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New Iron Ore Discoveries at Mt Woods and Cairn Hill

Tuesday, September 29th, 2009

IMX Resources Limited (ASX:IXR) is pleased to announce that regional drilling has successfully intersected new iron ore mineralisation during reverse circulation (RC) drilling at the 100% owned Mt Woods project, which includes the Cairn Hill magnetite project, south east of Coober Pedy in South Australia.
Significant widths of iron ore mineralisation have been intersected at a number of regional targets including Snaefell (magnetite and specular hematite), Bumblebee (Banded Iron Formation), Fitzgerald Dam (magnetite) and MW78 (magnetite). MW78 forms part of the Cairn Hill Phase 3 area.
The 10,000m drilling program is testing geophysical and geochemical targets that may represent IOCG and / or Tennant Creek style copper-gold targets as well as potential new iron ore mineralisation, which could form extensions to the planned Cairn Hill development, within the highly prospective Mt Wood Inlier.
IMX Managing Director Duncan McBain said “The Bumblebee, Fitzgerald Dam and Snaefell discoveries are exciting as they indicate additional iron ore potential within IMX’s Mt Woods tenements within close proximity to infrastructure being developed for Cairn Hill.”
“Iron ore mineralisation is not just confined to what has been designated the Cairn Hill project, with its three phases, opening up new scope for further exploration”, he said
IMX is developing the Cairn Hill magnetite iron – copper – gold project within the Mt Woods tenements in three phases. The Company has received all of the approvals required to commence mining for the phase one development, which will involve direct shipment of ore to China. Subject to funding, first shipment could occur within 4 months of a shipping license being granted. The grant of the shipping licence is anticipated around the end of October.
At Bumblebee, 15km south of Cairn Hill Phase 1, new banded iron mineralisation up to 45m thick was intersected, while at Fitzgerald Dam approximately 1km from the old Stuart Highway up to 123m of magnetite was intersected, which is yet to be followed up as a second hole was abandoned due to drilling problems. Laboratory analytical results are awaited, however portable XRF results from both prospects reported Fe grades above 50%.
Drilling at Snaefell, 12km south west of Cairn Hill Phase 1, has intersected significant widths of up to 197m of both magnetite and specular haematite mineralisation over a 1.6km strike length which is open to the east and west. Assessment is continuing with preliminary ICP laboratory results reporting a Fe range of 25% to 42% and up to 0.2g/t Au. Final XRF Fe analyses are awaited.
At the copper-gold target MW78, which is within the Cairn Hill Phase 3 area, drilling has successfully identified indications of copper and gold mineralisation with a best result of 0.43g/t Au and up to 0.1%Cu reported. These first pass intersections provide encouragement for further exploration. While the primary target was copper – gold mineralisation, these holes also intersected magnetite mineralisation with grades between 25% to 32% Fe.
A total of 37 holes for 6,350m have now been completed as part of the planned 10,000m regional program. The drill rig has now left site and is scheduled to resume in late October. In the intervening period the drill data will be integrated with the geophysical data to maximise the prospects for success from the remaining drilling.
The second round of drilling will comprise both RC and diamond core and will target copper-gold mineralisation at Aquila, and Black Hills as well as targeting magnetite mineralisation in the Cairn Hill Phase 3 area.
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