Other Regional Targets
In addition, six regional exploration targets were tested with eight diamond drill holes totalling 1,256 metres, the results of which are pending.
3. Mt Woods Magnetite Project-Regional Targets (IMX 100%)
A modest RC drilling program commenced in October 2012, concluding during the quarter, comprised of 23 holes for 3,486 metres across the newly delineated Axehead and Tomahawk North prospects and the magnetically strongest portions of Eagle, Penrhyn, Arapiles and Fitzgerald Dam. This group of magnetic units, lie approximately 25 kilometres south-east of IMX's Cairn Hill magnetite-copper-gold mine and 30 kilometres east of the Snaefell prospect. Assay results from the RC drilling are pending.
This is an important step in demonstrating the potential of the numerous untested magnetic targets within the Mt Woods Magnetite Project tenements and central to the Company's commitment to the development and commercialisation of the Mt Woods Magnetite Project.
Axehead and Tomahawk North are related to the Tomahawk prospect that was drilled in November 2011. The preliminary metallurgical assessment of Tomahawk magnetite samples indicated that a concentrate grading up to 65% Fe could be achieved, at a relatively coarse grind size utilising a simple magnetic separation process. Indicative mass yields averaged 32%, which indicates that a significant amount of waste material can potentially be removed early in processing, which in turn may reduce capital and processing costs.
In the coming months, the Company may commence a program of Davis Tube Recovery tests and Dry Magnetic Separation as the first step towards characterising the magnetite that could be produced from these prospects.
4. Mt Woods Copper-Gold JV Project, South Australia (IMX 49%)
The Mt Woods Copper-Gold Project is a joint-venture between IMX (49%) and OZ Minerals (51%). Under the joint-venture, OZ Minerals must spend $20 million over five years at a minimum cumulative average of $4 million per annum in order to earn their 51% interest. No exploration was conducted during the December quarter.
5. Tasmania-NW Nickel Project (IMX 96%)
The Tasmania-NW Nickel Project comprises five granted exploration licences covering 571 square kilometres and is a JV between IMX (96%) and Barrett Exploration Pty Ltd (4%). No exploration was conducted during the December quarter.
6. Mibango Nickel Project, Tanzania (IMX 100%)
No exploration was conducted during the December quarter.
7. Milange Nickel-Copper-PGE Project, Mozambique (IMX 100%)
Results from a soil sampling program completed during the September quarter, in which 1,258 soil samples were collected over 16 targets, confirmed the presence of ultramafic rocks and will assist in targeting further field investigation that is planned to commence in May 2013.
8. St. Stephen Nickel-Copper JV Project, Canada (IMX earning up to 75%)
As part of the acquisition of CNI, the Company acquired the St. Stephen Ni-Cu Project located in south western New Brunswick, Canada during the September quarter 2012.
The St. Stephen project currently consists of two claim blocks totalling 42.9km2 centred on the St. Stephen intrusion which hosts magmatic Ni-Cu-Co sulphide mineralisation. Pursuant to work previously carried out by CNI, IMX has the option to acquire, on a scaled basis, up to a 75% interest in the project from Abitex Resources Inc. of Val d'Or, Quebec. During the June quarter 2013, the Company expects to exercise its right to earn a 50% interest in the St. Stephen project.
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