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IMX Resources delivers maiden iron ore resource of 110Mt at the Snaefell Project

IMX Resources (ASX: IXR) has exceeded the initial target tonnage model expectations in delivering an Inferred JORC Resource of 109.8 million tonnes at 30.13% iron (27.5% iron cut-off) for the wholly owned Snaefell Project in South Australia.

Importantly for potential future resource upgrades, mineralisation remains open in all directions - plus the current estimate only covers 1100 metres of the 3 kilometre strike length.

IMX Resources is already targeting an upgrade, with strike extension resource drilling underway, with the program comprising 30 reverse circulation holes for 6000 metres.

The significance of Snaefell is an overall boost to IMX Resources' iron ore inventory, and also supports the company's belief in the potential of the Mt Woods area.

Andrew Steers, acting chief executive officer said, "Our goal now is to continue to expand the resource with additional drilling and to finalise the metallurgical studies.

"We are confident that Snaefell could become the major long life iron ore asset that the company has been looking for to compliment Cairn Hill and the Company is well placed to be able to advance this Project towards production.”

IMX Resources said that the exploration target tonnage of the area is estimated at between 200 to 300 million tonnes at 28% to 35% iron, and is in addition to the core area maiden resource estimate already defined.