IMA Exploration Inc.
TSX VENTURE : IMR
FRANKFURT : IMT
BERLIN : IMT
AMEX : IMR

IMA Exploration Inc.

April 05, 2006 13:45 ET

Phase IV Drilling Update for IMA's Navidad

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2006) - IMA Exploration Inc. (TSX VENTURE:IMR)(AMEX:IMR)(FWB:IMT)(BERLIN:IMT)(WKN 884971) is pleased to announce results from 35 diamond drill holes at its Navidad Silver Project in Patagonia, Argentina, from the Phase IV drilling programs that commenced in January of 2006. Phase IV drilling to date has focused on further defining the Calcite NW and Calcite Hill deposits, as well as testing of several geological/geophysical targets away from the main mineralized trends.

Highlights of the drilling at Calcite NW include hole NV06-262 with 25.2 metres (m) averaging 146 grams/tonne (g/t) silver including a higher-grade section of 8.54m averaging 385 g/t silver, as well as NV06-264, which contained 28.4m averaging 127 g/t silver including 6.85m of 455 g/t silver (Table 1). At Calcite Hill hole NV06-272, on the northern limit of the known resource boundary, returned 9.86m averaging 401 g/t silver. The zone remains open towards the north at shallow depths.

A small area of Galena Hill has also been drilled on tight centres to allow calculation of the optimal drill spacing and to collect more material for metallurgical testing. As the Phase IV program continues drilling will also target: 1) the Esperanza Trend, 2) delineation of the high-grade mineralized zone at Loma de la Plata, which has only been tested by 5 drill holes to date (News Release 24, October 13, 2005), and 3) initial testing of other targets located along the 8km Argenta Trend.

As expected, infill drilling at Galena Hill produced long intercepts of silver and lead mineralization. An example of one of the Galena Hill infill holes is NV06-275, with 120m containing 218 g/t silver and 4.8 percent (%) lead with a higher-grade, upper-part of 27.8m, starting at just 33m depth, that contains 539 g/t silver and 9.3 % lead. Similarly, hole NV06-279 produced 156.8 m averaging 121 g/t silver and 4.8 % lead including a higher-grade interval of 42m averaging 231 g/t silver and 10.2 % lead in its upper portion. For convenience, the silver equivalent values including lead have been shown in the table of results. In many cases the lead accounts for as much as half of the potential metal value at Galena Hill (see formula in the foot notes of table for details of the calculation method).

Galena Hill infill drilling will determine the optimal drill spacing and orientation required to upgrade the resource from the indicated to the measured category. The holes released represent three section lines of five holes each with spacing between the hole collars and lines of 25m. All of the holes were drilled towards grid north at -75 degrees. Additional infill holes will be drilled oriented -75 degrees grid south on intermediate section lines at 25m collar spacing, thereby reducing the section lines spacing to 12.5m. Prior drilling was done at a section spacing of roughly 80 metres with holes spaced at approximately 60 metres.

The results of holes released represent 6,633 metres of drilling of the more than 9,000 metres already drilled in 2006, bringing the life of the project total to over 50,000 metres. Reconnaissance drilling included 4 holes drilled between the Esperanza and Argenta trends. Drilling at Calcite NW included 14 holes, while drilling at Calcite Hill included 2 holes. An infill-drilling program at Galena Hill comprised 15 holes. The drill is currently working on the Esperanza Trend.

An updated summary of collar locations and hole orientations and lengths is available on IMA's website (www.imaexploration.com), as is a summary of IMA's rigorous, quality-control and quality-assurance procedures. Dr. Paul Lhotka is IMA's "Qualified Person" at the Navidad project and has supervised all aspects of the current technical program and has reviewed the contents of this release.

ON BEHALF OF THE BOARD

Mr. Joseph Grosso, President & CEO

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.



