The St. Stephen project is located in south western Canadian Province of New Brunswick, immediately north of the town of St. Stephen and 120kms west by road of the port city of Saint John. The project area consists of 159 contiguous mining claims totalling 2,544 hectares (approximately 28 sq. kilometres) and is exceptionally well positioned with respect to infrastructure such as power and road transportation links with the bulk shipping port facilities at Saint John.
The mafic to ultramafic rocks host some 17 historical sub-cropping, nickel-copper sulphide occurrences with original discoveries dating back to the 1880’s. Extensive exploration was conducted from 1928 to 1972 by a variety of companies including Anaconda, Inco, St. Stephen Nickel, Atlantic Nickel, Hanna Mining and Boliden. Work included geological mapping, prospecting, various shallow penetrating ground geophysical surveys and the completion of 24,384 metres of surface diamond drilling. In addition, limited development work was completed at the Rogers Farm zone in 1969-60 including sinking a shaft to a depth of 88 metres, 638 metres of lateral development on two levels (-45 and -76 metres), 1,615 metres of underground drilling and extraction of a 4,000 to 6,000 ton bulk ore sample which still sits at surface today.
This previous work resulted in the delineation of three deposits, Roger´s Farm, Hall-Carroll and C Zones for which mineral resources were estimated. The Mineral Resource estimates pre-date and are not compliant with current NI 43-101 reporting standards. However, the estimates suggest an exploration resource target potential of approximately 0.5 to 1.0 million tonnes grading 0.5-1% nickel and ~0.5% copper to a depth of 100 to 150 metres from the three zones (Note: There has been insufficient exploration to define a mineral resource under the current reporting requirements of NI 43-101. The potential tonnage and grade of the deposits are considered conceptual and it is uncertain if further exploration will result in the discovery and delineation of a mineral resource).
Several other mineralized zones are also known on the property which have returned significant historical drill intersections including 1.0% nickel and 0.5% copper over 10.1m at the E-zone and 1.3% nickel and 0.25% copper over 5.0 metres from the D-zone.
In 2003-2004, Abitex acquired the property (holding a 100% interest) and completed a 450 line kilometre airborne magnetic and EM (VTEM) survey which outlined numerous conductive targets. In 2005, Abitex drilled seven shallow drill holes totalling 683 metres to confirm near surface mineralization at the Rogers Farm zone and the nearby E-zone and submitted samples for preliminary metallurgical testing with bio-leaching technology.
The mineralization observed on the St. Stephen property is comparable to other known nickel-copper deposits; such as the past producing deposits of Lynn Lake in Manitoba and Montcalm in Ontario and the currently producing deposits of Aguablanca in Spain and Voiseys Bay in Labrador.
IMX Resources considers the St. Stephen project to have favourable exploration and development potential for the following reasons:
-The property hosts multiple zones of nickel-copper sulphide mineralization which can be favourably compared geologically to a number of similar, larger deposits globally which are either currently in production or are past producers-Many of the historic near-surface zones have yet to be tested to any significant depth-The project has been largely idle with respect to significant exploration for almost 40 years and has not been evaluated with current deep penetrating EM geophysical techniques which may be able to define extensions to known zones and / or identify new zones of mineralization-The historic zones are near surface and may potentially be extractable with low cost open pit mining in addition to the potential cost advantages due to established local infrastructural such as power and transportation links to ports-Sustained high metal prices currently well above historic long term metal prices favourably impact any potential development scenario
In 2008 – 2009, a compilation of historical exploration data and construction of a digital drill hole data base was commissioned leading to the completion of an independent NI 43-101 technical report for the property. The Company also reviewed the data from the airborne magnetic and VTEM survey completed by Abitex. Selected targets were identified and surveyed with a large, fixed loop, ground TDEM geophysical survey. This survey detected several high conductance anomalies associated with known mineralization as well as several new anomalies not tested by previous drilling.
A diamond drill program (10 drill holes totalling 1,356 metres) in 2012 discovered several new zones of nickel-copper sulphide mineralization while drill testing the various TDEM targets outlined.Highlights included the G Zone where drill hole SSD10-003 intersected 1.0% nickel and 0.29% copper over 9.3 metres, including a massive sulphide interval grading 2.00% nickel and 0.56% copper over 3.3 metres; and the Triple J Zone where drill hole SSD10-004 intersected a 21.4 metre interval of sulphide mineralization grading 0.63% nickel and 0.22% copper.
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