IMX Resources’ joint venture partner at the Ntaka Hill Nickel Sulphide Project in Tanzania, MMG Exploration, has started an extensive 23 000 m drilling program aimed at establishing a world-class nickel sulphide resource.
MMG will drill a series of new targets with the potential to delineate high-grade nickel sulphide mineralisation. These targets were identified following a comprehensive program completed by MMG over the past seven months, which has resulted in important breakthroughs in the exploration approach at Nachingwea.
The current program is scheduled to continue until late August 2014 and will comprise over 23 000 m of drilling including 14 775 m of diamond drilling and 8 700 m of RC drilling at Ntaka Hill, Lionja and regional targets across the broader Nachingwea property. The first results are expected to flow through early next quarter.
The Ntaka Hill Nickel Sulphide Project is situated on IMX’s Nachingwea Property in south-eastern Tanzania. MMG can earn up to 60 per cent of the Nachingwea Property by spending $60 million on exploration and related activities over a five year period. The current drilling program is part of the first stage of the agreement, under which MMG will earn a 15 per cent stake by spending US $10 million by September this year.
IMX Managing Director Gary Sutherland said MMG was looking for major high – grade nickel sulphid e deposits which, if successful, could be a game-changer for IMX. “We have been very encouraged by the results previously generated at Ntaka Hill and by the strong belief which a company of MMG’s calibre has in this project,” he said.
“The work completed by MMG – combined with the new exploration model developed for the Project – has uncovered a number of new targets which have been previously overlooked. When coupled with MMG’s technical expertise, this gives us good reason to be confident as this important new phase of drilling gets underway.
“MMG is committing significant expertise and financial resources to its goal of identifying world-class nickel sulphide deposits at Ntaka Hill, maximising our prospects of success. This comes at a time of renewed investor interest in nickel exploration, with the nickel price already up nearly 40 per cent this year.”
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IMX Resources drilling program under way at Ntaka Hill