Table 1. Phase IV Drill Results
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composite
length Silver AgEq
Drill from to (metres) g/t Lead % g/t
Hole Location (metres)(metres) (1) (LWA)(2)(LWA)(2) (LWA)(3)
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NV06-252 recce 161.00 163.39 2.39 27 0.00 27
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and 252.53 256.89 4.36 39 0.60 63
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NV06-253 recce 418.79 423.91 5.12 21 0.34 34
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NV06-254 recce none
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NV06-255 Calcite NW 59.30 69.25 9.95 19 1.23 68
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including 59.30 62.00 2.70 36 1.48 95
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and 67.70 69.25 1.55 38 4.45 216
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NV06-256 Calcite NW 60.57 68.36 7.79 23 1.76 94
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including 60.57 63.47 2.90 28 2.06 110
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and 66.06 68.36 2.30 38 3.07 161
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NV06-257 Calcite NW 33.32 34.85 1.53 37 2.38 132
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NV06-258 Calcite NW 51.54 53.64 2.10 35 2.99 155
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NV06-259 Calcite NW 71.00 76.54 5.54 53 1.89 128
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NV06-260 Calcite NW 75.04 86.60 11.57 44 3.35 178
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including 84.00 86.60 2.60 143 13.32 676
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NV06-261 Calcite NW 53.50 64.54 11.04 147 0.70 175
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NV06-262 Calcite NW 41.45 66.65 25.20 146 0.40 162
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including 55.34 63.88 8.54 385 0.17 392
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NV06-263 Calcite NW 68.00 80.77 12.77 264 0.42 281
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including 71.00 77.47 6.47 496 0.29 508
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including 71.00 74.95 3.95 784 0.00 785
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NV06-264 Calcite NW 51.36 79.77 28.41 127 0.35 141
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including 69.04 75.89 6.85 455 0.01 456
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including 69.04 70.25 1.21 2208 0.13 2213
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NV06-265 Calcite NW 50.85 63.10 12.25 80 0.69 107
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NV06-266 recce none
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NV06-267 Calcite NW 54.14 59.20 5.06 97 1.20 145
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NV06-268 Calcite NW 42.77 56.79 14.02 160 0.45 178
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NV06-269 Calcite NW 28.05 45.80 17.75 93 0.55 115
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NV06-270 Calcite
Hill 21.52 31.38 9.86 401 0.75 431
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NV06-271 Calcite
Hill 34.72 48.35 13.63 48 1.04 90
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NV06-272 Galena
Hill 27.06 154.17 127.11 129 3.40 265
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including 27.06 93.01 65.95 208 4.85 402
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NV06-273 Galena
Hill 26.21 122.70 96.49 157 3.49 296
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including Galena
Hill 26.21 73.89 47.68 238 3.84 392
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NV06-274 Galena
Hill 6.88 107.71 100.83 119 1.44 177
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including 29.46 68.72 39.26 221 1.48 281
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NV06-275 Galena
Hill 28.50 148.55 120.05 218 4.81 410
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including 33.01 60.78 27.77 539 9.26 909
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NV06-276 Galena
Hill 38.00 137.66 99.66 210 4.02 371
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including 38.00 91.60 53.60 247 4.52 428
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NV06-277 Galena
Hill 3.05 117.62 114.57 125 2.26 215
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including 3.05 47.20 44.15 266 4.02 426
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including 81.64 117.62 35.98 48 1.87 123
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and 167.79 184.41 16.62 122 4.30 294
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NV06-278 Galena
Hill 31.18 135.80 104.62 154 4.17 321
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including 31.18 75.27 44.09 290 5.58 513
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NV06-279 Galena
Hill 33.00 189.78 156.78 121 4.79 312
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including 33.00 74.98 41.98 231 10.20 639
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NV06-280 Galena
Hill 44.40 162.72 118.32 149 5.41 366
including 50.40 90.38 39.98 190 6.82 463
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NV06-281 Galena
Hill 57.72 140.00 82.28 133 4.36 308
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including 57.72 100.14 42.42 185 6.42 441
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NV06-282 Galena
Hill 11.30 189.67 178.37 124 3.07 247
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including 11.30 89.30 78.00 225 4.96 423
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including 177.90 189.67 11.77 200 3.44 338
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NV06-283 Galena
Hill 27.87 123.01 95.14 161 3.91 317
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including 36.76 84.58 47.82 250 4.49 429
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and 170.91 188.77 17.86 110 2.00 190
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NV06-284 Galena
Hill 48.79 177.02 128.23 151 4.61 335
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including 57.57 90.44 32.87 427 11.61 891
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NV06-285 Galena
Hill 41.00 164.34 123.34 121 5.60 345
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including 47.00 77.70 30.70 192 8.75 542
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NV06-286 Galena
Hill 44.90 133.47 88.57 71 2.14 157
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including 71.85 95.97 24.12 134 3.84 288
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Notes: 1. True thickness has not been calculated for these holes.
2. All length weighted averages (LWA) are "uncut" i.e. have
no grade capping.
3. Silver equivalent calculated using US$6.00/oz silver and
$0.35/lb lead. (AgEq equals Ag + (%Pbx10,000/250). No attempt
has been made to adjust these relative values by accounting
for metallurgical recoveries, as insufficient information is
available to do so. This is the same method as used in the
resource calculation release on February 16, 2006.
4. A complete list of all results to date is available on
IMA's website (www.imaexploration.com).


To view the map accompanying this press release, please click on the following link: http://www.ccnmatthews.com/docs/IMA405.jpg


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • IMA Exploration Inc.
    Joseph Grosso
    President & CEO
    Toll Free: 1-800-901-0058 or (604) 687-1828
    or
    IMA Exploration Inc.
    Sean Hurd
    Vice President, Investor Relations
    Toll Free: 1-800-901-0058 or (604) 687-1828
    (604) 687-1858 (FAX)
    info@imaexploration.com
    www.imaexploration.com