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IMX Resources Ltd
Symbol IXR
Shares Issued 506,497,146
Close 2014-10-01 C$ 0.02
Market Cap C$ 10,129,943
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IMX Resources intersects graphite at Nachingwea

2014-10-21 19:52 ET - News Release

Mr. Phil Hoskins reports

INITIAL DRILLING CONFIRMS GRAPHITE POTENTIAL AT CHILALO PROSPECT, NACHINGWEA; GRAPHITE INTERSECTED IN THE MAJORITY OF HOLES DRILLED TO DATE

IMX Resources Ltd. has made a strong start to the recently commenced drilling program at its Nachingwea property in Tanzania, with drilling at the key Chilalo prospect confirming significant widths of near-surface graphite mineralization. Assay results from the drilling at Chilalo are expected during December, 2014.

Key points

  • Successful commencement of Nachingwea drilling program, with 18 holes so far completed for 1,360 metres at the Chilalo graphite prospect;
  • Majority of holes drilled to date have intersected graphite mineralization, indicating that IMX's exploration methodology using VTEM survey data to define targets is robust;
  • Mineralization is at or near surface and has been intersected over extensive widths;
  • Drilling is aimed at confirming the presence of premium-priced, coarse-flake graphite mineralization.

A total of 18 holes for 1,360 metres of reverse circulation (RC) drilling has been completed to date at the Chilalo prospect since drilling commenced on Oct. 1. The majority of holes have intersected graphite mineralization, including some zones that, based on visual inspection, appear to be higher-grade mineralization.

IMX chairman Derek Fisher said: "This is a very encouraging start to our drilling campaign at Chilalo, with visual identification confirming the presence of coarse-flake graphite and validating the geophysical methodology used to identify the targets. Our understanding of the prospect will rapidly grow over the coming weeks as the drilling progresses and assays are received. If this success continues, we look forward to the possibility of delivering a maiden mineral resource in early 2015."

A further 34 holes for an estimated 3,331 metres are planned for the 2014 Chilalo RC drilling program. These metres are likely to be reduced as better targets are identified and infilled to define geological continuity.

Further RC drilling for graphite is planned to be carried out at the Chilalo North target, where previous assays from rock chips returned 17.5 per cent, 17.6 per cent and 19.5 per cent carbon (see announcement dated Aug. 18, 2014). A drill hole plan is currently being prepared. IMX confirms that since announcing these exploration results on Aug. 18 2014, it is not aware of any new data or information that materially affects the information included in that announcement.

The mineralization intersected to date occurs at or near surface and extends over substantial widths, confirming that the VTEM survey data being used to generate exploration targets at Chilalo is effective. In addition, drilling has been completed across the largest VTEM anomaly, to assist with understanding the geology of the prospect.

The drilling program will now focus on completing single drill holes into individual targets, with the aim of identifying high-grade graphite mineralization for infill drilling.

A total of approximately 1,000 metres of diamond drilling is also planned and is expected to commence on completion of the RC drilling. This will assist in the definition of a mineral resource as well as providing core for metallurgical testwork to determine the flake size distribution of Chilalo graphite as well as metallurgical recoveries and concentrate grades.

IMX is targeting premium-priced, coarse-flake graphite mineralization at Chilalo, and is seeking to establish a maiden mineral resource in accordance with the JORC (joint ore reserves committee) code.

The continuing drilling program at the Nachingwea property includes a planned minimum of 1,000 metres of RC drilling at the Kishugu gold prospect, which is expected to commence in mid-November, on completion of the drilling at Chilalo. This will test the strong, coincident gold-in-soil and IP geophysical anomalies to determine their source.

Competent person's/qualified person's statement

Information relating to geology at the Chilalo prospect, located on the Nachingwea property, is based on data collected by the company's former joint venture partner, Continental Nickel Ltd., under the supervision of joint venture company geologists since 2006, and on data collected by IMX. Nick Corlis, BSc (honours), MSc, in his capacity as a full-time employee of the company, holding the position of executive director, exploration, has been working on the Nachingwea property since May, 2014. Mr. Corlis is a registered member of the Australian Institute of Geoscientists and has sufficient relevant experience to qualify as a competent person under JORC 2012 and as a qualified person under National Instrument 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.

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