IMX confirms Chilalo graphite discovery

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THE DRILL SERGEANT: IMX Resources (ASX: IXR) has received the first intersection assays from a Reverse Circulation (RC) drilling program carried out at the Chilalo graphite project, located on the company’s Nachingwea property in Tanzania.

The assays are from six holes drilled at Chilalo, where drilling returned a number of near-surface intersections including:

Hole NRC14-140
24 metres at 11.7 per cent total graphitic carbon (TGC) from 28m, including 14m at 14.9 per cent TGC;

Hole NRC14-149
15m at 11.9 per cent TGC from 58m, including 10m at 13.7 per cent TGC; and

Hole NRC14-150
18m at 12.7 per cent TGC from 16m, including 14m at 14.6 per cent TGC.

IMX said it had drilled a total of 33 RC drill holes into several Versatile Time Domain Electromagnetic (VTEM) targets at the project, all of which intersected graphite.

The company explained the program began with a specific number of targets to be tested, however the drill plan was progressively refined as work progressed, with focus being on grade and product quality.

A total of 13 holes were drilled into the high-grade discovery zone, defining mineralisation over a strike length of 400m, with visual estimates suggesting a potential strike length greater than one kilometre.

The mineralisation outcrops at surface and remains open down-dip.

“The latest results added further weight to the exciting potential of the Chilalo project, which is increasingly emerging as a high-grade, near-surface graphite deposit,” IMX Resources CEO Phil Hoskins said in the company’s announcement to the Australian Securities Exchange.

“We are very pleased with the picture that is emerging at Chilalo, with all the results received to date confirming a highly attractive graphite opportunity that appears to be undervalued compared to our peers.

“With diamond drilling underway, we are now working towards the delineation of a maiden JORC resource estimate as well as the completion of metallurgical testwork to provide the company with a clearer insight into the potential value of the Chilalo mineralisation.”

Email: info@imxres.com.au

Website: www.imxresources.com.au