IMA adds ground in Patagonia (January 02, 2003)

Vancouver – Grassroots exploration in the Patagonia region has led IMA Exploration (IMR-V) to pick up more ground in the promising area of southern Argentina.

Through staking, the junior added 240-sq km of property bringing its total land position to 1,021 sq. km.

At the newly dubbed 77-sq-km Penascudo project, grab samples returned up to 441 grams gold and 608 grams silver per tonne at the previously known Gold zone. Moving 250 metres west, IMA discovered a new quartz vein, which ran 15.5 grams gold. .Southern Rio Resources (SNZ-V), Aur Resources (AUR-T) and Homestake Mining all worked the property but no drilling was completed. IMA has purchased Southern Rio’s data on the project in return for a 0.5% net smelter royalty, which is capped at US $250,000.

Moving to the north central Chubut province, the junior staked 100-sq-km based on the identification of Jurassic volcanic rocks and regional structures. Known as the Gan Gan project, assay results from surface samples are expected shortly.

The company also staked an additional 65.9-sq-km contiguous to its Costa project. Prospecting by the junior uncovered several veins and disseminated zones of mineralization over a 1-sq-km area. Grab and chip samples returned up to 6.9 grams gold.