IMX Commences Regional Exploration Work at Nachingwea
PERTH, AUSTRALIA -- (Marketwired) -- 05/14/13 -- IMX Resources Limited (TSX: IXR)(TSX: IXR.WT)(ASX: IXR) ('IMX' or the 'Company') is pleased to announce that a regional exploration program at its Nachingwea property has commenced. In addition to its flagship Ntaka Hill Nickel Sulphide Project, IMX holds approximately 6,320 km2 of surrounding tenements in the highly prospective Nachingwea district.
The 2013 regional exploration program is expected to operate for the full period of the Ntaka Hill field season (May - December) and is supported by a dedicated team that plans to utilize a multi-disciplinary approach, integrating geophysics, geochemistry and geological information, to assess all previous targets and systematically test the best targets.
During the 2013 field season, IMX will focus on following up regional targets involving analysis of satellite imagery to identify outcrop, review of existing VTEM anomalies identified during 2012, extensive regional soil sampling and potentially following up on the most prospective targets with drilling late in the season.
Figure 1 on the following page shows a Reduced to Pole aero-magnetic image of the Nachingwea properties. Areas denoted with a red star are high priority targets identified from a review of stream sediment sampling and geophysical data. The area on the image not shaded with diagonal lines, represents the significant area which is pending review by the regional exploration team and additional high priority targets are expected to be identified.
Despite the limited exploration previously undertaken on the broader Nachingwea area, the regional prospectivity has been demonstrated. Intersections of up to 2.71 grams per tonne Au and multiple intersections of anomalous base metals(1) have previously been reported from the gossan discovered at the HOG prospect as well as a grab sample that returned up to 4.96 grams per tonne Au(2). The HOG gossan is over 1 km in length and between 25-180m wide and located 21km north-east of Ntaka Hill. At the Chilalo prospect, located 23 kilometres north-east of Ntaka Hill, the Company has previously reported copper mineralization over a 1 km strike with up to 0.4m @ 5.27% Cu, 15.05 grams per tonne Ag and 0.41 % Zn.(3)
Managing Director Neil Meadows commented: "Regional exploration conducted to date demonstrates the potential for additional styles of mineralisation to be present on our Nachingwea property and we look forward to progressing our regional exploration initiative to follow up on encouraging results obtained from work completed in 2012."
NEIL MEADOWS, Managing Director
(1) ASX news release 15 November 2012
(2) ASX news release 28 May 2012
(3) ASX news release 28 March 2012
To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/IXR0514.pdf
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 ('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 south-east 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 900-1,200Mt @ 20-32% 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 a joint venture with OZ Minerals Limited ('OZ Minerals'), the Mt Woods Copper-Gold Joint Venture Project, to explore the Mt Woods tenements for copper and gold. OZ Minerals is spending a minimum of $20M for a 51% interest in the non-iron rights, with IMX retaining a 49% interest in the non-iron rights and 100% of the iron ore rights.
IMX owns 25.65% of Uranex (ASX: UNX), an exploration company with prospects in Tanzania and Australia.
Visit: www.imxresources.com.au
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 fluctuating metal prices, uncertainty in equity markets and other factors. 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. 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.
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.
Contacts:
IMX Resources Limited
Neil Meadows
Managing Director
+61 8 9388 7877
nmeadows@imxres.com.au
Investor Relations
Tony Dawe
Professional Public Relations
+61 8 9388 0944
tony.dawe@ppr.com.au
www.imxresources.com.au