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Company Statement
Strategy & Overview
IMX’s business strategy is to create shareholder value through a diversified portfolio. The Company maintains maximum exposure for shareholders through their multi commodity portfolio approach, coupled with geographical diversity. In 2007, IMX shareholders will be exposed to AU$19 million in exploration through joint ventures and companies in which IMX is the major shareholder, with only AU$1.5 million of that expenditure being sourced from their own funds.
The IMX board is working seeking to maximize shareholder value through a mixture of core projects, where it may take the project through to development, and spin-offs & joint ventures, where the board feels it is important to bring in specialist expertise or extended funding or where keeping the assets in IMX would not maximize shareholder value.
The core focus is to broaden the Company’s core project portfolio primarily in copper, nickel, Platinum Group Elements (PGE) and iron ore with the objective of developing cashflow and company making assets.
IMX’s modus operandi is “Delivering value through diversity, discipline and development”.
Current Operations
Mt Woods: Iron-Copper-Gold, PGE, Uranium
The Mt Woods Project comprises seven granted tenements covering an area of 3,480km2, located approximately 700km north-west of Adelaide in South Australia. IMX Resources has been exploring the region since 2000. The tenements comprise over 50% of the highly prospective Mt Woods Inlier and are immediately north of the tenements containing Prominent Hill, where OZ Minerals Ltd is close to completing their mine development.
Several types of mineralisation have been targeted for exploration:
Magnetite / Magnetite – Copper - Gold: Cairn Hill is the most advanced example of this style of mineralisation, where resources have been defined over a 1.6km strike length in two lodes. Recent detailed aeromagnetics and sparse historical drilling strongly suggest that the mineralisation appears to be in the form of a recrystallised Banded Iron Formation (BIF) with copper / gold overprinting in parts. The detailed aeromagnetics also indicates possible extensions of the BIF horizons and other potential magnetite targets.
Iron Ore – Copper – Gold (IOCG): Two potential targets of this style of mineralisation have been selected for further investigation, Black Hills and Mt Paisley. At Mt Paisley there are targets defined by coincident gravity and magnetics features, with similarities to the Olympic Dam geophysical signature, however the targets are relatively deep.
Uranium: Permian and Tertiary palaeochannels with the potential for roll front uranium targets have been identified from the detailed gravity coverage and recent drilling.
Kangaroo Dam (PGE)
The Kangaroo Dam prospect is located 25km west-southwest of Cairn Hill (Figure 1). Anomalous palladium and platinum mineralisation was discovered by IMX Resources in a series of limited RC and diamond core drill programs at Kangaroo Dam since 2002. Previously, the best drill intercepts at the prospect include 1.94 g/t Pd+Pt+Au over 2m from 151m (KDRC001) and 0.74 g/t Pd+Pt+Au over 4m from 56m (MWRC012). The holes intersected a sequence of felsic and mafic gneisses with patchy ‘mafic skarn’ alteration and pyrrhotite±PGE mineralisation in magnetite gneiss.
Two RC holes were drilled in 2008 to test the extent of the mineralisation intersected by MWRC012 in 2007. Both holes intersected amphibolite and magnetite gneiss basement with intervals of disseminated sulphides below approximately 55m of cover sediments. Laboratory results are awaited.
Black Hills IOCG Project
The Black Hills IOCG prospect is located approximately 20km south of Cairn Hill and 50km northwest of the Prominent Hill deposit (Figure 1). As reported previously, an anomalous copper-gold zone was discovered during reconnaissance RAB drilling in 2006 and followed-up by three RC holes all of which intersected copper mineralisation and anomalous gold geochemistry, the best result being 1m from 72m @ 1.7% Cu and 0.1g/t Au in amphibolite rock.
In early 2008, two additional RC holes (MWRC017 & 018) were drilled, with both holes confirming the presence of the host amphibolite. Hole MWRC018 intersected two intervals of stringer chalcopyrite (copper sulphide).
The mineralisation appears to dip to the north and RAB geochemistry highlights two NNE and ESE tending lineaments which may reflect fabric and/or structures in the basement rocks. The anomalous copper-gold zone is open to the east and west, is approximately 400m wide and has been traced over 2.6km of strike.
Further RC drilling and an IP geophysics program is being planned for 2008-2009 to help identify zones with disseminated/stringer chalcopyrite mineralisation.
