IMX Resources Ltd. (TSX:IXR,ASX:IXR) announced that 2015 infill drill results from the Shimba deposit at its Tanzania-based Chilalo graphite project confirm the deposit’s grade and continuity.
IMX Resources Ltd. (TSX:IXR,ASX:IXR) announced that 2015 infill drill results from the Shimba deposit at its Tanzania-based Chilalo graphite project confirm the deposit’s grade and continuity. The company expects to use the results to update the mineral resource estimate for Shimba.
Other highlights include:
- Excellent results received from the recent 14-hole, 1,461m in-fill diamond drilling program at the high-grade Shimba deposit, part of IMX’s Chilalo Graphite Project in south-east Tanzania
- All holes intersected significant widths of high-grade graphite (average true width 20-30m), notable intersections included:
- 27.6m grading 12.07% TGC from 17.1m down-hole (NRD15-086)
- 26.3m grading 12.69% TGC from 43m down-hole (NRD15-079)
- 24.7m grading 12.47% TGC from 44.3m down-hole (NRD15-084)
- 23.0m grading 13.88% TGC from 13m down-hole (NRD15-083)
- 19.3m grading 12.18% TGC from 95.2m down-hole (NRD15-082)
- Results confirm the grade, consistency and robustness of the Shimba deposit, which lies at surface, outcropping over a strike length of 500m and remains open along strike and at depth.
- In-fill drilling results are to underpin an updated Mineral Resource estimate for the Shimba deposit.
- The updated Mineral Resource estimate is expected to upgrade the majority of the high-grade Shimba mineralisation from Inferred to a higher confidence category.
Phil Hoskins, CEO of IMX, commented:
The strong results from this drill program have reinforced the grade and consistency of the mineralisation, validating our strategy to focus on the Shimba deposit as the foundation for our initial mining operation.
The deposit averages 20-30 metres true width, with its proximity to surface and anticipated low strip ratio making it a very attractive open pit mining proposition. Approximately 90 per cent of the Inferred Resource lies within 100 metres of the surface, with 20 per cent hosted in the higher grade near-surface oxide zone. All of this is expected to translate into low mining and operating costs.