IMX Resources (ASX:IXR) and joint venture partner Continental Nickel (TSXV:CNI) have reported a 150% increase in Measured and Indicated mineral resources at the Ntaka Hill Nickel-Copper deposits at the Nachingwea project in southern Tanzania.
The new Measured and Indicated resources are 12,786,000 million tonnes at 1.21% nickel for 154,700 tonnes of contained nickel (0.2% nickel cut-off). New Inferred resources have increased to 45,037,000 tonnes at 0.30% nickel.
IMX boasts an almost 53% beneficial ownership of the Nachingwea project because of its 25% interest in the joint venture and 37% direct investment in Toronto listed Continental Nickel.
The Sleeping Giant high-grade core zone has now been defined over 600 metres and remains open down plunge to the south. Interestingly, NAD013 and Sleeping Giant zone now connected into one mineralised zone.
The new resource estimate is also expected to reduce stripping ratios and lead to reductions in cash operating costs compared to the once optimized and incorporated into the development plan for the Project.
IMX managing director Neil Meadows said, “This substantial increase in resources at the Nachingwea Nickel Project is great news for IMX shareholders."
The Nachingwea joint venture project is edging closer to development.