News Release - Wednesday, August 17, 2005
IMA Intersects More Silver NW of Calcite Hill and Prepares to
Test the Argenta Trend
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IMA Exploration Inc. is pleased to announce results from ongoing
drilling at its 100% owned Navidad Project in Patagonia, Argentina.
Drilling is continuing on the Calcite Hill NW Extension Zone and the
Company is making preparations to drill the high grade Loma de la Plata
Zone which lies along the Argenta Trend to the southwest of the Navidad
Trend. Additional drill holes have also been completed along the
northeastern flank of the Calcite Hill Deposit and adjacent to the
southern flank of Navidad Hill Deposit; results from these holes are
expected shortly.
Results reported below include diamond drill holes 189 to 204.
Significant silver and lead values were obtained from the Calcite Hill
NW Extension Zone centred about 500m to the northwest of the Calcite
Hill mineral resource announced on June 16, 2005. Highlights include
29m of 154 g/t silver from hole 203 and 22.5m of 102 g/t silver and
2.79% lead from hole 201, both from the Calcite NW Extension area.
Surface results from the Loma de la Plata zone include 40m of 740 g/t
(21.6 oz per ton) silver. This target has returned consistent
high-grade silver values from surface sampling and has never been drill
tested (see press release dated January 6, 2005). IMA is now making
preparations to drill this high priority target. To date on the project
the Company has defined an Indicated Resource of 300.7 million ounces
of silver and 1.2 million tonnes of lead (92.8 million tonnes at 101
g/t silver and 1.36 % lead using a 50 g/t silver equivalent cut-off).
Eleven new drill holes (189-192 and 198-204) were collared at the
Calcite Hill NW Extension Zone and cover an area spanning approximately
1200 metres of strike length. Results from this drilling include
intercepts from holes 199 (31.1m of 62 g/t silver and 1.29% lead), 201
(22.5m of 104 g/t silver and 2.79% lead), 202 (10m of 435 g/t silver),
and 203 (29m of 154 g/t silver).
The mineralization at Calcite Hill Northwest is dominantly hosted in
sedimentary rocks that overly the volcanic rocks which host the
majority of the mineralization at Navidad Project. Within the overlying
sediments strong clay alteration is widespread and affects pelites,
sandstones and conglomerates. Mineralization can be lead-rich with
silver (hole 201), or lead-poor but with minor values in copper and
higher silver grades (holes 202 and 203). Fine-grained but visible,
disseminated native silver was located within a carbonaceous bed in
hole 203. This is a new mode of occurrence of silver at Navidad
Project. At Calcite Hill Northwest mineralization appears to be
stratigraphically controlled and is disseminated in the host rock;
veins or feeder structures have not been recognized. Additional
drilling is warranted to explore for extensions to the higher-grade
mineralization in holes 179 (previously published) and new holes 202
and 203 which are open along strike and towards the southwest.
Hole 197 was collared on Galena Hill in order to collect material for
ongoing metallurgical testwork. The hole returned 74m of 239 g/t silver
and 1.97% lead, results that match or exceed those predicted by
Snowden's block model that was used to produce the Galena Hill resource
estimation of 207 million ounces of contained silver (63.6 M tonnes at
101 g/t silver and 1.76% lead, see news release dated May 25, 2004).
Approximately 113 kg of mineralized rock from this hole were shipped to
the laboratory where flotation testwork is currently underway.
Drill holes 193 to 196 were reconnaissance or stratigraphic holes
designed to improve IMA's geological and structural understanding of
the Navidad Project. Of note amongst these holes is hole 196 which was
collared approximately 2.7 km south of Galena Hill between the
Esperanza and Argenta Trends. This hole intersected 66.55m of the
favourable trachyandesite stratigraphy starting at 223m depth. The
nearest outcrops of this stratigraphic unit are located over 900m to
the south in the Argenta Trend. The upper 24 metres of the unit are
anomalous in silver and lead and a 3.6 m portion of it contained 1.23%
lead with 15 g/t silver associated with visible galena mineralization
(true thicknesses are uncertain but the hole cut beds at a nearly
perpendicular angle). This appears to be the same contact which hosts
the majority of the mineralization elsewhere at the project and
demonstrates the large aerial extent and continuity of mineralization
at or near this important contact at the Navidad Project and highlights
the potential for discoveries of mineralization that does not outcrop.
