PERTH (miningweekly.com) – Junior explorer IMX Resources has told shareholders that it received strong interest for its Ntaka Hill nickel project, which forms part of the Nachingwea property in Tanzania, after joint venture (JV) partner MMG Exploration withdrew from the project in August.
IMX said on Tuesday that the continuing appreciation in the nickel metal price had brought international attention to undeveloped deposits, particularly sulphide style mineralisation such as Ntaka Hill.
The company has opened its data room on the project, and said it had received "strong interest from a number of parties".
IMX acting CEO Phil Hoskins said the company’s aim was to secure a transaction for Ntaka Hill to enable shareholders to benefit from the value of this asset, while enabling IMX to focus on the rapid assessment of the emerging Chilalo graphite project and drill testing the Kishugu gold target.
“We are very pleased with the strong interest we have received in progressing Ntaka Hill to the next stage. The exploration that has been conducted to date indicates there is potential to establish a nickel project at Ntaka Hill, and there are numerous untested targets which suggest the project has significant exploration upside.”
MMG in August withdrew from the Ntaka Hill JV after failing to triple the resource estimate at the project, despite an extensive drilling campaign.
The Ntaka Hill project hosts a current measured and indicated resource of 20.3-million tonnes at 0.58% nickel and 0.13% copper for 117 880 t of contained nickel. The project also hosts an inferred resource of 35.9-million tonnes, at 0.66% nickel and 0.14% copper for 238 500 t of contained nickel.