Monday, 6 February 2012

IMX Resources identifies coarse, high grade magnetite from Tomahawk prospect

IMX Resources (ASX: IXR) can achieve a concentrate of up to 65% iron at a coarse grind size from the Tomahawk iron ore prospect, based on results from initial Davis Tube Recovery testwork.

Preliminary metallurgical assessment of magnetite samples from Tomohawk indicate that the high grade concentrate can be achieved at a grind size of 250 microns, through a simple magnetic separation process.

This coarse grind size reduces the costs associated with processing.

With indicative mass yields averaging 32%, a large amount of waste material could be removed early in processing, reducing processing and capital costs.

Importantly, levels of phosphorous and other contaminants are very low, meaning a premium iron product can be produced.

Managing director Neil Meadows said IMX was focused on developing iron ore projects close to its Cairn Hill mine.

“These initial results demonstrate that Tomahawk has the potential to produce a quality magnetite concentrate with minimal processing.

“This early stage metallurgical testwork is part of IMX’s strategy to focus on quality magnetite projects with development potential in close proximity to our Cairn Hill mine.”

Exploration planning and geological and metallurgical characterisation for Tomahawk are ongoing.

Proximity to Cairn Hill

The Tomahawk prospect is part of IMX’s 100% owned Mt Woods Iron Project, and is located 25 kilometres southeast of the Cairn Hill iron ore and copper mine in South Australia.

Cairn Hill is operated by Termite Resources, which is owned by Outback Iron, a joint venture between IMX (51%) and Taifeng Yuangchuang International Development Co (49%).

Phase 1 of the Cairn Hill project is a unique magnetite iron-copper-gold direct shipping ore operation, producing a premium coarse grained magnetite product with a clean saleable copper-gold concentrate.

IMX has also announced a Phase 2 resource, which the joint venture project group is accelerating to begin production of a saleable iron intermediate concentrate of about 60%.

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