THE DRILL SERGEANT: IMX Resources (ASX: IXR) has encountered a high-grade intersection from the latest drill hole to be completed at the company’s Ntaka Hill nickel sulphide project in south eastern Tanzania.
New intersection from hole NAD13-372 include:
– 13.65 metres at 3.46 per cent nickel and 0.62 per cent copper from 357.9 metres, including:
– 0.95m at 6.70 per cent nickel and 0.57 per cent copper;
– 2m at 4.58 per cent nickel and 0.87 per cent copper; and
– 1.4m at 4.57 per cent nickel and 0.81 per cent copper.
Sleeping Giant cross-section. Source: Company announcement
“This early success vindicates the new exploration focus on high-grade mafic intrusive style nickel mineralisation being pursued by our joint venture partner MMG,” IMX Resources acting managing director John Nitschke said in the company’s announcement to the Australian Securities Exchange.
“The high-grade intersection lies outside the existing mineral resource and indicates the potential for an upgrade to the Sleeping Giant mineral resource.
“It is not MMG’s intention to follow up this hole at this point in time but rather focus on the identification, prioritisation and testing of similar targets.
“There have been several historical intersections of similar width and grade at Ntaka Hill, including drill hole 238 which is located near to, but not thought to be related to, hole 372.”
IMX is currently conducting an exploration campaign of the Nachingwea project, which it explained is focused on high-grade nickel mineralisation.
This has resulted in the Ntaka Hill nickel sulphide project becoming the subject of a five year US$60 million earn-in and joint venture agreement with MMG Exploration Holdings.
Under the terms of the agreement, MMG acts as manager of the joint venture.
“The joint venture with MMG has brought very material technical and financial resources to bear that will enable us to gain an understanding of the significance of these intersections and the potential for further high-grade discoveries at Ntaka Hill.”
IMX said MMG had advised that early results of recently completed down hole electro-magnetic survey work in NAD13-372 indicate the presence of a strong off-hole conductor, potentially indicative of further massive sulphide mineralisation.
Other, near-surface disseminated mineralisation inside the current resource model was also intersected, including:
– 7m at 0.45 per cent nickel and 0.07 per cent copper from 28m;
– 4.9m at 0.51 per cent nickel and 0.13 per cent copper from 148.1m; and
– 3m at 0.43 per cent nickel and 0.09 per cent copper from 173m.
Outside of the current resource model, in addition to the intersection of 13.65m at 3.46 per cent nickel and 0.62 per cent copper, 19m at 0.61 per cent nickel and 0.19 per cent copper from 395m was intersected.
The existing Mineral Resource Estimate at Ntaka Hill consists of Measured and Indicated Mineral Resources of 20.3 million tonnes at 0.58 per cent nickel and 0.13 per cent copper for 117,880 tonnes of contained nickel and Inferred Mineral Resources of 35.9 million tonnes at 0.66 per cent nickel and 0.14 per cent copper for 238,500 tonnes of contained nickel.