IMX Resources identifies large gold anomaly

THE DRILL SERGEANT: IMX Resources (ASX: IXR) has claimed to have expanded the exploration potential of its Nachingwea Property in south-east Tanzania, after the identification of a large, coherent, gold-in-soil anomaly.

The company said the new find represents an outstanding target for gold exploration with newly-minted company chairman Dr Derek Fisher labelling it to be one of the better soil anomalies he has seen in his 44 years as an exploration geologist.

 

Soil geochemistry results. Source: Company announcement

 

The anomaly, identified at the Kishugu prospect measures four kilometres by five and a half kilometres and has been defined by 168 sample points on a broad reconnaissance grid of 400 metres by 200 metres.

Within the broader anomaly, the soil sampling program returned peak gold values of 904ppb gold, 793ppb gold and 437ppb gold, defining a 2km linear trend.

IMX said aeromagnetic data indicates the anomaly may be related to a large NE-SW oriented structure(s) and a potential alteration zone denoted by decreased magnetic intensity.

The company considers the Kishugu prospect provides it with a new focus for exploration activities outside of the nickel exploration program currently being conducted by MMG Exploration Holdings at Ntaka Hill-Lionja.

“This is an exceptional early-stage gold target by any standards which demands further work,” IMX Resources managing director Gary Sutherland said in the company’s announcement to the Australian Securities Exchange.

“Our immediate intention is to gain a clearer understanding of its potential and lay the foundations for a possible drilling program later this year, allowing us to determine the most appropriate strategy for the prospect.”

The Nachingwea Property is the subject of an earn-in and joint venture agreement with MMG under which MMG may earn up to a 60 per cent interest by sole funding up to US$60 million of exploration work.

The recently commenced drilling program is part of the first stage of the JV Agreement, where MMG will earn a 15 per cent stake by spending US$10 million by September this year.

Email: info@imxres.com.au

Website: www.imxres.com.au