Welcome!

News Feed Item

IMX Resources Reports Up to 2.71 g/t Au at HOG Prospect

WEST PERTH, AUSTRALIA -- (Marketwire) -- 11/15/12 --

Highlights


--  HOG sulphide horizon tested by RC drilling over 350m of its known 1050m
    strike extent 
--  Highly anomalous geochemistry intersected in five drill holes including:
    --  19m at 0.86% Zn and 0.15 g/t Au from 49m (including 1.26% Zn and
        0.09 g/t Au over 8m) 
    --  5m at 0.45% Zn and 0.43 g/t Au (including 0.94% Zn and 0.88 g/t Au
        over 1m) 
    --  2m of 1.16% Zn, 0.58% Cu and 0.10 g/t Au 
    --  14m at 0.43% Zn and 0.39g/t Au from 25m (including 1m of 0.54% Zn
        and 2.71 g/t Au) 
--  Eight additional grab samples of gossanous rock with 0.31 to 2.29 g/t Au

IMX Resources Limited (TSX:IXR)(TSX:IXR.WT)(ASX:IXR) ('IMX' or 'the Company') reports that reverse circulation (RC) drilling has intersected up to 2.71 g/t Au and multiple intersections of anomalous base metals from the HOG prospect, located 21km northeast of the Ntaka Hill Nickel Sulphide Project. The prospect is located 250km west of the port town of Mtwara, and is part of the 100% owned Nachingwea property in south eastern Tanzania.

Five RC drill holes totalling 424m were drilled to test an EM anomaly and associated gold-bearing gossanous(1) outcrops at the HOG prospect during September (Figure 1). All holes intersected one or more pyritic sulphide zones over a 350m strike length. The drilling confirmed the presence of pyritic sulphide zones containing elevated base and precious metal geochemistry (Zn, Cu, Au and Ag) over sample intervals of up to 19m (Table 1). The gossanous horizon, presumably after base metal sulphides, remains open in all directions.

MD Neil Meadows commented "This is an encouraging first result. The HOG zinc-gold prospect is a significant discovery and demonstrates the potential for additional styles of mineralisation to be present on our Nachingwea property. Our next priorities are to confirm the presence of economic base metal sulphide and gold mineralisation, and secondly, to determine the dimensions of that mineralisation. The IMX board is keen to see this work progress rapidly."

The HOG prospect gossan was discovered in late 2011 during a regional soil sampling program where grab samples assayed up to 4.96 g/t Au(2). The gossanous outcrops extend for 800 metres across a zone 25-180 metres wide along a low lying ridge. The prospect consists of abundant sub-outcropping and loose gossanous boulders. Subsequent soil and grab sampling of the gossanous rock have outlined elevated gold values over a strike length of 1050m with new samples assaying up to 2.29 g/t Au.

The extensive pyrite rich zones highlight the presence of extensive elevated base metal and gold geochemistry and the Company plans to carry out additional mapping over the HOG prospect to more fully define its extents and understand the geological setting and significance of the anomalous zinc and gold values.

An airborne VTEM survey was completed over the HOG prospect in early August 2012 from which a 600m long conductive zone was delineated flanking the west side of the HOG discovery gossan. In late October, a 9.5 line km of surface EM survey was completed to better define the electromagnetic conductor and aid in future drill hole targeting.

The identification of gold and base metal mineralisation in the property licences further enhances the regional prospectivity of the evolving new mineral province at Nachingwea, which now includes nickel, copper, gold, silver, zinc and graphite.

NEIL MEADOWS, Managing Director

(1) A 'gossan' is a surface feature, usually iron-rich, derived from the weathering of sulphide minerals-possibly a zone of massive sulphides. NB: not all iron-rich surface features are after iron sulphides

(2) ASX: 28 May 2012

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/IMX1114.pdf


Table 1: Summary of Assay Results                                          
                                                                           
HOG Prospect, Nachingwea Project, Tanzania                                 
                                                                           
---------------------------------------------------------------------------
         Location
Drill    East/                                Inter-                       
hole     North            Length  From     To   val    Zn    Cu    Au    Ag
(NRC12-) UTM:WGS84 Az/Dip     (m)   (m)    (m)   (m)    %     %   g/t   g/t
---------------------------------------------------------------------------
065      457525mE  90/-80   84.0 49.00  68.00 19.00  0.86  0.09  0.15  1.87
         8905100mN        Incl.  50.00  58.00  8.00  1.26  0.13  0.09  2.24
---------------------------------------------------------------------------
066      457625mE  90/-80   70.0 18.00  23.00  5.00  0.45  0.14  0.43  2.94
         8905100mN        Incl.  19.00  20.00  1.00  0.94  0.44  0.88  6.90
                                                                           
                                 41.00  43.00  2.00  0.27  0.07  0.12  1.90
---------------------------------------------------------------------------
067      457725mE  90/-65  120.0 16.00  18.00  2.00  0.46  0.24  0.19  3.75
         8904900mN                                                         
                                 28.00  30.00  2.00  1.16  0.58  0.10  9.25

                                100.00 105.00  5.00  0.46  0.05  0.07  0.98
                          Incl. 100.00 102.00  2.00  0.92  0.06  0.08  0.95
                                                                           
                                110.00 119.00  9.00  0.60  0.06  0.08  1.22
                          Incl. 111.00 112.00  1.00  1.67  0.08  0.04  1.70
                                115.00 116.00  1.00  1.37  0.08  0.21  2.50
---------------------------------------------------------------------------
068      457750mE  90/-80   75.0 32.00  35.00  3.00  0.28  0.09  0.27  2.77
         8904750mN                                                         
---------------------------------------------------------------------------
069      457525mE  90/-80   75.0 25.00  39.00 14.00  0.43  0.13  0.39  2.63
         8905000mN        Incl.  25.00  32.00  7.00  0.73  0.12  0.36  3.31
                                 34.00  35.00  1.00  0.54  0.08  2.71  5.60
---------------------------------------------------------------------------
Note: Intervals represent down hole lengths, not necessarily true widths. 

