IMX Resources claims new Axehead and Tomahawk North discoveries at Mt Woods

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THE DRIL SERGEANT: IMX Resources (ASX: IXR) has claimed discovery of new iron-rich magnetite formations at the Axehead and Tomahawk North prospects, situated within the company’s Mt Woods magnetite project in South Australia.

The company drilled six prospects in total, resulting in an increase to the Mt Woods project exploration target tonnage by 168 million tonnes to 214 million tonnes.

IMX has combined the numbers from the existing Inferred Mineral Resource at the Snaefell magnetite deposit and a review of regional magnetics data and historical exploration drilling and come up with a global exploration target tonnage, which now totals 1.5 to 1.8 billion tonnes.

 

IMX Resources magnetite prospects and October-November 2012 drilling. Source: Company announcement

 

“These latest results have boosted our global exploration target for Mt Woods beyond one billion tonnes and confirm that the Mt Woods project has significant resource upside, as we have only scratched the surface from an exploration perspective,” IMX Resources managing director Neil Meadows said in the company’s announcement to the Australian Securities Exchange.

“IMX believes this project has excellent development potential, with the ability to produce high-grade, very coarse-grained magnetite concentrates that are in strong demand globally and are attracting premium prices from steel producers.

“IMX is working hard to find a development partner to realise this potential for shareholders.”

The company completed twenty-five reverse circulation (RC) holes during October and November 2012, all of which returned magnetite iron intersections from five prospects near the Tomahawk prospect, located 25 kilometres south-east of its Cairn Hill mine in Coober Pedy, and Fitzgerald Dam which is located west of Cairn Hill.

IMX said its RC drilling at the Tomahawk group of prospects has shown higher average iron grades, minimal oxidation of magnetite and shallower overburden when compared to the Snaefell deposit.

The company indicated it now plans a program of Davis Tube Recovery analysis to indicate the iron content of magnetically separated concentrates generated from these samples primarily as it considers these smaller, potentially higher yielding targets could represent opportunities in terms of resources to exploit on a smaller scale start-up project.