ASX and TSX-listed IMX Resources has started an extensive drilling campaign to test highly promising graphite and gold targets at its Nachingwea Property in Tanzania.
The drilling, which will comprise up to 75 holes of reverse circulation (RC) for 7,5 00m and 1,000m of diamond drilling (DD), commenced on 1 October 2014.
Capital Drilling, who has carried out drilling at the Nachingwea Property during the past two years, has been engaged for the upcoming program. In a vote of confidence in the prospectivity of the Chilalo and Kishugu prospects, Capital Drilling will receive IMX shares as payment for a portion of the drilling it performs.
IMX Chairman Derek Fisher said the extensive drilling program would give investors exposure to two potentially company – making exploration prospects within a matter of weeks. “Based on the information we have to date, both the graphite and the gold targets are outstanding exploration opportunities in their own right, with the potential to be strong, near – term catalysts for a revaluation of our flagship asset, the Nachingwea Property.
“At Chilalo, the combination of the outcrop sampling, the VTEM geophysical data and the high-quality discoveries on the same trend on adjacent properties give us every reason to expect significant, positive outcomes from this drilling campaign. Similarly, the virgin Kishugu gold anomaly with its long, highly anomalous soil zone, is an outstanding drill target.”
The drilling program at Chilalo and Chilalo North will comprise up to 6 ,500 m of RC and 1,000m of DD drilling, with targeting based on surface mapping and VTEM modelling recently carried out by in-house and consultant geoscientists, which confirmed the existence of highly prospective graphite targets.
The drilling will test the extent and grades of the mineralisation and provide samples for metallurgical test work to establish graphite flotation characteristics and flake size distribution. The drill pattern and the metallurgical test work are designed to provide sufficient data to support mineral resource estimation, which the Company is aiming to have completed by the end of the March quarter of 2015.
These metallurgical analyses are expected to also provide sufficient information to commence discussions with prospective strategic offtake partners.