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Additional information
Additional Information
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.
Friday, November 27, 2009

IMX Resources confirms iron mineralisation at Snaefell Prospect in South Australia

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Diversified miner IMX Resources (ASX: IXR) has reported that new assay results from a historical diamond hole have confirmed the continuity and grade of iron mineralisation at the Snaefell iron ore prospect, located 12km south west of Cairn Hill in South Australia.

As part of the ongoing exploration programme at Snaefell, IMX recently sampled core from a sparsely sampled historical diamond hole drilled by CRA Exploration in 1987, which is stored by Primary Industry and Minerals SA (“PIRSA“) at the core storage facility in Glenside, SA.

The best quarter core sample results include 6m at 27.26% Fe from 46m, 118m at 32.19% from 91m, including 1m at 42.96% of Fe from 145m.

Historical hole DD87LR01 is 242m deep and is located outside the current core area of the target mineralisation model generated from integrating drilling, aeromagnetic and gravity data.

These new iron results show consistent grades and wide intervals that are similar to those reported from recent IMX exploration drilling (ASX: 4 November 2009), 200m to the west, and 150m to the east, and confirm the potential continuity of the iron mineralisation.

Despite recent heavy rains, IMX is currently diamond core drilling to further assess the Snaefell mineralisation and geology.

Recent drilling at Cairn Hill has intersected magnetite to the south and west of the project with target mineralisation of 320-550mt @ 25-35% Fe based on the drilling, ground gravity and aeromagnetics.

The immediate upside for Cairn Hill remains the definition of further resources to support a long term 3-5mtpa operation.

Perth-based IMX, listed on the Australian Stock Exchange with a current market capitalisation of approximately $58m, is an active diversified mining company with projects in South Australia, Tasmania, Tanzania and Mozambique, East Africa.

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