Competent Persons / Qualified Person / NI 43-101 Statement

Information in this report relating to exploration results is based on data collected under the supervision of, or compiled by Patricia Tirschmann, P. Geo., who holds the position of Vice President, Exploration and is a full time employee of IMX Resources. Ms. Tirschmann is a registered member of the Association of Professional Geoscientists of Ontario and has sufficient relevant experience as a qualified person as defined by NI 43-101 and a competent person under the Australian JORC (2004). Ms. Tirschmann consents to the inclusion of the data in the form and context in which it appears, and approves this disclosure.

Quality Control

The RC drilling program was carried out by Capital Drilling (Tanzania) Limited. RC cuttings for laboratory analysis were collected from a port off of a splitter mounted at the bottom of the cyclone in calico bags at successive 1 metre samples intervals over the entire length of the hole. Each sample represented approximately 2kg of RC cuttings. The bagged samples were assigned a unique sample number, labelled and transported to camp by company personnel where preliminary analytical measurements were carried out on each sample using a portable NITON XRF analyzer. Samples were selected for laboratory analysis based on the NITON analyses and visual drill logs. Commercially prepared and certified analytical control standards were inserted every 20 samples. In addition, alternating blank and duplicate samples were also inserted every 20 samples. Samples batches were sent to the ALS Chemex preparation lab in Mwanza, Tanzania for final sample preparation and sample analytical pulps were sent by courier to ALS Chemex analytical laboratory in Vancouver, Canada. Multi-element analyses including Cu, Zn, Pb and Ag were completed using a HNO3-HClO4-HF-HCl digestion, HCl leach and ICP-AES finish (Analytical Code ME-ICP61). Analyses for Au were by fire assay with an AAS finish (Analytical Code AU-AA23). Sample containing greater than 1% zinc were re-analysed using a four acid digestion with an ICP-AES finish (Analytical Code Zn-OG62).

About IMX Resources Limited

IMX Resources Limited is an Australian based mining and base & precious metal exploration company dual-listed on the Australian and Toronto stock exchanges (ASX/ TSX Code: IXR; TSX:IXR.WT), with exploration projects located in Australia, Africa and North America.

In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in southeast Tanzania, which includes the potentially world-class Ntaka Hill Nickel Sulphide project. 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 un-developed nickel sulphide projects and has the potential to produce a very clean, high quality premium nickel concentrate.

In Australia, IMX operates and owns 51% of the Cairn Hill Mining Operation, located 55 kilometres south-east of Coober Pedy in South Australia, where it produces a premium coarse-grained magnetite-copper-gold DSO product at a rate of 1.8Mtpa.

IMX is actively developing the Mt Woods Magnetite Project on the highly prospective Mt Woods Inlier in South Australia. IMX currently has a JORC Inferred Resource of 569Mt @ 27% Fe at the Snaefell Magnetite Deposit and a Global Exploration Target of between 200-380Mt @ 25-35% Fe elsewhere in the project. Studies indicate that coarse grained concentrates that could be produced at Snaefell have the potential to produce a direct sinter feed product which has the potential to attract a significant price premium.

IMX has also entered into a joint venture with OZ Minerals (the Mt Woods Copper-Gold JV Project) to explore the Mt Woods tenements for copper and gold. OZ Minerals is spending a minimum of $20M for a 51% interest in the non-iron rights, with IMX retaining a 49% interest in the non-iron rights and 100% of the iron ore rights.

IMX owns 25.65% of Uranex (ASX: UNX), which is a dedicated uranium exploration company, which is developing the Mkuju Uranium project in southern Tanzania.

Visit: www.imxresources.com.au

FORWARD-LOOKING STATEMENTS: This News Release includes certain "forward-looking statements". Forward-looking statements and forward-looking information are frequently characterised by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "could" occur. All statements other than statements of historical fact included in this release are forward-looking statements or constitute forward-looking information. There can be no assurance that such information of statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such information. Important factors could cause actual results to differ materially from IMX's expectations.

These forward-looking statements are based on certain assumptions, the opinions and estimates of management and qualified persons at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements or information. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, the ability of contracted parties (including laboratories and drill companies to provide services as contracted); uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Exploration Target tonnage quantity and grades estimates are conceptual in nature only. These figures are not resource estimates as defined by the JORC (2004) or NI 43-101, as insufficient exploration has been conducted to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

IMX undertakes no obligation to update forward-looking statements or information if circumstances should change. The reader is cautioned not to place undue reliance on forward-looking statements or information. Readers are also cautioned to review the risk factors identified by IMX in its regulatory filings made from time to time with the ASX, TSX and applicable Canadian securities regulators.

CAUTIONARY STATEMENT: The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.