Intra Energy Corporation Finds Gold To Complement Lithium At Strategically Located Maggie Hays

Intra Energy Corporation Ltd (ASX: IEC) has identified new mineralised quartz veins and a large gold in soil anomaly at the Maggie Hays Hill Project, situated in the Lake Johnston Greenstone Belt of Western Australia.

The project is adjacent to the Maggie Hays mine, processing infrastructure, and camp recently acquired by Mineral Resources Ltd (ASX: MIN) as a regional lithium processing hub.

Veins extend over 200 metres in length, with soil sampling delivering large-scale gold anomalism over a 650 metre by 150 metre area.

The anomalism ranges from 12 ppb – 44 ppb gold.

These gold discoveries complement the existing lithium drill targets already identified, with a heritage survey and drilling programs being finalised.

This has all been completed in just two months.

Earlier in the year Intra agreed to acquire an 80% interest in Maggie Hays from Global Uranium and Enrichment Ltd (ASX: GUE) who are now focussed on American uranium projects.

The acquisition of the project looks increasingly timely and has good value, with the opportunity for both gold and lithium discoveries in a region with the ability to process both.

Maggie Hays is strategically located 25 kilometres north of TG Metals Ltd (ASX: TG6) Burmeister Spodumene deposit, and 25 kilometres north-west of Charger Metals Ltd’s (ASX: CHR) and Rio Tinto Ltd’s (ASX: RIO) Medcalf Spodumene deposit.

Regional lithium processing hub

The $13.5 billion capped Mineral Resources Ltd is establishing a lithium processing hub close to the company’s Lake Johnston Project.

MinRes has agreed with Poseidon Nickel Ltd (ASX: POS) to acquire the Lake Johnston nickel concentrator plant and tenure.

The company then intends to develop Lake Johnston as a lithium processing hub in the southern Goldfields region to process fines from the company’s Bald Hill and Mt Marion lithium operations.

Acquisition of Maggie Hays

Consideration for the deal was minimal and included $175,000 in cash and 30 million shares at $0.005 each, and a 1% gross revenue royalty.

Deferred consideration is in the form of three milestones:

  • 60 million shares following five plus 1% lithium rock chip samples.
  • $500,000 in cash or the equivalent in shares at Intra’s election for drilling equal to or greater than 5 metres of at least 1% lithium.
  • $1 million in cash or the equivalent in shares at Intra’s election following a resource of at least 10 million tonnes over 1% lithium.

 

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