IMX Resources (ASX: IXR, TSX: IXR, IXR.WT) has discovered two new high grade nickel sulphide lenses at the Lightning Target, which is part of the wholly owned Ntaka Hill Nickel Sulphide Project in Tanzania.
Ntaka Hill is one of the world's best un-developed nickel sulphide projects and has the potential to produce a very clean, high quality premium nickel concentrate.
The impact of the new lenses, along with the recently announced discovery of the Zeppelin Zone - highlight the potential for a significant increase in mineral resources and projected mine life for the Ntaka Hill. The discovery is located 400 metres southeast of Sleeping Giant.
The High grade nickel mineralisation intersected included: 4.5 metres at 1.92% nickel and 0.26% copper from 263 metres, including 1.2 metres at 3.03% nickel and 0.32% copper.
A second new intersection demonstrates depth potential for high grade sulphides with: 3.2 metres at 1.02% nickel and 0.17% copper from 362.2 metres, within a wider 87.1 metre interval grading 0.41% nickel and 0.1% copper.
Neil Meadows, managing director, commented: "The discovery of multiple lenses of high grade nickel sulphides at Lightning continues to demonstrate the exceptional exploration potential of the Ntaka Hill Intrusion."
IMX is well-funded with $19.2 million in cash at the end of October 2012.
A recent single diamond drill hole totalling 392.3 metres was drilled at Lightning, 100 metres south of H Zone to follow-up high grade nickel sulphide mineralisation and a new off hole EM anomaly identified from previous drilling in 2011.
The new hole NAD12-281 intersected a zone of strongly disseminated to net-textured sulphides grading 1.92% nickel and 0.26% copper over 4.5 metres from 263 metres, including a 1.2 metres interval grading 3.03% nickel and 0.32% copper.
The second sulphide lens of 3.2 metres at 1.02% nickel and 0.17% copper from 362.2 metres corresponds to the deeper off hole anomaly interpreted from borehole EM in 2011.
IMX said that this deeper lens lies within an 87.1 metres wide disseminated nickel sulphide zone grading 0.41% nickel and 0.1% copper from 299.9 metres depth and can be correlated with mineralisation intersected in hole NAD11-252 (1.41% nickel and 0.35% copper over 2.5 metres) located 95 metres down-dip and 25 metres south of NAD12-281.
This intersection highlights the depth potential of the Ntaka Intrusion to host additional high grade nickel mineralisation below the current limit of drilling.
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