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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.
Thursday, December 17, 2009

IMX Resources reports additional nickel–copper sulphide intersections at Nachingwea

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Perth-based diversified mining company IMX Resources (ASX:IXR) has reported that additional nickel copper sulphide intersections have been returned from the final eight drill holes of the 2009 drilling programme at the Nachingwea nickel sulphide JV project in Tanzania.

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

The 2009 core drilling program completed in October tested 11 EM anomalies with 22 drill holes totalling approximately 3,923 metres. Results from 14 drill holes were reported previously, with the remaining eight drill holes totalling 1,611 metres.

Highlights of the latest results include (Ntaka C Zone) 3.05% nickel, 0.38% copper over 0.8m within a wider interval of 7.6m at 1.06% nickel and 0.30% copper in drill hole NAD09-181 (Ntaka B Zone) 1.19% nickel and 0.50% copper over 2.0m in drill hole NAD09-183 (Lionja) 1.05% nickel and 0.15% copper over 0.25m in drill hole NRD09-019.

Duncan McBain, Managing Director of IMX said "the additional shallow nickel sulphide intersections over a 300m strike at the Ntaka C Zone are very encouraging as they highlight the potential to expand the existing resources".

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 Limited. Ngwena is the licence holder for the Nachingwea tenements.

The company also holds a 30% direct interest in the project through a 30% interest in Ngwena.

IMX Resources 30% interest is free carried up to the completion of a feasibility study or the expenditure of Cdn$15m. Continental Nickel can earn an additional 5% upon the expenditure of Cdn$15m and a further 5% on completion of the feasibility study.

IMX is listed on the Australian Stock Exchange with a current market capitalisation of approximately $84m.

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