Reverse Circulation drilling has commenced at IMX Resources' (ASX: IMX) 100%-owned Mt Woods polymetalic project in South Australia.
Mt Woods is located south east of Coober Pedy in South Australia and prospective for Iron Ore-Copper-Gold (IOCG). Of particular interest is that IMX's tenements are immediately north of the tenements containing OZ Mineral's (ASX: OZL) Prominent Hill project.
Mt Woods Project comprises seven granted tenements covering an area of 3,480km2, comprising over 50% of the highly prospective Mt Woods Inlier. Already, IMX has identified significant magnetite ore at Cairn Hill within Mt Woods Inlier.
The planned 10,000m regional exploration drilling programme is designed to test a number of exciting geophysical and geochemical targets that may represent IOCG and/or Tennant Creek style copper-gold targets as well as extensions of the Cairn Hill magnetite project within the highly prospective Mt Wood Inlier.
In the previous quarter several of these targets, originally based on a low-level helicopter-borne magnetics survey, have been further defined by detailed gravity and IP geophysical surveys.
Drilling will test the Black Hills (South) prospect, the Aquila, Snaefell, MW45, KD23 and Fitzgerald Dam targets, and the 25km long NE-SE trending zone of high magnetic and gravity features to the south east of the Cairn Hill mining lease.
The first holes of the programme are being drilled at the intensely magnetic Snaefell target where recent ground geophysical surveys have indicated that the most intense part of the coincident magnetic, gravity and IP feature had not been tested by previous exploration drilling.
In addition to the RC drilling, diamond drilling is also planned to test extensions at depth of the Black Hills (South) prospect, where RC drilling has previously intersected narrow zones of sub-economic gold and copper mineralisation.
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