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Market: ASX
Sector: General Mining
Epic: ASX:IXR
News: Latest news
Web Site: IMX Resources
Other Articles: 04-01-201017-12-200930-11-2009

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IMX Resources

IMX Resources

IMX Resources has a multi commodity portfolio approach, coupled with geographical diversity. IMX has a diverse portfolio including core projects in copper, nickel, iron ore and PGE. The Company’s operations and interests span across diverse geographical locations including Australia, Africa and India.
Wednesday, November 25, 2009

IMX Resources confirms new mineralisation at Nachingwea

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IMX Resources (ASX: IXR) has reported an additional three potential zones of mineralisation intersected at the Ntaka and Lionja areas of the Nachingwea nickel sulphide JV project in Tanzania.

The project is a 30:70 Joint Venture between IMX and TSXV listed Continental Nickel, in which IMX has a substantial 47.4% shareholding.

Highlights of the latest drill assays received were at Ntaka C, Ntaka B and Lionja.

Results from Ntaka C Zone included 4.31% nickel, 0.60% copper and 0.17% cobalt over 2.40m within a wider interval of 9.00m grading 1.64%, 0.28% copper and 0.07% cobalt in drill hole NAD09-180, while Ntaka B Zone results were 1.64% nickel and 0.29% copper over 3.00m in drill hole NAD09-177.

At Lionja, the results were 2.03% nickel and 0.41% copper over 2.25m in drill hole LID08-005 Ext.

IMX managing director said Duncan McBain said the new shallow nickel sulphide intersections at Ntaka were exciting as they highlighted the potential to expand the existing resources.

“The regional program is beginning to confirm the belief we have always held in the prospectivity of the larger Nachingwea licence area, with the presence of high grade nickel sulphides at Lionja, and sulphide bearing ultramafics regionally," he said.

In 2009, 31 regional and four Ntaka airborne VTEM targets were evaluated by geological mapping and ground EM geophysical surveys. Diamond drilling in September and October tested 11 EM conductors confirmed and prioritised from the ground surveys, with twenty-two drill holes totalling 3,923m. Results from 14 of the 22 holes drilled have been received and are reported.

A review of the 2007-2008 airborne VTEM survey data identified four new anomalies in the Ntaka area which had not been adequately evaluated. Ground EM surveys confirmed the presence of two priority anomalies referred to as anomalies B and C.

The IMX Resources interest in the Nachingwea project are held indirectly through a 47.3% interest in Continental Nickel, which holds a 70% interest in the Tanzanian JV company Ngwena.

IMX is listed on the Australian Stock Exchange (ASX) with a current market capitalisation of approximately $58m.

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