IMX Resources ups Ntaka Hill resource; reports 31,000T nickel at Zeppelin
IMX Resources (ASX:IXR; TSX:IXR) has reported an inferred resource of 31,000 tonnes of contained nickel at its Zeppelin deposit that is part of its Ntaka Hill nickel sulphide project in Tanzania.
The mineralisation at Ntaka Hill are significant in that it is near surface and therefore conducive to low-cost open pit mining.
The inferred mineral resource estimate for Zeppelin deposit stands at 6 million tonnes at 0.52% nickel for a contained resource of 31,000 tonnes, with the overall Ntaka Hill resource holding a measured and indicated mineral resource of 12.8 million tonnes at 1.21% nickel and 0.25% copper for 155,000 tonnes of contained nickel.
It also has an inferred mineral resource of 45 million tonnes at 0.30% nickel and 0.07% copper for 135,000 tonne of contained nickel and 32,000 tonnes of copper.
Neil Meadows, IMX managing director said, “This is an important step forward in advancing the Ntaka Hill Project.
"The mineral resources have the potential for lower cost open pit mining and the similarity with nearby mineralisation that demonstrated encouraging metallurgical test work results, indicates that material from Zeppelin will also show good metallurgical performance.”
The mineral resource estimate for the Zeppelin deposit is based on data from 26 diamond drill holes for a total of 4,462 metres, that was completed to explore for and delineate the various sulphide lenses at a drill spacing of 65 metres.
The deposit now has been defined over 465 metres and remains open up-plunge to the north, down plunge to the south and down dip to the west.
Exploration work to date indicates that the deposit is part of a larger system of stacked mineralised zones that may be connected.
Significantly, the Sleeping Giant deposit and the Zeppelin, H, NAD013 and L deposits hold the potential to be a single mineralised system and conducive to open pit mining.
Also of note is that the assays from the Zeppelin mineralisation show consistently high nickel tenor, similar to mineralisation in the adjoining deposits, all of which also showed potential for producing high grade nickel concentration.
Further metallurgical tests to assess similarities with other mineralised zones are underway.
With a cash balance of $15.29 million at the end of March 2013 quarter against a market capitalisation of $29.73 million, IMX Resources has significant upside yet to be unleashed.
The latest resource definition at Ntaka Hill project is significant as the mineral resource itself is close to the surface and amenable to low cost open pit mining.
Importantly, the deposit is open in three directions and early exploration work shows that it could be part of the larger system of mineralised zones including the Sleeping Giant, H, NAD013 and L deposits.
The grades also show potential for producing a high grade nickel concentration.
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