Oct 31 2013
IMX Resources Limited ('IMX' or the 'Company') reports assay results of five drill holes at the Ntaka Hill Nickel Sulphide Project. Exploration of the Nachingwea Project which includes pursuing a new exploration focus on high-grade nickel mineralisation at 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, "These results demonstrate that the Sleeping Giant and Zeppelin deposits are connected and form part of a system of mineralisation which extends from the western edge of the Sleeping Giant deposit towards the P Zone deposit to the east. This system is approximately 1,300 metres wide and remains open to the north, south, east and at depth. Every hole drilled has intersected disseminated nickel mineralisation over significant widths and we expect that this will significantly add to the existing resource.
The presence of the massive sulphide intersections within these results is encouraging given the new focus of exploration for high-grade nickel mineralisation by MMG."
Three dimensional modelling of the Sleeping Giant and Zeppelin deposits incorporating the work done over the 2013 wet season which included the interpretation of the gravity survey, re-logging and structural interpretation of drill core and compilation and analysis of the data base of soil samples indicated continuity of mineralisation between these two deposits and potentially further to the east at the P Zone deposit. This drilling was carried out to test this model outside of the current resources. The extent of the gravity image shown in Figure 1 is thought to indicate potential for an even bigger footprint for the mineralisation.
The assays from this drilling indicate consistently high nickel tenor similar to the Sleeping Giant and Zeppelin deposits which have been shown to exhibit excellent metallurgical performance and allow for production of a high-grade nickel concentrate. The Company's 2013 drilling program has involved further drilling at the Sleeping Giant, Zeppelin and P Zone deposits, the results of which are expected to be available in the coming weeks.
The Mineral Resource (0.3% Ni cut-off) at the Sleeping Giant Deposit is comprised of an Indicated Mineral Resource of 17,200,000 tonnes at 0.49% Ni for 84,280 tonnes of contained nickel; and an Inferred Mineral Resource of 29,000,000 tonnes at 0.70% Ni for 203,000 tonnes of contained nickel, while at the Zeppelin deposit, there is an Inferred Mineral Resource (0.3% Ni cut-off) of 6.0Mt @ 0.52% Ni for 31,000 tonnes of contained nickel.1
IMX confirms that since announcing the mineral resource estimate on 19 August 2013 for the Sleeping Giant and Zeppelin deposits, 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.