Mr. Gary Sutherland reports
NTAKA HILL NICKEL PROJECT UPDATE
IMX Resources Ltd. has provided the following update on its Ntaka Hill nickel sulphide project located in southeast Tanzania, on its broader Nachingwea property. The Nachingwea property is the subject of a joint venture agreement with MMG Exploration Holdings Ltd. under which MMG may earn up to a 60-per-cent interest in the Nachingwea property by spending up to $60-million (U.S.) over a five-year period. MMG is required to expend $10-million (U.S.) in Stage 1, to earn an initial 15-per-cent interest in the Nachingwea property.
MMG's exploration program over the past year has included extensive campaigns of geophysics, regional soil geochemistry surveys, and, importantly, reverse circulation and diamond drilling. The program was focused on the identification of a substantive high-grade mineral resource of sufficient materiality for development.
MMG has advised IMX that it has completed approximately 8,000 metres of a planned 14,775-metre diamond drilling program. The diamond drilling program, totalling 8,064.5 m, was designed to test various massive sulphide geophysical targets, located in the Ntaka-Lionja focus area. The program was partially successful in that mineralization was intersected in several boreholes for which analyses are awaited; however, this testing has not identified the required style or scale of mineralization, and MMG has not undertaken follow-up drilling. Owing to higher than anticipated reverse circulation drilling costs, additional surface works and equipment-related issues, only 1,121 m of the planned program of regional drilling has been completed. MMG is rapidly approaching the $10-million (U.S.) Stage 1 expenditure requirement, and no further drilling is expected to be carried out. The results of the program are now being interpreted and placed into context. MMG has 30 days after formally completing the $10-million (U.S.) Stage 1 expenditure, to notify IMX of its intention to continue. Notwithstanding that further assay results are pending and no formal notification from MMG has been received, IMX considers it unlikely that MMG will proceed to Stage 2 of the joint venture.
IMX managing director, Gary Sutherland, said MMG's exploration program was premised on targeting massive nickel sulphide mineralization that would meet its criteria for a potential Tier 1 deposit: "MMG's goal was to triple the current resource and double the grade, establishing a world-class nickel project that would fit their global resource portfolio. While MMG was unable to achieve its goal, Ntaka Hill remains a valuable nickel project with numerous untested targets and longer-term potential.
Mr. Sutherland said, "However, IMX's immediate focus is a complete review of the Nachingwea property, particularly in light of the outstanding, recently identified Kishugu gold target, plus the recognition of this region of Africa as a world focus for graphite exploration and with graphite having been found by other companies in this region of Tanzania."
IMX has engaged a leading international nickel sulphide expert to undertake a preliminary review of the results and data from MMG's drilling at Ntaka Hill. Although this review is not yet complete, the company is of the view that there remains potential at Ntaka Hill, and within the broader Nachingwea property, to significantly expand the current mineral resource inventory. This strategy will include testing a number of structural targets that may host structurally remobilized bodies of mineralization. The company also stands to inherit a substantial geochemical, geophysical and drilling database for Ntaka Hill and the broader Nachingwea property, which are highly prospective for nickel, copper, gold and other minerals, including graphite. The current measured and indicated resource at Ntaka Hill stands at 20.3 million tonnes at 0.58 per cent nickel and 0.13 per cent copper for 117,880 tonnes of contained nickel plus an inferred resource of 35.9 million tonnes at 0.66 per cent nickel and 0.14 per cent copper for 238,500 tonnes of contained nickel.
Competent person/qualified person statement
Information in this announcement relating to quality control and technical information on exploration results has been prepared under the supervision of Nick Corlis. Mr. Corlis, BSc (honours), MSc, is a registered member of the Australian Institute of Geoscientists and is a full-time employee of the company, holding the position of general manager of exploration. Mr. Corlis has sufficient relevant experience to qualify as a competent person under Joint Ore Reserves Committee 2012 and as a qualified person under NI 43-101. Mr. Corlis has verified the data underlying the information contained in this announcement and approves and consents to the inclusion of the data in the form and context in which they appear.
SUMMARY OF ASSAY RESULTS
Hole ID Hole depth (m) Drilled from Drilled to Interval (m) % Ni % Cu
NAD14-390 715.8 54.0 56.0 2.0 0.44 0.08
325.15 333.0 7.85 0.48 0.13
NAD14-391 788.2 0 788.2 n/a n/a
NAD14-392 866.6 0 866.6 n/a n/a
NAD14-393 419.8 0 419.8 n/a n/a
NAD14-394 715.2 42.0 55.0 13.0 0.44 0.12
58.0 61.0 3.0 0.31 0.07
101.0 108.0 7.0 0.72 0.32
149.0 152.0 3.0 0.51 0.13
162.6 171.0 8.4 0.45 0.10
For nickel percentages, 0.3-per-cent cut-off with maximum internal waste of
two metres
We seek Safe Harbor.
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