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IMX Resources reveals high grade core at Nachingwea nickel copper joint venture

IMX Resources (ASX: IXR) is continuing to unlock the potential of the Nachingwea nickel copper joint venture in Tanzania.

Using initial 2011 diamond drilling results, the joint venture has now confirmed a high grade core zone at the Sleeping Giant deposit.

Drilling highlights include:

- 47 metres at 1.62% nickel and 0.36% copper from 309 metres, including 31.5 metres at 2.03% nickel and 0.42% copper;
- 9.05 metres at 0.63% nickel and 0.01% copper from 354.95 metres; and
- 14.2 metres at 0.73% nickel and 0.14% copper from 264.2 metres.

IMX Resources said that the new higher grade core zone can be traced over a 500 metre strike length.

In addition, new intersections of disseminated sulphide mineralisation have been discovered above the Sleeping Giant Zone in areas currently designated waste in the mineral resource pit shell.

Importantly for the potential of new discoveries, Sleeping Giant remains open in all directions.

In addition to the Sleeping Giant drilling, a single hole was deepened by 74.5 metres to 286.5 metres, testing for “Sleeping Giant-type” mineralisation south of the H Zone.

Disseminated, net-textured and stringer sulphides were intersected from 259.4 metres returning 2.85 metres at 1.57% nickel and 0.27% copper.

IMX Resources said that a preliminary bore hole electromagnetic survey indicates that a conductor anomaly associated with this mineralisation is centred both down-dip and south of the hole.

This anomaly is interpreted to be caused by a moderate to strong conductor located both down-dip and south of the hole, with the joint venture identifying that additional drilling is required to more fully test the new targets.

The Nachingwea joint venture

The joint venture is between IMX (25%) and Continental Nickel (TSXV: CNI) (75%), and the 2011 budget of C$8.775 million is designed to expand the current Mineral Resource at Sleeping Giant.

Funds will also be used to advance the Ntaka Hill nickel copper sulphide deposits towards mine development, and generate and explore priority regional exploration targets.

Two diamond core rigs are currently drilling to expand the resources and provide metallurgical sample for the Scoping Study which is in progress.

So far a total of 17 holes for 5,495 metres have been completed by the end of August, with an additional 14,000 metres planned for the current field season.