IMX Converts 62 Percent of Shimba Mineral Resource to Indicated Category

IMX Resources Ltd. (ASX:IXR) announced that it’s converted 62 percent of the high-grade mineral resource for its Shimba deposit to the indicated category. Shimba is located at IMX’s Tanzania-based Chilalo graphite project.
The company has also increased the project’s total contained graphite.
Highlights include:

• High-grade Mineral Resource (Indicated and Inferred) increased to 9.2 Mt grading 10.7% Total Graphitic Carbon (TGC), comprised of:
  • Indicated Resource of 5.1 Mt grading 11.9% TGC for 613,800 t of contained graphite
  • Inferred Resource of 4.1 Mt grading 9.1% TGC for 370,300 t of contained graphite
• 984,100 t of contained graphite within the >5% TGC high-grade zone (613,800 t in Indicated)
• 24% increase in contained graphite from the previous high-grade resource
• Indicated Mineral Resource grade of 11.9% TGC is a substantial improvement on previous resource estimate
• Shimba deposit is the highest grade Tanzanian graphite Mineral Resource reported according to the JORC Code (2012)
• Completion of additional metallurgical testwork is expected to enable conversion of the majority of the Indicated Resource to the Measured category, without any further drilling
• Results underpin the Pre-Feasibility Study due in November 2015

Phil Hoskins, CEO of IMX, commented:

The conversion of 62% of the Shimba resource to the Indicated category is an important milestone for the Chilalo Project, confirming the robust nature of the deposit and further derisking development, ahead of our PFS in November 2015. The higher grade Indicated Resource strengthens our belief that Chilalo can become a low-cost flake graphite producer. The quality of the Shimba deposit, highlighted by this upgraded resource and recently announced improvements in flake size distribution, further demonstrates that Chilalo has the characteristics of a world-class graphite project.

Click here to read the full IMX Resources Ltd. (ASX:IXR) press release.