Perth, Mar 4, 2008 AEST (ABN Newswire) - IMX Resources NL (ASX: IXR) is pleased to report the interpretation of the 1,150km2 airborne VTEM, survey conducted over a portion of the Nachingwea tenements in late 2007, has identified a further 5 conductive targets, which were announced by Nachingwea JV partner, TSXV listed Continental Nickel Limited, in which IMX Resources has a substantial shareholding of 47.6%.
From the VTEM survey, at least five new conductive targets have been identified which show close magnetic, electromagnetic and structural similarities to the Ntaka intrusion, where high grade nickel-copper sulphides were discovered during the 2006 and 2007 drilling programs. These new targets are all located within 25 kilometres of the Ntaka intrusion.
With the signatures of these new targets being similar to those coincident with nickel sulphide zones in the Ntaka intrusion, where the joint venture has discovered seven zones of high grade nickel-copper sulphide mineralisation, they are priority regional targets for the 2008 exploration program. Previously reported high grade nickel-copper sulphide mineralisation intersections at the Ntaka intrusion include 1.90m at 17.11% Ni and 2.71% Cu at the NAD013 zone, 9.55m at 7.55 % Ni and 1.15% Cu at the H Zone, 21.0m at 3.35% Ni and 0.46% Cu at the J Zone, and 15.4m at 2.40% Ni and 0.46% Cu at the L zone.
Craig MacDougall, President & CEO of Continental Nickel Limited, reported "the results of the 2007 airborne magnetic and VTEM survey are a very exciting development. These conductive anomalies could well be associated with additional sulphide bodies in this emerging nickel-copper sulphide district. These new targets will be ranked and prioritised for drilling in the 2008 exploration program."
The 1,150km2 VTEM survey has been very successful in identifying at least 5 new targets with similar signatures to the Ntaka intrusion and has greatly enhance the knowledge and potential of the Nachingwea project. Interestingly the current VTEM surveys only cover around 15% of the total tenement package at Nachingwea.
Nachingwea Holding Structure
The IMX Resources interests in the Nachingwea project are held indirectly through a 47.6% interest in Continental Nickel, which holds a 70% interest in the Tanzanian JV company, Ngwena Limited. Ngwena is the licence holder for the Nachingwea tenements. IMX Resources also holds a 30% direct interest in the project through a 30% interest in Ngwena.
IMX Resources 30% interest is free carried up to the completion of a feasibility study or the expenditure of Cdn$15m. Continental Nickel can earn an additional 5% on completion of the feasibility study and a further 5% upon the expenditure of Cdn$15m.
About Graphex Mining Ltd
Graphex Mining Limited (ASX:GPX) is an Australian resources company listed on the Australian Securities Exchange under stock code GPX. Graphex owns the world-class, coarse flake Chilalo Graphite Project, located in south-east Tanzania, which is an outstanding development ready opportunity.
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