Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

IMX Resources' Chairman John Nitschke Adds To Shareholding

IMX Resources' (ASX: IXR, TSX: IXR, IXR.WT) non-executive chairman John Nitschke has increased his shareholding by 260,000 shares.

Nitschke acquired the shares on-market for a total consideration of A$39,000, providing an average entry price of $0.15 per share.

IMX recently uncovered high grade massive sulphide intervals of up to 16.3% nickel within wide intersections of disseminated mineralisation at its Ntaka Hill Project in Tanzania.

Neil Meadows, managing director, told Proactive Investors at the time of the announcement in December, an intercept of 1.25 metres at 16.3% is the highest grade uncovered at Ntaka Hill so far.

The results from 26 holes totalling about 7,891 metres, which demonstrate the overall continuity of the mineralisation at the Sleeping Giant prospect, will be integrated into a new resource model due for release in the March quarter of 2013.

Ntaka currently hosts a Measured Resource of 1.66 million tonnes at 1.71% nickel and 0.29% copper for 28,400 tonnes of contained nickel, and an Indicated Resource of 11.12 million tonnes at 1.14% nickel and 0.25% copper for 126,300 tonnes of contained nickel.

It also hosts an Inferred Resource of 45.04 million tonnes at 0.3% nickel and 0.07% copper for 135,000 tonnes of contained nickel.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.