IMX records more high-grade hits at Chilalo

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

The assays are from four holes at Chilalo with highlighted intersections including:

NRC14-154:
16 metres at 11.7 per cent total graphitic carbon (TGC) from 18m, including 6m at 13.5 per cent TGC;

NRC14-155:
18m at 11.8 per cent TGC from 56m, including 8m at 14.3 per cent TGC;

NRC14-156:
14m at 13 per cent TGC from 0m; and

NRC14-157:

32m at 11.4 per cent TGC from 18m, including 14m at 14.3 per cent TGC.

 

Drill hole locations and notable intersections. Source: Company announcement

 

IMX said the latest results had extend high-grade mineralisation at Chilalo further along strike to the north-east and south-west remaining open both along strike and down dip.

“We are extremely pleased with these results which confirm the consistency of the high-grade mineralisation at Chilalo and add weight to the rapidly emerging picture of a high-grade deposit that represents an excellent graphite opportunity,” IMX Resources CEO Phil Hoskins said in the company’s announcement to the Australian Securities Exchange.

“While Chilalo appears to have potential for a large scale mineral resource, our strategy is to focus on product quality that will attract interest from end-users and identifying a near surface, high-grade mineable graphite resource that will enable us to achieve globally competitive costs of production.”

IMX’s 2014 Chilalo RC drilling program comprised 33 holes drilled into several
VTEM (Versatile Time Domain Electromagnetic) geophysical targets.

The company indicated all drill holes intersected graphite with one target returning high-grade mineralisation.
 
A total of 13 holes were drilled into the high-grade discovery zone, which IMX said had defined mineralisation over a strike length of one kilometre with mineralisation outcropping at surface while remaining open down-dip.

IMX explained the high-grade discovery zone is to be the focus for both mineral resource estimation and metallurgical testwork it currently has under way and expected to be completed early in 2015.

Results from the recently completed diamond drilling at Chilalo will be used in the definition of a JORC Mineral Resource, which the company expects to complete in early 2015.

Email: info@imxres.com.au

Website: www.imxresources.com.au