PERTH (miningweekly.com) - Metals miner IMX Resources has appointed a corporate adviser to assess options for its Mount Woods magnetite project, in South Australia.
Azure Capital has been appointed to evaluate the Mount Woods magnetite project, prior to advising IMX on the strategic commercial options for the project.
During November last year, IMX sold its 49% interest in the Mount Woods copper/gold joint venture (JV) to partner Oz Minerals for A$5-million in cash, and Oz cancelled the more than 33.9-million IMX ordinary shares held by the copper miner.
“The appointment of Azure to assist in developing commercial options for the Mount Woods project is a positive step towards realising the value of our investment in the project,” said IMX MD Neil Meadows on Tuesday.
IMX has defined a Joint Ore Reserves Committee-compliant resource of 569-million tons, at 27% iron at the Snaefell magnetite deposit, and a global exploration target of between 200-million and 380-million tons, at between 25% and 35% iron.
The company had also previously completed a scoping study on the project with the Snaefell resource as the basis.
Meadows has previously said the magnetite project fitted with IMX’s strategy to be an investor in bulk materials projects within its existing tenement packages, adding that the project could be developed into a commercial operation of a relatively large scale.
In addition to advising IMX on the strategic options for the Mount Woods project, Azure has also been mandated to advise the company across a broad range of corporate issues, including ongoing exploration and development work, and extracting maximum value from the Ntaka Hill nickel sulphide project.