Tanzanian Fair Competition Commission Approves IMX Resources' Ntaka Hill Joint Venture with Loricatus Resource Investments
Apr 24 15
IMX Resources Limited advised that the Tanzanian Fair Competition Commission has approved the Ntaka Hill Nickel Project joint venture with Loricatus Resource Investments. This follows receipt of the Ntaka Hill retention licence on 13 April 2015, and means that all conditions precedent to the transaction have now been satisfied. As a result, IMX will now receive $1.7 million as the balance of the upfront consideration, after receiving a prepayment of $300,000 on 15 April 2015.
IMX Signs 25,000 TPA Chilalo Flake Graphite Supply Deal
Apr 14 15
IMX Resources Ltd. has signed a memorandum of understanding with Ningbo Foreign Trade Co Ltd. for the future sale of graphite concentrate from the company's Chilalo Project in Tanzania. Ningbo represents end-users interested in high-purity, coarse flake graphite for manufacture of batteries for electric vehicles. The MOU envisages execution of a binding offtake agreement upon the completion of appropriate levels of feasibility study on the Chilalo Graphite Project.
IMX Resources Limited Provides Update on Development of its Chilalo Graphite Project in South-Eastern Tanzania
Apr 6 15
IMX Resources Limited announced that its strategy to fast-track the development of its Chilalo Graphite Project in south-eastern Tanzania has taken a major step forward with the completion of a maiden Inferred Mineral Resource, in accordance with JORC 2012. The Mineral Resource estimate, comprising 7.4 million tonnes grading 10.7% Total Graphitic Carbon (TGC), for 792,000 tonnes of contained graphite (within the > 5% TGC high grade zone) for the Shimba deposit, has been completed within seven months of commencing a desktop review of the graphite opportunity at Chilalo. The high-grade resource is part of the total Shimba Mineral Resource estimate of 18.1 million tonnes grading 6.2% TGC for 1,114,600 tonnes of contained graphite. The high-grade resource is the catalyst to fast-tracking the development of a low capital cost, near-term graphite production opportunity at Chilalo. While a range of factors are seen as important in determining the viability of a graphite operation (and company valuations), two variables typically considered to be critically important are flake size distribution and resource grade. All other things being equal, the higher the percentage of material in large and jumbo flake (+180 micron), the greater the revenue opportunity and the higher the resource grade, the lower the operating costs. IMX has an attractive combination of a high percentage of large and jumbo flake sized material and a relatively high grade for its Mineral Resource, but a low valuation when compared to a number of its peers. The Mineral Resource estimate was completed by CSA Global Pty Ltd, in accordance with the guidelines of JORC 2012, based on 19 reverse circulation (RC) drill holes and 5 diamond drill holes, which intersected the interpreted mineralization zones, completed at Shimba between October and December 2014. The model was further refined by mapped outcrop and down hole electromagnetic data collected in 18 RC drill holes. The mineralization wireframes were modelled using a nominal lower cut-off grade of 5% TGC for the higher grade core zones and a nominal lower cut-off grade of 2% TGC for the lower grade surrounding zones. IMX believes there is significant potential to expand the current high-grade resource base, with the Shimba deposit remaining open along strike, and numerous off-hole conductors identified by Down-Hole Electromagnetic (DHEM) surveys completed on the resource drill holes. In addition, only 6km of the total target strike of 54km has been drill tested to date. Despite the exploration upside, IMX's strategy continues to focus on a smaller scale operation in the 25,000 tpa to 50,000 tpa production range. An operation of this size is considered to have a number of benefits, including a lower capital cost, a more rapid timeline to production, and increased ability to raise project finance. IMX does therefore not plan to conduct further regional exploration drilling prior to establishing an operating mine. Further drilling programs at Shimba are currently planned with the sole aim of converting the Inferred Mineral Resource to a Measured and Indicated Resource, utilizing a minimum number of holes to do so. Owing to the interpreted continuity of mineralization and grade across the Inferred Mineral Resource, a high degree of conversion to the Measured and Indicated category is expected.