2013-11-01 00:01:02 -
PERTH, AUSTRALIA -- (Marketwired) -- 10/31/13 --
-- Significant new intersection from hole NAD13-372 of 13.65 metres at
3.46% nickel and 0.62% copper from 357.9 metres, including
-- 0.95 metres at 6.70% nickel and 0.57% copper
-- 2 metres at 4.58% nickel and 0.87% copper
-- 1.4 metres at 4.57% nickel and 0.81% copper
-- JV partner (MMG) advises that strong off-hole conductor identified
-- Mineralisation untested in all directions and is outside the existing
-- JV with MMG continues to assess scope for further high-grade targets
-- Potential to add tonnes and grade to the existing mineral resource
IMX Resources Limited (TSX:IXR)(TSX:IXR.WT)(ASX:IXR) ('IMX' or the 'Company') reports a high-grade intersection from drill hole NAD13-372 at the Ntaka Hill Nickel Sulphide Project in south eastern Tanzania. Exploration of the Nachingwea Project which includes pursuing a new exploration focus on high-grade nickel mineralisation the Ntaka Hill Nickel Sulphide Project is the subject of a five year US$60 million earn-in and joint venture agreement with MMG Exploration Holdings Limited ('MMG'). Under the terms of the agreement, MMG acts as manager of the joint venture.
Acting Managing Director John Nitschke commented, "This early success vindicates the new exploration focus on high-grade mafic intrusive style nickel mineralisation being pursued by our joint venture partner MMG.
The high-grade intersection lies outside the existing mineral resource and indicates the potential for an upgrade to the Sleeping Giant mineral resource. It is not MMG's intention to follow up this hole at this point in time but rather focus on the identification, prioritisation and testing of similar targets.
There have been several historical intersections of similar width and grade at Ntaka Hill, including drill hole 238 which is located near to, but not thought to be related to, hole 372. The joint venture with MMG has brought very material technical and financial resources to bear that will enable us to gain an understanding of the significance of these intersections and the potential for further high-grade discoveries at Ntaka Hill."
MMG has advised that early results of recently completed down hole electro-magnetic survey work in NAD13-372 indicate the presence of a strong off-hole conductor, potentially indicative of further massive sulphide mineralisation.
MMG is in the process of identifying and prioritising high-grade exploration opportunities. Priority is on down-plunge extensions to known, shallow high-grade mineralisation. It has targeted to complete 5,000 metres of diamond drilling prior to the onset of the wet season.
Figure 1 is a cross-section at 8883200mN showing hole NAD13-372 and the historical intersections from hole NAD11-238. It is not thought that the two intersections are related. Figure 2 shows the drill hole locations on plan.
To view 'Figure 1: Sleeping Giant cross-section', please visit the following link: media3.marketwire.com/docs/IMX1031Fig1.pdf
To view 'Figure 2: Ntaka Hill Plan View (October 2013)', please visit the following link: media3.marketwire.com/docs/IMX1031Fig2.pdf
Significant, near-surface disseminated mineralisation inside the current resource model was also intersected, including:
-- 7 metres at 0.45% nickel and 0.07% copper from 28 metres
-- 4.9 metres at 0.51% nickel and 0.13% copper from 148.1 metres
-- 3 metres at 0.43% nickel and 0.09% copper from 173 metres
Outside of the current resource model, in addition to the intersection of 13.65 metres at 3.46% nickel and 0.62% copper, 19 metres at 0.61% nickel and 0.19% copper from 395 metres was intersected. Detailed assays are available in Appendix 1.
The existing Mineral Resource Estimate at Ntaka Hill consists of Measured and Indicated Mineral Resources of 20.3 million tonnes at 0.58% nickel and 0.13% copper for 117,880 tonnes of contained nickel and Inferred Mineral Resources of 35.9 million tonnes at 0.66% nickel and 0.14% copper for 238,500 tonnes of contained nickel.(1)
In relation to the Measured and Indicated Mineral Resources and Inferred Mineral Resources at Ntaka Hill that was announced on 19 August 2013 and referred to above, IMX confirms that since announcing such information, it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.
(1) See ASX news release 19 August 2013
Competent Persons / Qualified Person / NI 43-101 Statement
Information in this announcement relating to quality control and technical information on exploration results at the Ntaka Hill Nickel Sulphide Project, has been prepared under the supervision of Mr Mathew Perrot in his capacity as Senior Exploration Geologist for IMX. Mr Perrot is a registered member of the Australian Institute of Geoscientists and has sufficient relevant experience to qualify as a Competent Person under the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves ('JORC 2012') and as a qualified person under Canadian National Instrument 43-101 ('NI 43-101'). Mr Perrot has verified the data underlying the information contained in this announcement and approves and consents to the inclusion of the data in the form and context in which it appears.
