IMX receives Nachingwea JV data

THE DRILL SERGEANT: IMX Resources (ASX: IXR) has received all exploration data and interpretations from MMG Exploration Holdings in regards to the Nachingwea property in south-east Tanzania.

The handover follows MMG’s decision in August to cease sole funding the Nachingwea Joint Venture after meeting its Stage 1 expenditure commitment of US$10 million, allowing it to earn a 15 per cent interest in the Nachingwea property.

 

Ntaka Hill project location. Source: Company announcement

 

IMX is now manager of the JV responsible for determining exploration programs and budgets.

MMG has elected to dilute its JV interest rather than contribute to ongoing exploration, including at Chilalo and Kishugu.

IMX indicated that although it focus will remain on the exploration of its Chilalo graphite and Kishugu gold prospects at Nachingwea, MMG’s data would provide a framework for future nickel sulphide exploration.

“While we don’t intend to focus on nickel sulphide exploration in the near-term, the exploration that has been conducted to date indicates there is potential to establish a nickel project in the future at Ntaka Hill,” IMX Resources acting CEO Phil Hoskins said in the company’s announcement to the Australian Securities Exchange.

“In the current nickel environment, and with the strong outlook for nickel over the next few years, we see Ntaka Hill as a strategic asset that has the potential to add value for our shareholders,” he said.

MMG’s exploration program at Nachingwea included campaigns of geophysics, regional soil geochemistry surveys and reverse circulation and diamond drilling.

Intersections from MMG’s drilling include:

NAD14-394
12.7 metres at 1.10 per cent nickel and 0.41 per cent copper from 218.3m;

NAD14-394
7.75m at 0.85 per cent nickel and 0.20 per cent copper from 237m; and

NAD14-401
14m at 1.04 per cent nickel and 0.21 per cent copper from 314m.

“While exploration at Nachingwea did not meet MMG’s objective of identifying a substantive high-grade mineral resource capable of meeting its development parameters, Ntaka Hill remains an important nickel sulphide deposit that represents a medium-term development opportunity under the right set of circumstances,” Hoskins continued.

IMX said that beyond the nickel prospectivity, the potential benefits of MMG’s exploration program are further highlighted by the datasets the company has inherited, which had played a part in the identification of the Kishugu gold prospect.

The company is continuing to analyse these datasets, which it considers to have potential to generate a pipeline of future prospects.

Email: info@imxres.com.au

Website: www.imxresources.com.au