Exploration for high grade graphite, gold and nickel.
IMX Resources Limited is an Australian-based exploration company, listed on the Australian Securities Exchange and Toronto Stock Exchange, with exploration projects located in Tanzania, East Africa.
In Tanzania, IMX controls the Nachingwea Property, located in south-eastern Tanzania. The Nachingwea Property lies in the world-class Mozambique Belt which is prospective for graphite, nickel, gold and copper mineralization.
At Nachingwea, IMX is carrying out exploration at its Chilalo Graphite Project and at its Kishugu Gold Prospect and a significant nickel resource has been defined at its Ntaka Hill Nickel Project.
Exploration - Tanzania
IMX’s activities are focused on the highly prospective Nachingwea Property, a substantial land package (6.800km2) located in south-eastern Tanzania. IMX is manager of activities at the Nachingwea Property under a joint venture with MMG who holds a 15% interest. The Nachingwea Property includes the Chilalo Graphite Project, the Kishugu Gold Prospect and the Ntaka Hill Nickel Sulphide Project.
Chilalo Graphite Project
At Chilalo, a 3,810m reverse circulation drilling program that was conducted during the December Quarter 2014 intersected high-grade graphite. The assays are from seven holes, where drilling returned a number of near-surface intersections including:
• Hole NRC14-140: 24m @ 11.7% TGC from 28m, including 14m @ 14.9% TGC; • Hole NRC14-149: 15m @ 11.9% TGC from 58m, including 10m @ 13.7% TGC;• Hole NRC14-150: 18m @ 12.7% TGC from 16m, including 14m @ 14.6% TGC;• Hole NRC14-154: 16m @ 11.7% TGC from 18m, including 6m @ 13.5% TGC; • Hole NRC14-155: 18m @ 11.8% TGC from 56m, including 8m @ 14.3% TGC;• Hole NRC14-156: 14m @ 13.0% TGC from 0m; and• Hole NRC14-157: 32m @ 11.4% TGC from 18m, including 14m @ 14.3% TGC.
In addition, 1,379m of diamond drilling at Chilalo was carried out during November 2014. This will assist in the definition of a Mineral Resource, which IMX expects to complete in the March Quarter 2015, as well as providing core for metallurgical test work to determine the flake size distribution of the deposit, flotation recoveries and concentrate grades, the results of which are also expected in the March Quarter 2015.
Kishugu Gold Prospect
At Kishugu, exceptional gold in soil anomalies represent an outstanding exploration opportunity. Results of soil sampling have identified an extensive, coherent, gold-in-soil anomaly measuring 600m by 5.5km, with peak gold values of 904ppb Au, 793ppb Au and 437ppb Au. Drilling is expected to commence in April-May 2015 following the end of the wet season.
Ntaka Hill Nickel Project
At Ntaka Hill, there is a significant Mineral Resource as follows:
• Total Measured and Indicated Resources: 20Mt @ 0.58% nickel and 0.13% copper (0.3% nickel cutoff) for 117,000 tonnes of contained nickel metal; and• Total Inferred Resources: 36Mt @ 0.7% nickel and 0.14% copper (0.3% nickel cutoff) for 238,500 tonnes of contained nickel metal.
In December 2014, subject to the satisfaction of certain conditions, IMX reached agreement with Loricatus Resource Investments, an investment vehicle on behalf of Mauritius-based mining private equity fund, Fig Tree Resources Fund II, on a new joint venture over the two tenements that cover the Ntaka Hill Nickel Project.
Under the terms of the agreement, Fig Tree will acquire a 70.65 per cent stake in the Ntaka Hill Nickel Project from the IMX-managed Nachingwea joint venture between IMX and MMG for US$5.88 million cash. Fig Tree can maintain its 70.65 per cent stake in the Ntaka Hill Nickel Project by sole funding the project through to completion of a Feasibility Study within 5 years. If Fig Tree does not meet its obligation to complete the Feasibility Study, Fig Tree's interest in the Ntaka Hill Nickel Project will reduce to 50 per cent.