IMX Resources (ASX: IXR) has intersected visible magnetite quartz and magnetite gneiss mineralisation 25 kilometres southeast of the Cairn Hill iron ore and copper mine in South Australia.
The company conducted an initial six hole reverse circulation drilling program at the Tomohawk target, with all six holes intersecting visible wide intervals of mineralisation.
Analysis of the results is expected to be available by the end of January.
Tomohawk was identified from an airborne geophysical survey in 2011. It was the strongest magnetic anomaly in the area south of Cairn Hill.
The drilling program tested 500 metres in the eastern section of the anomaly, which stretches over approximately 3.4 kilometres strike.
IMX is aiming to develop a portfolio of regional prospects and deposits that can utilise existing mining, transport and infrastructure at the Cairn Hill Mine.
In 2011 the company discovered Snaefell, 12 kilometres southeast of Cairn Hill, for which it has established a maiden Inferred Resource of 109.8 million tonnes at 30.13% iron based on a 27.5% iron cut-off grade.
During 2012, IMX will investigate other targets in the Mt Woods project area that have magnetic features similar to Cairn Hill, Snaefell and Tomahawk.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24014/imx-resources-identifies-new-iron-ore-target-near-cairn-hill-24014.html
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