Mt Paisley
The Mt Paisley project is located approximately 150 km east southeast of Coober Pedy and 100km northwest of Olympic (Figure 1). Geophysical modelling, using gravity and magnetics, has identified a number of potential IOCG targets within the licence area. The largest such feature is a high tenor coincident magnetic and gravity feature that had been modelled as an Olympic Dam style target deep in the basement rocks.
In February 2008, a single vertical diamond core hole, MPD001, was drilled to 1,683.7m to test the anomaly. Basement rocks were intersected from a depth of 1288m. Core from the drill hole revealed a 185m thick sequence of dense hematite-rich banded iron formation (BIF) with minor zones of brecciation. Below the BIF unit lies a sedimentary sequence comprising conglomerate, siltstone and black shale. This sequence is intruded by dolerite consisting of quartz-sericite±chlorite with coarse-grained amphibole and magnetite.
The combination of a dense BIF sequence and intrusions of magnetic dolerites has explained the modelled deep, large gravity and magnetic anomaly. Although trace chalcopyrite was present in the BIF and shales, this copper sulphide mineralisation is not considered significant at the depths intersected.
Drill hole MPD001 successfully tested one of several Olympic Dam style target in the area, but intersected only minor mineralisation. Additional coincident magnetic and gravity anomalies exist at shallower depths northeast of MPD001. Further modelling of these geophysical features is planned, as well as downhole geophysical surveys in MPD001.
Cairn Hill Project
During the past year the Cairn Hill Magnetite Iron / Copper / Gold Project, located adjacent to the Stuart Highway and 55km south east of Coober Pedy in South Australia, has progressed into development.
The exploration and development of the Cairn Hill project has been split into three phases:
Phase 1 - this is the current phase in development. This phase consists of mining and shipping run-of-mine (ROM) ore to China where it will be processed into a magnetite and copper / gold concentrates. Jilin Tonghua Iron & Steel (Group) Mining Co Ltd (Tonghua Mining) will purchase the ROM ore under an initial three year agreement and are constructing a processing plant especially for the Cairn Hill ore.
Phase 2 - the next phase targets low copper and sulphur magnetite immediately to the east of Phase 1, with the aim of producing a high grade magnetite concentrate on site.
Phase 3 - is the ultimate project aimed at producing up to 5mtpa. Targets have been indentified from the detailed aeromagnetics and drilling will commence this coming year to define the scope of the mineralisation.
Other Projects
IMX has interests in other exploration projects including nickel and tin, as well as interests in India. In addition, the Company has a number of joint venture opportunities to grow share value.
Joint Ventures
Overview
IMX Resources currently has two joint ventures covering tenements in Tanzania with Lonmin Plc. In 2007 IMX made a strategic decision to relinquish the operatorship of these projects back to Lonmin to focus on its core projects.
Mibango; Mibango is a PGE project located in Tanzania. IMX's interest in Mibango is 100%.
Luwumbu; IMX has increased its interest in the Luwumbu project to 90%. 10% is held by Albidon.
Geographical Spread
Australia, Africa and India
Board of Directors and Key Management
| Johann Jacobs | Chairman |
| Duncan McBain | Managing Director |
| Stephen Hunt | Non Executive Director |
| Tony Haggarty | Non Executive Director |
| Cao Xiang Kui | Non Executive Director |
| Kimberley France | Company Secretary |
| Bianca Manzi | Exploration Manager |
Company AddressLevel 2, Unit 18
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Additional Address/Key ContactTANZANIA OFFICE |
Annual General MeetingNovember | Year End30 June |
Related News
08/04/09 - IMX Resources Is Keeping A Close Eye On Negotiations Over The New Benchmark Prices For Iron Ore24/09/08 - IMX Resources Is On The Right Track With Its Plans To Ship Magnetite To China
09/05/08 - IMX Chief Counts Backwards From Christmas As Cairn Hill Moves Closer To Cash Flow
31/01/08 - IMX Gets Ready To Transition From Explorer To Producer
Most Recent Statement
13/07/09 - Quarterly Activities Report17/06/09 - Far North Development Forum Presentation
20/04/09 - Report for the Quarter Ended 31 March 2009
20/04/09 - Appendix 5B
23/03/09 - IMX Sells Four Mile Royalty
12/03/09 - Report for the Half Year Ended 31 December 2008