IMX Resources Limited is an Australian-based minerals and development exploration company, listed on the Australian Securities Exchange and Toronto Stock Exchange, with projects located in Tanzania, East Africa.
In Tanzania, IMX controls the Nachingwea Property in south-eastern Tanzania. IMX is manager of activities at the Nachingwea Property under a joint venture with MMG who holds a 14.7% interest. The Nachingwea Property lies in the world-class Mozambique Belt which is prospective for graphite, nickel, gold and copper mineralization.
At Nachingwea, IMX is advancing its Chilalo Graphite Project, carrying out exploration at its Kishugu Gold Prospect and has defined a significant nickel resource at its Ntaka Hill Nickel Project.
Nachingwea Property - Tanzania
IMX’s activities are focused on the highly prospective Nachingwea Property, a substantial land package (5,800km2) located in south-eastern Tanzania. The Nachingwea Property includes the Chilalo Graphite Project, the Kishugu Gold Prospect and the Ntaka Hill Nickel Sulphide Project.
Chilalo Graphite Project
At Chilalo, the Shimba deposit contains an Inferred Mineral Resource of 7.4Mt grading 10.7% Total Graphitic Carbon (TGC) for 792,000t of contained graphite (within the >5% TGC high-grade zone). The high-grade resource is part of the total Shimba Mineral Resource estimate of 18.1 million tonnes grading 6.2% TGC for 1,114,600 tonnes of contained graphite.
The identification of the Shimba deposit followed a 3,810m reverse circulation (RC) drilling program that was conducted during the December Quarter 2014 that intersected high-grade graphite. Assays from 13 holes, returned a number of high-grade 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, the results of which confirmed the high-grade intersections from the RC drilling. This provided core for metallurgical testwork, the initial results of which indicate that the Shimba deposit has excellent metallurgical characteristics, including:
• Concentrate grade average of 95.9% TC from basic flotation testwork (maximum 97.6% TC); • For fresh material, 53% classified as large and jumbo flake size (maximum 57.4%);• For transition material, 47% classified as large and jumbo flake size (maximum 50.3%); and• Average recoveries across fresh and transitional material of 96.8% TC (maximum 97.5% TC).
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 May 2015, following the end of the wet season.
Ntaka Hill Nickel Project
IMX has entered into a Project Acquistion Agreement with Loricatus Resource Investments, an investment vehicle on behalf of Mauritius-based mining private equity fund, Fig Tree Resources Fund II for a joint venture covering its Ntaka HIll Nickel Project.
Under the Project Acquisition Agreement, Fig Tree will acquire a 70.65% stake in Ntaka Hill from the IMX-managed Nachingwea JV between IMX (85.30%, MMG Limited 14.70%) for consideration of US$6 million in cash, of which US$2 million is paid upon receipt of key regulatory approvals and US$4 million is paid upon sucessful completion by Fig Tree of additional geo-technical studies.
Fig Tree will have the right to maintain it's 70.65% interest in Ntaka Hill upon sole funding all work to completion of a Definitive Feasibility Study within 5 years. If Fig Tree does not complete the study, it's interest in Ntaka Hill will reduce to 50%. Should the geotechnical studies bu unsuccessful, Fig Tree will then hold a 30% interest in the joint venture. The geotechnical studies are expected to be completed by August 2015.
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.