IMX Resources Limited (ASX: IXR, TSX: IXR, IXR.WT) has delivered a string of positive nickel sulphide results this week, and today the company has impressed with near surface mineralisation at the Ntaka Hill Nickel Sulphide Project in Tanzania.
IMX has confirmed nickel sulphide mineralisation at five new geochemical targets, with highlights including:
- 7.2 metres at 1.31% nickel and 0.27% copper within a wider 34.4 metre zone at 0.55% nickel and 0.15% copper from 46.6 metres; and
- 3.55 metres at 1.14% nickel and 0.36% copper from a wider 7.9 metres at 0.89% nickel and 0.33% copper from 40.4 metres.
Where the story gets even more interesting is that the new intersections potentially link to adjacent known nickel zones, with the potential to add to the existing Ntaka Hill resources.
Neil Meadows, managing director, commented: “The Ntaka Hill exploration program is proving to be very successful in intersecting new zones and lenses of nickel sulphide mineralisation which may eventually prove to be linked to adjacent zones of known mineralisation.
"The current drilling program clearly demonstrates the potential to find new near surface disseminated sulphide zones which could expand the Ntaka Hill mineral resources.”
Highlighting the prospectivity of the area, exploration drill testing of new coincident nickel and copper soil anomalies identified during 2012 targeting for Sleeping Giant style nickel mineralisation on the Ntaka intrusion has intersected near surface disseminated nickel sulphides in all holes drilled
Meadows added, “The success of the Ntaka Hill exploration drilling in identifying near surface disseminated nickel sulphide mineralisation, including narrow zones of high grade semi-massive sulphides, while testing geochemical soil anomalies confirms our belief that the potential of the Ntaka and Lionja intrusions is far from realised.
"The identification of additional lenses and zones that were unrecognised by airborne and ground EM surveys opens up the entire Ntaka and Lionja intrusions to additional exploration.”
IMX has now completed the 3000 metres of drilling to test additional targets at Ntaka Hill, with regional geochemical surveys and drilling on the Nachingwea property is on-going - providing the company with news flow in the near term.
Ntaka Hill is one of the world’s best un-developed nickel sulphide projects and has the potential to produce a very clean, high quality premium nickel concentrate.
Lionja drilling success
Earlier in the week IMX made a significant discovery along the Ntaka - Lionja ultramafic trend, which extends 8 kilometres south from the Ntaka Hill Nickel Sulphide Project.
Importantly for IMX - all holes intersected wide intervals of disseminated nickel sulphide mineralisation which exhibit high nickel tenors similar to the Ntaka Hill sulphide zones.
Highlights included:
- 1.07% nickel at 0.10% copper over 5.0 metres, including 0.60 metres at 7.1% nickel at 0.44% copper;
- 0.67% nickel at 0.12% copper over 8.4 metres, including 0.45 metres at 3.52% nickel at 0.60% copper; and
- 0.51% nickel at 0.12% copper over 8.8 metres.
The Ntaka–Lionja stratigraphic package represents the second mineralised ultramafic intrusion in the project and has the potential to host significant nickel mineralisation of a similar style and tenor to Ntaka Hill.
As with the Ntaka Hill intrusion, the Lionja high grade lens occurs within a wider disseminated nickel sulphide halo.
Now what is so important about Lionja is that it is showing the early signs of being able to add size and scale to the future development of Ntaka Hill - which if achieved has the potential to provide a further boost to the project's economics.
Another plus for Lionja is that nickel mineralisation appears to be present over a significant strike and dip extent with new drilling showing potential for wider intervals and higher grade to the south.
IMX is well-funded with $19.2 million in cash at the end of October 2012.