IMX to Test for Copper and Gold Mineralisation Under Cairn Hill Mine
PERTH, AUSTRALIA -- (Marketwire) -- 03/21/13 -- IMX Resources Limited
-- Iron Oxide Copper Gold ('IOCG') mineralisation at the Cairn Hill mine is
open at depth, below resource and historical drilling.
-- Geological mapping and structural studies have identified optimal target
zones 250m beneath the mine floor.
-- Geophysical magnetic modelling supports thickening of the magnetic host
rock in target zones under Pit 1 and Pit 2.
-- Diamond drilling to commence in early April.
IMX Resources Limited ('IMX' or the 'Company') announces drilling to
commence in early April 2013, targeting copper and gold
mineralisation beneath its Cairn Hill mine.
Cairn Hill is mined primarily for iron, in the form of magnetite,
however the copper and gold content of the magnetite accounts for
approximately one third of the production value. The deposit is
geologically classified as a magnetite IOCG and was formed at a
similar time as the more famous hematite hosted copper-gold ore
bodies at Olympic Dam and Prominent Hill.
At Cairn Hill, the best copper and gold grades occur where the
magnetite rock is thickened by steeply plunging folds. Two diamond
core drill holes (each to 550m drill depth) will drill test the two
target zones below Pit 1 and below planned Pit 2. These two targets
have been identified as having optimal conditions for the structural
thickening after recent consultant structural mapping of Pit 1 and
are supported by detailed magnetic modelling ('inversion').
A third hole will test a strong magnetic anomaly 1km west of the
Cairn Hill mine along strike of the main copper-gold-magnetite lode.
The anomaly is strong, despite being covered by over 250m of
sediments and presents a large IOCG target and possible extension to
NEIL MEADOWS, Managing Director
Competent Persons / Qualified Person / NI 43-101 Statement
Information relating to exploration at Cairn Hill is based on data
compiled by Mr Peter Hill who is a Member of the Australian Institute
of Geoscientists, and who is a full-time employee of the Company. Mr
Hill has sufficient relevant experience to qualify as a Competent
Person under the 2004 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves (the JORC
Code) and as a Qualified Person for the purpose of National
Instrument 43-101. Mr Hill approves and consents to the inclusion of
the information in the form and context in which it appears.
IMX is an Australian based mining and base and precious metals
exploration company, listed on the Australian Securities Exchange and
the Toronto Stock Exchange (ASX/TSX Code: IXR; TSX:IXR.WT), with
exploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective Nachingwea
Exploration Project in south-eastern Tanzania, which includes the
potentially word-class Ntaka Hill Nickel Sulphide Project, located
approximately 250km west of the port town of Mtwara. Nachingwea is
highly prospective for nickel and copper sulphide, gold and graphite
mineralisation. The Ntaka Hill Nickel Sulphide Project is one of the
world's best undeveloped nickel sulphide projects and has the
potential to produce a very clean, high quality premium nickel
In Australia, IMX operates and owns 51% of the Cairn Hill Mining
Operation, located 55 kilometres south-east of Coober Pedy in South
Australia, where it produces a premium coarse-grained
magnetite-copper-gold DSO product at a rate of 1.8Mtpa.
IMX is actively developing the Mt Woods Magnetite Project on the
highly prospective Mt Woods Inlier in South Australia. IMX currently
has a JORC Inferred Resource of 569Mt @ 27.1% Fe at the Snaefell
Magnetite Deposit and a Global Exploration Target of between
200-380Mt @ 25-35% Fe elsewhere in the project. Studies indicate that
coarse grained concentrates that could be produced at Snaefell have
the potential to produce a direct sinter feed product which has the
potential to attract a significant price premium.
IMX has a joint venture with OZ Minerals Limited ('Oz Minerals'), the
Mt Woods Copper-Gold JV Project, to explore the Mt Woods tenements
for copper and gold. OZ Minerals is spending a minimum of $20M for a
51% interest in the non-iron rights, with IMX retaining a 49%
interest in the non-iron rights and 100% of the iron ore rights.
IMX owns 25.65% of Uranex (ASX: UNX), which is a dedicated uranium
exploration company, which is developing the Mkuju Uranium project in
FORWARD-LOOKING STATEMENTS: This news release includes certain
"forward-looking statements". Forward-looking statements and
forward-looking information are frequently characterised by words
such as "plan," "expect," "project," "intend," "believe,"
"anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may", "will" or "could" occur. All
statements other than statements of historical fact included in this
release are forward-looking statements or constitute forward-looking
information. There can be no assurance that such information or
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
information. Important factors could cause actual results to differ
materially from IMX's expectations.
These forward-looking statements are based on certain assumptions,
the opinions and estimates of management and qualified persons at the
date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements or information. These factors include the
inherent risks involved in the exploration and development of mineral
properties, the uncertainties involved in interpreting drilling
results and other geological data, fluctuating metal prices, the
possibility of project cost overruns or unanticipated costs and
expenses, the ability of contracted parties (including laboratories
and drill companies to provide services as contracted), uncertainties
relating to the availability and costs of financing needed in the
future and other factors. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. Exploration
target tonnage quantity and grades estimates are conceptual in nature
only. These figures are not resource estimates as defined by the JORC
(2004) or NI 43-101, as insufficient exploration has been conducted
to define a Mineral Resource and it is uncertain if further
exploration will result in the target being delineated as a Mineral
IMX undertakes no obligation to update forward-looking statements or
information if circumstances should change. The reader is cautioned
not to place undue reliance on forward-looking statements or
information. Readers are also cautioned to review the risk factors
identified by IMX in its regulatory filings made from time to time
with the ASX, TSX and applicable Canadian securities regulators.
CAUTIONARY STATEMENT: The TSX does not accept responsibility for the
adequacy or accuracy of this news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
IMX Resources Limited
+61 8 9388 7877
Professional Public Relations
+61 8 9388 0944
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