PERTH, AUSTRALIA — (Marketwired) — 08/18/13 — Highlights
IMX Resources Limited (ASX: IXR)(TSX: IXR)(TSX: IXR.WT) (-IMX- or the -Company-) is pleased to announce an updated global Mineral Resource estimate for the Ntaka Hill Nickel Sulphide Project (the -Ntaka Hill Project-) that comprises the recently updated Sleeping Giant Deposit Mineral Resource estimate(1), the previously announced Zeppelin Mineral Resource estimate(2) and the existing Mineral Resource estimates for J Zone, G Zone and M Zone as of March 2012.(3)
IMX Managing Director Neil Meadows commented, „We are pleased to announce this significant increase in the Ntaka Hill Project global Mineral Resource estimate. The more than doubling of the grade to 0.66% Ni in the Inferred Resource category is particularly significant and challenges the perception that Ntaka Hill is largely a low-grade deposit. When the excellent metallurgy of the resources is taken into account they form the basis of a significant project to be developed in the future.
The Mineral Resource zones that make up the global Mineral Resource at Ntaka Hill are now seen to form part of a much larger mineralised system, which is consistent with the growth of the Sleeping Giant deposit. The Company-s current drilling program at Ntaka Hill continues to focus on expanding the open pit potential as well as investigating the mineralisation down plunge of the high-grade shoots that have previously been discovered. We anticipate that further drilling will demonstrate that the mineralised zones at Ntaka Hill are likely to form one very large mineralised system potentially also containing a significant amount of higher grade material.“
Resource modelling work reported recently indicated that the Sleeping Giant Deposit now comprises the Mineral Resources of H Zone, L Zone, NAD-013 zone and Sleeping Giant, which now form a larger single deposit within the Ntaka Hill mineralised system.(1)
This announcement provides a compilation of data that comprises the Sleeping Giant Deposit Mineral Resource estimate, the Zeppelin Mineral Resource estimate(2) and the existing Mineral Resource estimates for J Zone, G Zone and M Zone(3), the outcome of which confirms a significant increase in contained nickel at a substantially increased grade for the Inferred Resource category.
Ntaka Hill Project, Global Mineral Resources by Mineralized Zone as at July 2013
The total Measured and Indicated Mineral Resources at Ntaka Hill are currently 20.3 million tonnes @ 0.58% nickel (and 0.13% copper) for 117,880 tonnes of contained nickel, and the total Inferred Mineral Resources at Ntaka Hill are currently 35.9 million tonnes @ 0.66% nickel (and 0.14% copper) for 238,500 tonnes of contained nickel.
A summary of the global Mineral Resource estimate by category and location for the Ntaka Hill Project is shown in Table 1.
Table 1. Ntaka Hill Project global Mineral Resource estimate: categories of Mineral Resource by location
Figures 1 and 2 on the following page show a plan view of the mineralisation at the Ntaka Hill global Mineral Resource and a three-dimensional view of the block model respectively.
NEIL MEADOWS, Managing Director
To view Figures 1-2, please visit the following link:
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Competent Persons / Qualified Person / NI 43-101 Statement
This updated Mineral Resource estimate for Sleeping Giant was prepared by Cube Consulting Pty Ltd of Perth (-Cube-), Western Australia under the supervision of Patrick Adams, B.Sc., Grad Cert. Geostats, CP (GEO), Principal Consulting Geologist. Mr Adams is a registered member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists and has sufficient relevant experience to qualify as a Competent Person under the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (-JORC 2012-) and an independent qualified person under Canadian National Instrument 43-101 (-NI 43-101-). Mr Adams has verified the data underlying the information contained in this announcement and approves and consents to the inclusion of the data in the form and context in which it appears.
Information in this announcement relating to quality control and technical information on exploration results is based on data collected by the Company-s former joint venture partner at the Nachingwea Project, Continental Nickel Limited (-CNI-), under the supervision of joint venture company geologists since 2006. Ernest Poole B.Sc, Dip.Ed., in his capacity as Exploration Manager for IMX has been working on the Ntaka Hill Project since November 2012, and has had the benefit of a comprehensive due diligence process and handover from CNI geologists to IMX geologists following IMX-s acquisition of 100% ownership of the Ntaka Hill Project in September 2012. Mr Poole is a registered member of the Australian Institute of Geoscientists and has sufficient relevant experience to qualify as a Competent Person under JORC 2012 and as a qualified person under NI 43-101. Mr Poole has verified the data underlying the information contained in this announcement and approves and consents to the inclusion of the data in the form and context in which it appears.
Information relating to the 2012 Mineral Resource estimate and the Zeppelin Mineral Resource estimate was prepared by Roscoe Postle Associates Inc. of Toronto, and reviewed by Patrick J. Adams, B.Sc., Grad Cert. Geostats, Principal Consulting Geologist, of Cube.
Quality Control
Drill core samples (NQ) are cut in half by a diamond saw on site. Half of the core is retained for reference purposes. Samples are generally 1.0 metre intervals or less, at the discretion of the site geologists. Sample preparation is completed at the ALS Chemex South Africa (-ALS-) preparation laboratory in Mwanza, Tanzania. Sample pulps were sent by courier to the ALS Chemex analytical laboratory in Vancouver, Canada. Blank samples and commercially prepared and certified Ni sulphide analytical control standards with a range of grades are inserted in every batch of 20 samples, or a minimum of one per sample batch. Analyses for Ni, Cu and Co are completed using a peroxide fusion preparation and ICP-AES finish (Analytical Code ME-ICP81). Analyses for Pt, Pd, and Au are by fire assay with an ICP-AES finish (Analytical Code PGM-ICP23).
All remaining core drilled since 2006 is preserved under cover at the Ntaka Hill site, and the core is in excellent condition and available for visual inspection or re-assay.
Refer to Appendix 1, section 1 -Sampling Techniques and Data- for additional information.
About IMX Resources Limited
IMX Resources Limited is an Australian-based mining and base and precious metals exploration company, listed on the Australian Securities Exchange (-ASX-) and Toronto Stock Exchange, with 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 Mineral 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. The Global Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not a Mineral Resource estimate as defined by the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 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 has a joint venture with OZ Minerals Limited (-OZ Minerals-), the Mt Woods Copper-Gold Joint Venture Project, to explore the Mt Woods tenements for copper and gold. OZ Minerals is spending a minimum of AUD 20 million 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.
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Cautionary Statement: The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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 of 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. Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not Mineral Resource estimates as defined by the JORC (2012) 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. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
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.
Appendix 1: JORC 2012 Table 1 Reporting
Contacts: IMX Resources Limited Neil Meadows Managing Director +61 8 9388 7877
Professional Public Relations Tony Dawe Investor Relations +61 8 9388 0944
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