IMX Resources (ASX: IXR) and joint venture partner Continental Nickel (TSXV: CNI) have discovered a new gold target, where grab samples have returned up to 4.96 grams per tonne, located 20 kilometres northeast of the Ntaka Hill Nickel-Copper deposits at the Nachingwea project in southern Tanzania.
The new target, known as the Hog prospect, is 1,150 metres long and 25-180 metres wide and remains open to the north and south.
Importantly, the identification of new gold mineralisation increases the regional prospectivity of the evolving new mineral province at Nachingwea, which now includes Nickel, copper, gold, silver and zinc.
IMX and Continental are planning additional mapping, prospecting and sampling over the Hog prospect, which will also be included in the 2012 airborne VTEM survey.
Meanwhile, the joint venture partners have begun drilling at Nachingwea, outlining a C$10 million (A$9.9 million) budget for the 2012 field season.
The extensive exploration program includes 20,000 to 25,000 metres of diamond and reverse circulation drilling.
The program will comprise 15,000 metres of infill and step-out diamond drilling at Sleeping Giant to upgrade the Resource confidence categories and test for the potential down-plunge extension of the high grade core of the zone.
IMX and Continental will also drill test priority exploration targets associated with the Nickel-bearing Ntaka and Lionja ultramafic intrusions.
Earlier this year IMX and Continental reported a 150% increase in Measured and Indicated Resources at Ntaka Hill.
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). Inferred resources have increased to 45,037,000 tonnes at 0.30% Nickel.
Ntaka Hill is part of the larger Nachingwea Nickel-Copper Project 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.
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