-- Iron Oxide Copper Gold ('IOCG') mineralisation at the Cairn Hill mine is open at depth, below resource and historical drilling.-- Geological mapping and structural studies have identified optimal target zones 250m beneath the mine floor.-- Geophysical magnetic modelling supports thickening of the magnetic host rock in target zones under Pit 1 and Pit 2.-- Diamond drilling to commence in early April.
IMX Resources Limited ('IMX' or the 'Company') announces drilling to commence in early April 2013, targeting copper and gold mineralisation beneath its Cairn Hill mine.
Cairn Hill is mined primarily for iron, in the form of magnetite, however the copper and gold content of the magnetite accounts for approximately one third of the production value. The deposit is geologically classified as a magnetite IOCG and was formed at a similar time as the more famous hematite hosted copper-gold ore bodies at Olympic Dam and Prominent Hill.
At Cairn Hill, the best copper and gold grades occur where the magnetite rock is thickened by steeply plunging folds. Two diamond core drill holes (each to 550m drill depth) will drill test the two target zones below Pit 1 and below planned Pit 2. These two targets have been identified as having optimal conditions for the structural thickening after recent consultant structural mapping of Pit 1 and are supported by detailed magnetic modelling ('inversion').
A third hole will test a strong magnetic anomaly 1km west of the Cairn Hill mine along strike of the main copper-gold-magnetite lode. The anomaly is strong, despite being covered by over 250m of sediments and presents a large IOCG target and possible extension to Cairn Hill.
NEIL MEADOWS, Managing Director
Competent Persons / Qualified Person / NI 43-101 Statement
Information relating to exploration at Cairn Hill is based on data compiled by Mr Peter Hill who is a Member of the Australian Institute of Geoscientists, and who is a full-time employee of the Company. Mr Hill has sufficient relevant experience to qualify as a Competent Person under the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and as a Qualified Person for the purpose of National Instrument 43-101. Mr Hill approves and consents to the inclusion of the information in the form and context in which it appears.
IMX is an Australian based mining and base and precious metals exploration company, listed on the Australian Securities Exchange and the Toronto Stock Exchange (ASX/TSX Code: IXR; TSX:IXR.WT), with exploration projects located in Australia, Africa and North America.
In Africa, IMX owns and operates the highly prospective Nachingwea Exploration Project in south-eastern Tanzania, which includes the potentially word-class Ntaka Hill Nickel Sulphide Project, located approximately 250km west of the port town of Mtwara. Nachingwea is highly prospective for nickel and copper sulphide, gold and graphite mineralisation. The Ntaka Hill Nickel Sulphide Project is one of the world's best undeveloped nickel sulphide projects and has the potential to produce a very clean, high quality premium nickel concentrate.