IMX Resources (ASX: IXR) has intersected continuous disseminated sulphide mineralisation at two diamond drill holes completed at its Ntaka Hill Project in Tanzania.This follows up on the first hole, which intersected 82.5 metres of continuous sulphide mineralisation.
The second hole NAD13-351, located south-west of G Zone, intersected 7 metres of sulphide mineralisation while the third hole NAD13-352, located north-west of G zone, intersected almost 46 metres of mineralisation.
“These intersections recorded early in the 2013 drilling campaign at Ntaka Hill confirm our belief that the resource base has the potential to increase significantly and substantially,” managing director Neil Meadows said.
“These holes were targeted on the basis of matching geochemical, gravity and electro-magnetic survey data sets and have, to a significant extent, intersected mineralisation in line with expectations.”
A mobile sample preparation laboratory, which will be operated under the supervision of ALS Minerals, is expected to arrive at Ntaka Hill this week, allowing for more timely assaying of drill core, with results from the three holes drilled to date expected to be available in June 2013.
Each of the drill holes completed to date will be assessed with down-hole electromagnetic equipment to explore for extensions to the sulphide mineralisation intersected as well as more massive sulphides at depth.
Nachingwea
Ntaka Hill forms part of the Nachingwea Exploration Project in south-eastern Tanzania, which is located about 250 kilometres 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 undeveloped nickel sulphide projects and has the potential to produce a very clean, high quality premium nickel concentrate.
Ntaka Hill is host to zones of high grade massive sulphide intervals of up to 16.3% nickel within wide intersections of disseminated mineralisation.
Just recently, IMX defined an Inferred Resource of 31,000 tonnes of contained nickel at its Zeppelin deposit that is part of its Ntaka Hill.
The mineralisation at Ntaka Hill is significant in that it is near surface and therefore conducive to low-cost open pit mining.
Previous testwork has also demonstrated attractive metallurgy, plus associated copper credits, which makes for a relatively lower economic cut-off grade at Ntaka Hill.
IMX is trading at around 44% cash backing with a cash balance of $15.29 million, or $0.38 per share, at the end of March 2013. The company currently has a market capitalisation of $34.88 million and share price of $0.088.
Source: Proactive Investors, reported by Bevis Yeo in Australia
0 comments :
Post a Comment