Seeking Alpha

Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • IMX Resources Encouraged By First Gold Results At Nachingwea 0 comments
    Nov 14, 2012 10:13 PM

    IMX Resources (ASX: IXR, TSX: IXR, IXR.WT) has intersected up to 2.71g/t gold and multiple intersections of anomalous base metals in a reverse drilling campaign at the HOG prospect, which is part of the wholly owned Nachingwea property in south eastern Tanzania.

    The identification of gold and base metal mineralisation in the property licences further enhances the regional prospectivity of the evolving new mineral province at Nachingwea, which now includes nickel, copper, gold, silver, zinc and graphite.

    The drilling tested 350 metres of the known 1050 metre strike length, with highly anomalous geochemistry intersected in five drill holes including:

    - 19 metres at 0.86% zinc and 0.15g/t gold from 49 metres, including 8 metres at 1.26% zinc and 0.09g/t gold;
    - 5 metres at 0.45% zinc and 0.43g/t gold, including 1 metre at 0.94% zinc and 0.88g/t gold;
    - 2 metres of 1.16% zinc, 0.58% copper and 0.10 g/t gold from 28 metres; and
    - 14 metres at 0.43% zinc and 0.39g/t gold from 25 metres, including 1 metre of 0.54% zinc and 2.71 g/t gold.

    There were also an additional eight grab samples of gossanous rock with 0.31g/t to 2.29g/t gold. HOG is located 21 kilometres northeast of the company's Ntaka Hill Nickel Sulphide Project.

    Neil Meadows, managing director, said that the discovery is an encouraging first result.

    "The HOG zinc-gold prospect is a significant discovery and demonstrates the potential for additional styles of mineralisation to be present on our Nachingwea property.

    "Our next priorities are to confirm the presence of economic base metal sulphide and gold mineralisation, and secondly, to determine the dimensions of that mineralisation. The IMX board is keen to see this work progress rapidly."

    HOG Drilling and Exploration Program

    Five reverse circulation holes were drilled for 424 metres to test an EM anomaly and associated gold-bearing gossanous outcrops at the HOG prospect during September this year.

    A positive result for IMX Resources is that all holes intersected one or more pyritic sulphide zones over a 350 metre strike length, with the drilling confirming the presence of pyritic sulphide zones containing elevated base and precious metal geochemistry.

    The HOG prospect gossan was discovered in late 2011 during a regional soil sampling program where grab samples assayed up to 4.96g/t gold. The gossanous outcrops extend for 800 metres across a zone 25-180 metres wide along a low lying ridge. The prospect consists of abundant sub-outcropping and loose gossanous boulders.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.