IMX Resources doubles Ntaka Hill Inferred Resource grade to 0.66% nickel
IMX Resources (ASX: IXR) now considers the various resource zones at its Ntaka Hill Nickel Sulphide Project in Tanzania to be part of a larger mineralised system with an Inferred Resource of 35,934,000 tonnes at 0.66% for 238,500 tonnes of contained nickel.
This is more than double the grade of the previous Inferred Resource of 45 million tonnes at 0.30% nickel for 135,000 tonne of contained nickel.
Measured and Indicated Mineral Resources have been revised to 20,323,000 tonnes at 0.58% for 117,880 tonnes of contained nickel.
The updated global Resource comprises the recently updated Sleeping Giant Deposit Mineral Resource estimate, the previously announced Zeppelin Mineral Resource estimate and the existing Mineral Resource estimates for J Zone, G Zone and M Zone as of March 2012.
“The more than doubling of the grade to 0.66% nickel in the Inferred Resource category is particularly significant and challenges the perception that Ntaka Hill is largely a low-grade deposit,” managing director Neil Meadows said.
“When the excellent metallurgy of the resources is taken into account they form the basis of a significant project to be developed in the future.”
He added the mineral resource zones that make up the global Mineral Resource at Ntaka Hill are now seen to form part of a much larger mineralised system, which is consistent with the growth of the Sleeping Giant deposit.
“The company’s current drilling program at Ntaka Hill continues to focus on expanding the open pit potential as well as investigating the mineralisation down plunge of the high-grade shoots that have previously been discovered,” Meadows noted.
“We anticipate that further drilling will demonstrate that the mineralised zones at Ntaka Hill are likely to form one very large mineralised system potentially also containing a significant amount of higher grade material.”
IMX had last week updated Indicated Resources for the newly enlarged Sleeping Giant Deposit to 17.2 million tonnes at 0.49% nickel for 84,280 tonnes of contained nickel.
This compares with the 2012 estimated Indicated Resources of 9.665Mt at 1.25% nickel, reflecting the more conservative approach taken for the Resource estimate this year.
Ntaka Hill is host to zones of high grade massive sulphide intervals of up to 16.3% nickel within wide intersections of disseminated mineralisation.
Previous testwork has also demonstrated attractive metallurgy, plus associated copper credits, which makes for a relatively lower economic cut-off grade at Ntaka Hill.
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