IMX Resources (ASX: IXR) and joint venture partner Continental Nickel (TSXV: CNI) have discovered copper at the Chilalo targets in Tanzania, which is hosted with in the Nachingwea nickel-copper joint venture.
The impact of the discovery is that the prospectivity of the tenure is enhanced, with mineralisation over a 1 kilometre strike length. Peak values include up to 0.4 metres at 5.27% copper, 15.05 grams per tonne silver and and 0.41% zinc from Chilalo 6.
Also at Chilalo 6, a new untested copper soil anomaly was identified 450 metres north of the current drilling.
Across at Chilalo 7, the joint venture has already identified high priority targets to be drilled in 2012.
The Chilalo prospect is located 23 kilometres north-east of the Ntaka Hill Nickel deposits and is part of the larger Nachingwea joint venture operated and managed by the Canadian listed Continental Nickel.
Nachingwea Holding Structure
IMX Resources has a 53% beneficial interest in Nachingwea which is held through a direct 25% interest in the Tanzanian joint venture company, Ngwena Limited, and indirectly through a 37.2% equity interest in Continental Nickel.
IMX funds its joint venture interest on a pro rata basis.