IMX Resources has agreed to US$60 Million joint venture with MMG Exploration Holdings at Nachingwea in an accelerated pursuit of high grade mineralisation.
The Nachingwea Project, which includes the Ntaka Hill Nickel Sulphide Project, located in south-east Tanzania, is a wholly owned subsidiary of Hong Kong Stock Exchange, a diversified base metals mining and exploration company, with a market capitalisation of approximately US$1.35 billion.
IMX, an ASX– and TSX-listed company, predicts significant returns, particularly in the current fundraising environment for junior mining companies. MMG has identified and prioritised areas of interest during the course of its investigation and due diligence, with initial exploration under the joint venture expected to commence in September 2013.
“We are delighted to welcome MMG as our partner to test for deeper, high-grade mafic intrusive style nickel mineralisation at Ntaka Hill and to build on our success to date,” says Neil Meadows, IMX Managing Director. “The deeper exploration program lends itself to a partnership with a large company like MMG to manage the higher cost of such a program, but also to bring to bear additional technical capability.”