IMX Resources Ltd. (TSX:IXR,ASX:IXR) announced the completion of a maiden inferred mineral resource for the Shimba deposit at its Tanzania-based Chilalo graphite project.
IMX Resources Ltd. (TSX:IXR,ASX:IXR) announced the completion of a maiden inferred mineral resource for the Shimba deposit at its Tanzania-based Chilalo graphite project. The inferred mineral resource sits at 7.4 million tonnes grading 10.7 percent total graphitic carbon (TGC) for 792,000 tonnes of contained graphite.
Other highlights include:
- Grade compares favourably with all other known graphite Mineral Resources in Tanzania.
- Over 90% of the Mineral Resource lies within 100m of surface, providing positive implications for mining economics.
- Significant potential to further increase the high-grade resource base:
- High-grade Shimba deposit remains open to the north-east and south-west; and
- Only 10% of the 54km of the anomalous strike identified by VTEM has been tested to date.
- Existing resource is appropriate to support the proposed smaller-scale graphite development at Chilalo, as recommended by BatteryLimits in the preliminary findings of its high-level study.
- Pre-Feasibility Study expected to commence in Q2 2015, focused on a low capital cost, highmargin graphite project.
Phil Hoskins, CEO of IMX, commented:
Chilalo has the volume and the grade needed to support a low capital cost, high-margin graphite operation.
To have reached this stage within seven months of a desktop review which led to the discovery is a tremendous achievement and we plan to fast-track ongoing development work to advance Chilalo towards production as quickly as possible.