Information in this announcement relating to the geology of the Gawler Craton and Mt Woods Inlier and the Global Exploration Target of between 900Mt-1,200Mt @ 18-32% Fe on the Mt Woods Magnetite Project is based on data compiled by Mr Peter Hill who is a Member of the Australian Institute of Geoscientists, and who is a full-time employee of the Company. Mr Hill has sufficient relevant experience to qualify as a Competent Person under the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Hill approves and consents to the inclusion of the data in the form and context in which it appeared.
Drill core samples (NQ) are cut in half by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 metre intervals or less, at the discretion of the site geologists. Sample preparation is completed at the on-site sample preparation laboratory under the supervision of ALS Chemex South Africa ('ALS'). Sample pulps were sent by courier to the ALS Chemex analytical laboratory in Johannesburg, South Africa. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples, or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (Analytical Code ME-ICP61). Analyses for Pt, Pd, and Au are by fire assay with an ICP-AES finish (Analytical Code PGM-ICP23).
Refer to Sections 1 and 2 of Appendix 2 for further information.
About IMX Resources Limited
IMX Resources Limited is an Australian based mining and base and precious metals exploration company, listed on the Australian Securities Exchange and Toronto Stock Exchange ('TSX'), with projects located in Australia, Africa and North America.
In Africa, IMX owns the highly prospective Nachingwea Exploration Project in south-eastern Tanzania, which includes the potentially word-class Ntaka Hill Nickel Sulphide Project, located approximately 250km west of the port town of Mtwara. Nachingwea is highly prospective for nickel and copper sulphide, gold and graphite mineralisation. The Ntaka Hill Nickel Sulphide Project is one of the world's best undeveloped nickel sulphide projects and has the potential to produce a clean, high quality premium nickel concentrate. IMX has formed an exploration JV with MMG Exploration Holdings Limited ('MMG') to fund further exploration of this Project whereby MMG can contribute up to US$60 million to earn a 60% interest in the Project.
In Australia, IMX operates and owns 51% of the Cairn Hill Mining Operation, located 55 kilometres south-east of Coober Pedy in South Australia, where it produces a premium coarse-grained magnetite-copper-gold DSO product at a rate of 1.8Mtpa.
IMX is actively developing the Mt Woods Magnetite Project on the highly prospective Mt Woods Inlier in South Australia. IMX currently has a JORC Inferred Mineral Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit(2) and a Global Exploration Target of between 900Mt-1,200Mt @ 18-32% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell, have the potential to attract a significant price premium. The Global Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not a Mineral Resource estimate as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves or NI 43-101, as insufficient exploration has been conducted to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.
IMX confirms that the Inferred Mineral Resource at Snaefell announced on 1 March 2012 and referred to above, was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported. IMX further confirms that since announcing the Inferred Mineral Resource at Snaefell, it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.
The Company's Mt Woods tenements cover almost half of the Mt Woods Inlier which is part of the greater Gawler Craton in South Australia, an area notable for its IOCG deposits where one of the world's largest copper-gold mines is located at Olympic Dam and an area which is host to three producing copper-gold mines based on IOCG deposits.
(2) ASX news release 1 March 2012
Cautionary Statement: The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-looking Statements: This News Release includes certain "forward-looking statements". Forward-looking statements and forward-looking information are frequently characterised by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "could" occur. All statements other than statements of historical fact included in this release are forward-looking statements or constitute forward-looking information. There can be no assurance that such information of statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors could cause actual results to differ materially from IMX's expectations.
These forward-looking statements are based on certain assumptions, the opinions and estimates of management and qualified persons at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted), uncertainties relating to the availability and costs of financing needed in the future and other factors. Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not Mineral Resource estimates as defined by JORC 2012 or NI 43-101, as insufficient exploration has been conducted to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
IMX undertakes no obligation to update forward-looking statements or information if circumstances should change. The reader is cautioned not to place undue reliance on forward-looking statements or information. Readers are also cautioned to review the risk factors identified by IMX in its regulatory filings made from time to time with the ASX, TSX and applicable Canadian securities regulators.
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IMX Resources Limited
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