Tasmania

IMX is exploring for Ni-Cu-PGE’s in the relatively underexplored Rocky Cape region on the northwest coast of Tasmania. The project comprises five granted exploration licences covering 569.7km2 and is a 96%:4% joint venture between IMX and Barrett Exploration Pty Ltd.

In 2011, low level anomalous geochemistry consistently demonstrated the potential for Ni-Cu-PGE mineralisation across the project area. This geochemistry was supported by petrography from drillcore testing electromagnetic (EM) geophysical targets and confirmed the widespread presence of poorly outcropping and highly altered ultramafic rocks within project tenements.

The results of the geochemical sampling programme are very encouraging as they consistently demonstrate the potential for Ni-Cu-PGE mineralisation across different sampling mediums and techniques. This is particularly significant as the project areas have historically been underexplored due to the highly leached nature of the soils, where conventional geochemistry is ineffective. Further systematic MMI™^[1] sampling was conducted in December 2011 to identify new targets and to fully define drill targets in the existing anomalies. A drill program is scheduled for 2012.

Background
IMX commenced drill testing priority VTEM conductor targets in 2009. Diamond core hole SRDH03 successfully intersected what was believed to be a highly altered and leached ultramafic rock at 62.4m. Petrological analysis from two core samples identified relict chromites, confirming the ultramafic nature of the rock despite its highly altered and leached state. In addition, an unusually high concentration of titanium oxide (6.8% TiO2), fine grains of a copper-tin (Cu-Sn) alloys, and anomalous Rare Earth Elements (REEs) were also identified. The geochemical similarity of these rocks with titanium rich alkaline komatiites or meimechites, which are considered to have high PGE potential, increases the prospectivity of the region.

In 2011, a total of 451 geochemical samples comprising 430 MMI™ soils, 9 rock chips and 12 Heavy Mineral Concentrate (HMC) stream sediment samples were collected across the project. Due to the highly leached nature of the Tasmanian soils MMI™ sampling was used to test and rank potential VTEM targets. Results of the reconnaissance sampling indicated that rocks geochemically similar to those at SRDH03 are widespread elsewhere within the project at Dunns, Montagu and Mt Frankland (Figure 1). Nearly all the geochemical lines sampled demonstrated anomalous Cr and Ti, with many showing anomalous Pd, Cu, Sn, Zr and REEs. The presence of Pd without matching Pt in the MMI™ samples, and the widespread anomalous Cu suggests that sulphides are present in unaltered rocks. The Cu-Ni-PGE sulphide potential is also indicated by elevated chromite compositions.

^{[1] MMI™ - Mobile Metal Ion analysis is a low level detection geochemical process that analyses metals in soils and weathered materials using extremely weak solutions of organic and inorganic compounds rather than the conventional aggressive acid digest solutions or fusions. MMI™ extractants, containing strong ligands, are used to detach and hold in solution metal ions which are loosely bound to soil particles by weak atomic forces. The metal ions held in solution are therefore the chemically active or 'mobile' component. These mobile forms occur in very low concentrations that are readily measurable by modern ICP-MS analysis with considerable precision. Source- http://www.geochem.sgs.com/mmi-process.htm}