IMX Resources Limited
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IMX Resources Limited

May 12, 2013 19:28 ET

IMX Intersects Further Mineralisation at Ntaka Hill

PERTH, AUSTRALIA--(Marketwired - May 12, 2013) -

  • 2013 exploration program at Ntaka Hill intersects further mineralisation

IMX Resources Limited (TSX:IXR)(TSX:IXR.WT)(ASX:IXR) ('IMX' or the 'Company') is pleased to announce that a further two diamond drill holes have been completed at Ntaka Hill, both of which have intersected continuous disseminated sulphide mineralisation.

The second hole NAD13-351, located south-west of G Zone, intersected seven metres of continuous disseminated sulphide mineralisation while the third hole NAD13-352, located north-west of G zone, intersected almost 46 metres of continuous disseminated sulphide mineralisation. This follows the previously reported hole NAD13-353, located between the G and J deposits, in which over 70 metres of continuous disseminated sulphide mineralisation was intersected.1

Table 1 presents the drill collar information while Figures 1 and 2 show the location of the three drill holes and a cross-section for drill hole NAD13-353 respectively.

Table 1. Drill collar information for first three diamond drill holes at Ntaka Hill (UTM 37S grid)
Hole East/North
(m)
Az / Dip
(deg)
Total depth (m) From, to
(m)
Interval
(m)
Description
NAD13-353 451298,8884650 090,-60 202.0 37-119.5 82.5 Approximately 7% disseminated sulphides in pyroxenite
NAD13-351 451246,8884180 090,-60 200.44 87.3-94.3 7.0 Approximately 16% disseminated sulphide in pyroxenite .
NAD13-352 451047,8884698 090,-60 248.3 136-181.9 45.9 Approximately 8% disseminated sulphides in pyroxenite

A mobile sample preparation laboratory, which will be operated under the supervision of ALS Minerals, is expected to arrive at Ntaka Hill this week, allowing for more timely assaying of drill core, with results from the three holes drilled to date expected to be available in June 2013.

As intended for all drill holes at Ntaka Hill during the 2013 field season, each of these drill holes completed to date will be assessed with down-hole electromagnetic equipment to explore for extensions to the sulphide mineralisation intersected as well as more massive sulphides at depth.

IMX Managing Director Neil Meadows commented: "These intersections recorded early in the 2013 drilling campaign at Ntaka Hill confirm our belief that the resource base has the potential to increase significantly and substantially. These holes were targeted on the basis of matching geochemical, gravity and electro-magnetic survey data sets and have, to a significant extent, intersected mineralisation in line with expectations."

Neil Meadows, Managing Director

  1. ASX news release 9 May 2013

To view Figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/ixr512i.pdf

Competent Persons / Qualified Person / NI 43-101 Statement

Information in this announcement relating to the Ntaka Hill exploration program is based on work carried out under the supervision of Mr Ernest Poole. Mr Poole holds the position of Manager Exploration and is a full-time employee of IMX. Mr Poole is a registered member of the Australian Institute of Geoscientists and has sufficient relevant experience to qualify as a Competent Person under the 2004 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Poole approves and consents to the inclusion of the data in the form and context in which it appears.

About IMX Resources Limited

IMX is an Australian based mining and base and precious metals exploration company, listed on the Australian Securities Exchange and the Toronto Stock Exchange (TSX:IXR)(TSX:IXR.WT)(ASX:IXR), with exploration projects located in Australia, Africa and North America.

In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in south-eastern Tanzania, which includes the potentially word-class Ntaka Hill Nickel Sulphide project, located approximately 250km west of the port town of Mtwara. 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 900Mt-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 attract a significant price premium.

IMX has a joint venture with OZ Minerals Limited ('OZ Minerals'), the Mt Woods Copper-Gold JV 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 or 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. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted), uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 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.

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.

The TSX does not accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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