IMX Acquires 50% Interest in the St. Stephen Project
PERTH, AUSTRALIA -- (Marketwired) -- 04/17/13 -- IMX Resources
Limited (TSX:IXR)(TSX:IXR.WT)(ASX:IXR) ('IMX' or the 'Company') is
pleased to announce that it has exercised its right to acquire a 50%
interest in the St. Stephen nickel-copper project (the 'St. Stephen
Project') from ABE Resources Inc. ('ABE Resources'), formerly Abitex
Resources Inc. ('Abitex') of Val d'Or, Quebec. In consideration for
acquiring its interest in the St. Stephen Project, IMX paid ABE
Resources Cdn$30,000 and issued 148,000 IMX shares to ABE Resources.
As part of the Company's acquisition of Continental Nickel Limited
('CNI') in September 2012, the Company acquired CNI's interest in the
St. Stephen Project. The St. Stephen Project consists of two claim
blocks totalling 42.9km2 covering 70% of the St. Stephen Intrusion
which hosts sixteen historic magmatic Ni sulphide prospects including
a number of individual deposits.
CNI optioned the St. Stephen Property from Abitex in 2008 and spent
$1 million in exploration between 2008 and 2012, including a 325 line
kilometre helicopter borne, time domain electro-magnetic ('EM')
survey, 12km of ground EM survey, diamond drilling (3,025m in 22
holes) and downhole EM surveys. This work resulted in the discovery
of five new nickel sulphide occurrences associated with the
mafic-ultramafic St. Stephen Intrusion:
G Zone (SSD12-018): 1.17% Ni and 0.44% Cu over 28.1m, incl. 2.50% Ni
and 0.55% Cu over 3.5m
3.02% Ni and 0.56% Cu over 3.65m (CNI news
release May 3, 2012)
Hanson Brook (SSD11-013): 2.35% Ni and 1.06% Cu over 5.45m (CNI news
release January 25, 2012)
Triple J (SSD10-004): 0.63% Ni and 0.22% Cu over 21.4m (CNI news
release September 15, 2010)
Billy's Brook (SSD10-009): 0.51% Ni and 0.41% Cu over 3.3m (CNI news
release September 15, 2010)
Todd Mountain (SSD12-016): 0.80% Ni and 0.24% Cu over 1.95m (CNI news
se May 3, 2012)
The best nickel-copper grades to date are concentrated near the
north-western edge of the intrusion near the contact with
metasedimentary country rocks in a one kilometre long corridor.
Further drilling is required to fully test the extents of these zones
and to further test the area of the metasedimentary-intrusive
contact. In addition, a number of untested EM anomalies exist
throughout the St. Stephen Intrusion.
The St. Stephen Project is located in south-western New Brunswick,
Canada, a mining friendly jurisdiction. It is situated close to
important infrastructure, only 30km from the port of Bayside where
there is an established commercial port facility and 119km from the
city of St John, where there is a commercial airport.
Managing Director, Neil Meadows commented, "We are pleased to have
acquired a 50% interest in the St. Stephen Project which has shown
some encouraging mineralisation from the small amount of exploration
work to date and is ideally located in terms of jurisdiction, mineral
prospectivity and access to infrastructure. We now plan on
determining the most suitable means by which value can be extracted
from the project."
The accompanying fact sheet presents a summary of key details of the
St Stephen Project.
To view the fact sheet associated with this press release, please
visit the following link:
NEIL MEADOWS, Managing Director
Competent Persons / Qualified Person / NI 43-101 Statement
Information in this report relating to exploration results is based
on data collected under the supervision of, or compiled by Sharon
Taylor, who is a registered member of the Association of Professional
Geoscientists of Ontario and the Association of Professional
Engineers and Geoscientists of New Brunswick and has sufficient
relevant experience as a qualified person as defined by NI 43-101 and
a competent person under the Australian JORC (2004). Ms. Taylor
consents to the inclusion of the data in the form and context in
which it appears, and approves this disclosure.
About IMX Resources Limited
IMX Resources Limited is an Australian based mining and base and
precious metals exploration company, listed on the Australian
Securities Exchange ('ASX') and Toronto Stock Exchange ('TSX'), with
exploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective Nachingwea
Exploration Project in south-east Tanzania, which includes the
potentially world-class Ntaka Hill Nickel Sulphide project.
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 un-developed nickel sulphide projects and
has the potential to produce a very clean, high quality premium
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% 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 (the Mt Woods Copper-Gold
Joint Venture 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), a dedicated uranium exploration
company, which is developing the Mkuju Uranium project in southern
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 of
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
results to differ materially from those projected in the
forward-looking statements or information. Such factors include
fluctuating metal prices, uncertainty in equity markets 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 Resource.
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.
ABN 67 009 129 560
Cautionary Statement: The TSX does not accept responsibility for the
adequacy or accuracy of this 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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