IMX Resources Limited is an Australian-based minerals exploration and development company, listed on the Australian Securities Exchange and Toronto Stock Exchange, with projects located in Tanzania, East Africa.
Nachingwea Property - Tanzania
IMX's activities are focused on the highly prospective Nachingwea Property, which covers an area of approximately 5,800km2. It is located in south-east Tanzania and, in close proximity to key infrastructure, including access to sealed roads and a deep water port at Mtwara.
It lies in the Mozambique Belt, which is highly prospective for graphite, nickel, gold and copper mineralisation. This is a strategically significant land package, providing an outstanding exploration opportunity in a relatively unexplored region.
IMX controls the Nachingwea Property under a joint venture with MMG who holds a 14.7% interest.
At Nachingwea, IMX is advancing its Chilalo Graphite Project, carrying out exploration at its Kishugu and Naujombo Gold Prospects and is in a joint venture for the development of its Ntaka Hill Nickel Project, where a significant nickel resource has been defined.
Chilalo Graphite Project
At Chilalo, the Shimba deposit contains an Inferred Mineral Resource of 7.4Mt grading 10.7% Total Graphitic Carbon (TGC) for 792,000t of contained graphite (within the >5% TGC high-grade zone). 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. Drilling at the Shimba deposit to convert the Inferred Resource to Indicated and Measured categories commenced in May 2015.
The identification of the Shimba deposit followed a 3,810m reverse circulation (RC) drilling program that was conducted during the December Quarter 2014 that intersected high-grade graphite. Assays from 13 holes, returned a number of high-grade, near-surface intersections including:
- Hole NRC14-140: 24m @ 11.7% TGC from 28m, including 14m @ 14.9% TGC;
- Hole NRC14-149: 15m @ 11.9% TGC from 58m, including 10m @ 13.7% TGC;
- Hole NRC14-150: 18m @ 12.7% TGC from 16m, including 14m @ 14.6% TGC;
- Hole NRC14-154: 16m @ 11.7% TGC from 18m, including 6m @ 13.5% TGC;
- Hole NRC14-155: 18m @ 11.8% TGC from 56m, including 8m @ 14.3% TGC;
- Hole NRC14-156: 14m @ 13.0% TGC from 0m; and
- Hole NRC14-157: 32m @ 11.4% TGC from 18m, including 14m @ 14.3% TGC.
In addition, 1,379m of diamond drilling at Chilalo was carried out during November 2014, the results of which confirmed the high-grade intersections from the RC drilling. This provided core for metallurgical testwork, with the initial results from basic flotation confirming that the Shimba deposit has excellent metallurgical characteristics, including:
- Weighted average concentrate grade of 97.4% TGC;
- Weighted average concentrate grade in large and jumbo flake size material of 98.1% TGC; and
- Up to 47% classified as large and jumbo flake size.
Ongoing metallurgical testwork is being optimised to align with end-users' current product specifications and for future growth applications of graphite, in particular batteries for electric vehicles and energy storage.
Testwork on downstream applications including spherical, expandable, micronized and purified graphite is being conducted by potential customers and European graphite specialists.
Kishugu and Naujombo Gold Prospects
At Kishugu, exceptional gold in soil anomalies represent an outstanding exploration opportunity. Results of soil sampling have identified an extensive, coherent, gold-in-soil anomaly measuring 600m by 5.5km, with peak gold values of 904ppb Au, 793ppb Au and 437ppb Au. Drilling is expected to commence later in 2015, following the end of the completion of additional exploration to refine drill targets.
Naujomo is an extensive, coherent, gold-in-soil anomaly, located 35km north-east of Kishugu. The anomaly measures approximately 5km in length by 1km wide a greater than 20ppb. Soil sampling conducted on a 400m x 200m grid has found maximum values of up to 131ppb Au in the main anomaly.
Ntaka Hill Nickel Project
IMX has entered into a Project Acquistion Agreement with Loricatus Resource Investments, an investment vehicle on behalf of Mauritius-based mining private equity fund, Fig Tree Resources Fund II for a joint venture covering its Ntaka HIll Nickel Project.
Under the Project Acquisition Agreement, Fig Tree will acquire a 70.65% stake in Ntaka Hill from the IMX-managed Nachingwea JV between IMX (85.30%, MMG Limited 14.70%) for consideration of US$6 million in cash, of which US$2 million is paid upon receipt of key regulatory approvals and US$4 million is paid upon sucessful completion by Fig Tree of additional geo-technical studies.
Fig Tree will have the right to maintain its 70.65% interest in Ntaka Hill upon sole funding all work to completion of a Definitive Feasibility Study within 5 years. If Fig Tree does not complete the study, its interest in Ntaka Hill will reduce to 50%. Should the geotechnical studies bu unsuccessful, Fig Tree will then hold a 30% interest in the joint venture. The geotechnical studies are expected to be completed by August 2015.
At Ntaka Hill, there is a significant Mineral Resource as follows:
- Total Measured and Indicated Resources: 20Mt @ 0.58% nickel and 0.13% copper (0.3% nickel cutoff) for 117,000 tonnes of contained nickel metal; and
- Total Inferred Resources: 36Mt @ 0.7% nickel and 0.14% copper (0.3% nickel cutoff) for 238,500 tonnes of contained nickel metal.