PERTH, AUSTRALIA — (Marketwired) — 08/14/13 — IMX Resources Limited (ASX: IXR)(TSX: IXR)(TSX: IXR.WT) –
IMX Resources Limited (-IMX- or the -Company-) is pleased to announce an updated Mineral Resource estimate for part of the project now referred to as the Sleeping Giant Deposit. This update further confirms the prospectivity of the area and the opportunity for future project development.
In early 2013, the Company engaged Dr Stephen Barnes of the Earth Science and Resource Engineering Division of CSIRO and Mr Jon Standing of Jigsaw Geoscience Pty Ltd to improve the Company-s understanding of the mineral systems at the Ntaka Hill Nickel Sulphide Project (the -Ntaka Hill Project-). Dr Barnes and Mr Standing spent time separately at the Ntaka Hill Project during the first quarter of 2013 where they studied diamond core and reviewed selective outcrops and suggested models for the genesis and structural controls of the mineralisation in the Ntaka Hill Intrusive. The current geological interpretation and Mineral Resource modelling of the Sleeping Giant Deposit incorporates the ideas of both Dr Barnes and Mr Standing.
The Mineral Resource estimate for the Sleeping Giant Deposit is reported at different cut-off grades in Table 2:
Sleeping Giant Deposit: comparison with the 2012 Mineral Resource estimate
A direct comparison between the 2013 Mineral Resource estimate (Sleeping Giant Deposit) and the 2012 Mineral Resource estimate(1) (Sleeping Giant, L Zone, NAD-013 and H Zone) is presented in Table 3, with Figure 1 and Figure 2 on the following page showing a plan view and three-dimensional view of the block model.
(1) ASX announcement 5 March 2012
The tables show that in 2013, following the review of the geological setting and structural controls by Mr Standing and Dr Barnes, a more conservative approach was taken to applying material to the Measured and Indicated categories. As a consequence, contained nickel in these categories has been reduced by 36,920 tonnes, however, contained nickel in the Inferred Resource category has increased by 99,500 tonnes at substantially improved grades.
Also, the Company has applied a cut-off grade of 0.3% Ni for the 2013 Mineral Resource models, as this was considered to more closely represent an economic cut-off for open pit mining in either the current or forecast nickel price environments.
IMX Managing Director, Neil Meadows, commented, „We are pleased to release this updated Mineral Resource estimate for the Sleeping Giant Deposit at our Ntaka Hill Project. The improved grade of the inferred portion of the resource is significant as is the demonstration of the linkage between the various zones referred to previously as being separate. In addition, current, near surface drilling has continued to expand the open pit potential at Ntaka Hill, while future planned drilling is aimed at investigating the area down plunge of the high grade shoots within the Sleeping Giant deposit shown in the model output.“
Neil Meadows, Managing Director
To view Figure 1 and Figure 2 accompanying this press release, please visit the following link:
Competent Persons / Qualified Person / NI 43-101 Statement
This updated Mineral Resource estimate for Sleeping Giant was prepared in accordance with the guidelines of the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (-JORC 2012-), 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 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 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 and Toronto Stock Exchange (-TSX-), 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 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.
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 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.
ABN 67 009 129 560
Contacts: IMX Resources Limited Neil Meadows Managing Director +61 8 9388 7877 +61 8 9382 2399 (FAX)
Professional Public Relations Tony Dawe Investor Relations +61 8 9388 0944
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