IMA is well financed to continue to test the numerous exploration
targets at Navidad with significant drill programs. The Company has
over 10 years experience in Argentina and is focused on the
environmentally and socially responsible exploration and development of
its 100% owned Navidad silver discovery.
ON BEHALF OF THE BOARD
"Joseph Grosso"
Mr. Joseph Grosso, President & CEO
For further information please contact Joseph Grosso, President & CEO,
or Sean Hurd, Investor Relations Manager, at 1-800-901-0058 or
604-687-1828, or fax 604-687-1858, or by email info@imaexploration.com,
or visit the Company's web site at http://www.imaexploration.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain
information about adjacent properties on which we have no right to
explore or mine. We advise U.S. investors that the SEC's mining
guidelines strictly prohibit information of this type in documents
filed with the SEC. U.S. investors are cautioned that mineral deposits
on adjacent properties are not indicative of mineral deposits on our
properties. This news release may contain forward-looking statements
including but not limited to comments regarding the timing and content
of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.
Table 1: diamond drill hole results
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composite g/t % % %
DDH Location from to length Silver Copper Lead Zinc
(m) (m) (m) (LWA) (LWA) (LWA) (LWA)
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NV05-189 Calcite NW 55.50 68.82 13.32 30 0.03 1.07 0.10
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NV05-190 Calcite NW 48.67 53.10 4.43 107 0.00 3.06 0.08
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NV05-191 Calcite NW 8.00 30.86 22.86 36 0.01 0.40 0.17
including 26.00 30.86 4.86 81 0.03 0.80 0.04
and 43.51 44.47 0.96 46 0.07 3.83 0.10
and 76.81 84.66 7.85 49 0.00 0.96 0.04
---------------------------------------------------------------------
NV05-192 Calcite NW 17.82 22.07 4.25 19 0.00 1.29 0.03
and 36.50 39.08 2.58 26 0.00 1.44 0.57
and 97.78 101.74 3.96 26 0.00 2.06 0.58
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NV05-193 recce no significant assays
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NV05-194 recce no significant assays
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NV05-195 recce no significant assays
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NV05-196 recce 223.40 227.00 3.60 15 0.00 1.23 0.05
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NV05-197 Galena Hill 94.94 168.98 74.04 239 0.08 1.97 0.16
including 94.94 117.36 22.42 294 0.03 4.80 0.20
and 143.23 168.98 25.75 348 0.15 0.31 0.20
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NV05-198 Calcite NW 0.00 7.40 7.40(x) 1019(x) 0.01 0.97 1.20
and 7.40 32.30 24.90 13 0.00 0.87 0.09
and 106.75 108.83 2.08 52 0.00 2.04 0.18
---------------------------------------------------------------------
NV05-199 Calcite NW 0.00 53.10 53.10 52 0.00 1.09 0.12
including 0.00 31.11 31.11 66 0.00 1.44 0.19
including 21.41 31.11 9.70 141 0.00 3.11 0.03
---------------------------------------------------------------------
NV05-200 Calcite NW 86.35 91.20 4.85 41 0.00 1.64 0.31
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NV05-201 Calcite NW 118.26 140.76 22.50 102 0.03 2.79 0.09
including 129.02 140.76 11.74 166 0.05 3.86 0.04
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NV05-202 Calcite NW 61.15 71.10 9.95 449 0.08 0.24 0.01
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NV05-203 Calcite NW 47.00 75.96 28.96 154 0.06 0.30 0.01
including 59.00 71.00 12.00 335 0.14 0.01 0.01
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NV05-204 Calcite NW 71.00 119.12 48.12 60 0.02 0.14 0.00
including 71.00 77.00 6.00 113 0.03 0.18 0.00
and 113.00 119.12 6.12 307 0.04 0.57 0.04
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(x)Note: The first 7.4m of hole NV05-198 had just 7% core recovery
and were lumped into a single sample which assayed 1019 g/t silver.
The significance of this high assay is uncertain due to the poor
recovery and hence the sample has not been combined with adjacent
mineralization which had normal core recovery but much lower grades.
View Navidad Drill Results (PDF)
http://www.imaexploration.com/i/pdf/IMA-NR20050817.pdf
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Copyright (c) 2005 IMA EXPLORATION INC. (IMR) All rights reserved.
For more information visit our website at
http://www.imaexploration.com/ or send
mailto:requests@imaexploration.com
Message sent on Wed Aug 17, 2005 at 7:22:03 AM Pacific Time
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