IMX Resources (ASX: IXR) is on the hunt for nickel, copper and platinum group elements (PGE) in the Rocky Cape region of Tasmania and has begun reverse circulation drilling at the North Western Tasmania Joint Venture project.
The current 10 hole drilling program is targeting geochemical soil anomalies identified in recent exploration and is scheduled to be completed by the end of August.
To date IMX has conducted limited drilling and detailed low level detection trace element geochemical soil sampling which identified evidence of previously unrecognised altered ultramafic rocks with potential for nickel-copper-PGE sulphides, as well as possible economic concentrations of titanium, zirconium and rare earth elements.
The Rocky Cape region has been underexplored due to deep alteration and weathering and as yet no fresh rocks have been identified.
This program represents the opportunity to drill these ultramafic rocks for the first time and test their mineral potential.
Positive geochemistry results
Previous low level anomalous geochemistry consistently demonstrated the potential for nickel-copper-PGE mineralisation across the North Western Tasmania Joint Venture project area.
This geochemistry was supported by petrography from drillcore testing electromagnetic geophysical targets and confirmed the widespread presence of poorly outcropping and highly altered ultramafic rocks within project tenements.
The results of the geochemical sampling program consistently demonstrate the potential for nickel-copper-PGE mineralisation across different sampling mediums and techniques, which is particularly significant as the project areas have historically been underexplored due to the highly leached nature of the soils, where conventional geochemistry is ineffective.
Further systematic MMI sampling was conducted in December 2011 to identify new targets and to fully define drill targets in the existing anomalies.
JV ownership structure
The North Western Tasmania Joint Venture project is a joint venture between IMX, which holds a 96% interest, and Barrett Exploration, which holds a 4% interest.
The project comprises five granted exploration licences covering 571 square kilometres.
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