had initially planned to drill the Paddy and Jessie iron prospects in January and February but due to heavy rain the drilling program has been rescheduled for March-April.

InterMet has secured a portfolio of iron projects, Paddy, Mt Ruby, Mt Lucy and Jessie, in North Queensland which exhibit excellent grades and are within economic distances of potential export ports.

The Paddy prospect is about 15km west of the township of Mount Garnet.

www.intermetresources.com.au