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IMX Resources Limited: Gravity Survey Extends the Area of Potential Mineralisation at Ntaka Hill Nickel Sulphide Project
By: Marketwired .
Feb. 3, 2013 07:43 PM
PERTH, AUSTRALIA -- (Marketwire) -- 02/04/13 -- IMX Resources Limited (TSX:IXR)(TSX:IXR.WT)(ASX:IXR) ('IMX' or the 'Company') is pleased to report that results from a recently completed gravity survey campaign in the Ntaka Hill-Lionja trend, within its Nachingwea land package, have indicated the presence of a significantly larger area of ultramafic rocks associated with the Ntaka Hill Nickel Sulphide Project ('Ntaka Hill') that have the potential to be mineralised.
The gravity survey highlighted the extent of ultramafic rocks, which host the nickel mineralisation at Ntaka Hill, within the dense ultramafic rocks surrounded by less dense altered sedimentary rocks or para-gneisses. The image of the gravity survey clearly outlines the more dense rocks surrounded by less dense 'country' rock (see Figure 1).
The large extent of the newly interpreted ultramafic rocks away from the existing areas of known mineralisation at Ntaka Hill provides a significantly larger area for the Company to target its exploration aimed at extending the known Nickel Sulphide Resource.
These findings have the potential to impact on the development options for Ntaka Hill.
Managing Director Neil Meadows commented: "We are very encouraged by the results of the gravity survey, highlighting the potential increase in the extent of ultramafic rocks and mineralisation at Ntaka Hill and remain confident that there are further zones of mineralisation to be discovered. Enhancing our understanding of the area of mineralisation and therefore the potential size of the resource is a priority for the 2013 drilling program, the results of which will be central to the Company's decisions on development of the project."
Preparations for the 2013 drilling program are well advanced and on track for commencement subsequent to the Tanzanian wet season.
NEIL MEADOWS, Managing Director
To view "Figure 1. Ntaka Hill Gravity Image," please visit the following link: http://media3.marketwire.com/docs/IXR0301_Figure1.pdf.
About IMX Resources Limited
IMX Resources Limited is an Australian based mining and base and precious metal exploration company listed on the Australian Securities Exchange ('ASX') and Toronto Stock Exchange ('TSX'), with exploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in southeast Tanzania, which includes the potentially world-class Ntaka Hill Nickel Sulphide project. 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 un-developed nickel sulphide projects and has the potential to produce a very clean, high-quality premium nickel concentrate.
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 Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit and a Global Exploration Target of between 200-380Mt @ 25-35% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell have the potential to produce a direct sinter feed product which has the potential to attract a significant price premium.
IMX has also entered into a joint venture with OZ Minerals Limited (the Mt Woods Copper-Gold JV Project) to explore the Mt Woods tenements for copper and gold. OZ Minerals Limited is spending a minimum of $20 million for a 51% interest in the non-iron rights, with IMX retaining a 49% interest in the non-iron ore rights and 100% of the iron rights.
IMX owns 25.65% of Uranex (ASX:UNX), which is a dedicated uranium exploration company, which is developing the Mkuju Uranium project in southern Tanzania.
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. Such 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not resource estimates as defined by the JORC (2004) 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 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.
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.
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