While constructing pads for an upcoming drill program,
The outcrop yielded an average of 27.2 grams gold per tonne over an apparent true width of 8.55 metres, including a higher-grade sulphide-rich core zone averaging 35.85 grams across 6.45 metres. Rock-chip samples were cut to 31 grams.
The showing is in the main Cerro Tablon target area, where previous chip sampling of outcrop and near-in-situ slabs averaged 3.59 grams for 112 samples, including a high of 57.7 grams. The samples were collected from an area of a cliff face measuring roughly 350 by 100 metres. Several historic artisinal diggings exist in this area. Five samples taken from one 30-ft.-long adit yielded values ranging from 1.46 to 15.2 grams.
Cerro Tablon is believed to be the source of gold-rich massive sulphide boulders ranging up to 8 metres in diameter and which cut a 400-metre-wide swath across the hillside and extend some 700 metres to the valley floor. Grab samples from 22 of the boulders returned gold values ranging from 0.07 to 30.12 grams, for an average of 9.3 grams.
On the eastern extension of the Cerro Tablon target, where there is no outcrop, a soil anomaly has yielded values in the range of 2 to 18 grams. A total of 61 samples taken from the “B” horizon averaged 0.91 gram, excluding the peak value of 18 grams. Director Sean Hurd says the company has performed check samples and test-pitting to confirm these soil values.
Expanded target
Combining the chip and soil sampling, IMA has expanded the Cerro Tablon target to roughly 600 by 200 metres. The mineralization appears to be related to alteration developed in limestones and volcanics adjacent to an intrusive contact. Drill-testing is planned for September.
Additional soil sampling, immediately northwest of Cerro Tablon on the backside of the hill, was done over an area of 500 by 200 metres. Forty-four samples returned anomalous values ranging up to 0.32 gram, for an average of 89 parts per billion. Down-slope of the projected eastern extension of Cerro Tablon, IMA has recorded gold values of up to 4 grams in soils. Follow-up work is planned in this area.
The Rio Tabaconas property covers 90 sq. km in the northern section of the Cajamarca Department of San Ignacio province, 30 km from the border with Ecuador. The property lies at a moderate elevation of 1,400-2,200 metres above sea level and is accessible by road. The package of concessions centres on 28.9 sq. km of optioned ground, in which IMA, through its Peruvian subsidiary, can earn a 100% interest by paying US$1.5 million over seven years and spending US$525,000 on exploration over three years. Approximately US$85,000 has been paid to date.
The property is underlain by volcanic and sedimentary rocks, including limestones, that have been intruded by Cretaceous-age granitic rocks. The package has been covered by younger Tertiary-age volcanics. Gold and associated copper mineralization occur in clay/silica-altered zones in the Tertiary volcanics, as well as in replacement and skarn alteration zones in the underlying limestones and volcanics.
Circular unit
IMA has found widespread anomalous gold and base metal mineralization in an outcropping silicified volcanic breccia unit at Cerro Las Minas, 1.2 km southeast of Cerro Tablon. The breccia unit is roughly circular and about 800 metres in diameter, with widespread zones of silicification and argillic alteration. Structurally controlled quartz veins on the periphery of the breccia have been historically worked.
Grid soil sampling over a 700-by-300-metre area averaged 0.32 gram gold for 91 samples, with associated silver, lead, zinc and arsenic. Immediately to the east, 20 soils collected from a 400-by-200-metre area ranged from 0.02 to 2.61 grams, for an average of 0.9 gram.
Within the breccia unit, 117 contiguous 2-metre chip samples returned values ranging from trace to 4.28 grams gold, with anomalous lead, zinc and arsenic values. Regional geological mapping and stream-sediment sampling over much of the 90-sq.-km property had identified three additional areas of mineralized skarn and several high-contrast stream anomalies.
In November 2000, Fugro Airborne Surveys flew a helicopter-borne magnetic and electromagnetic (EM) geophysical survey over the property. The magnetic results indicated several cross features which strike east-northeast. The EM survey detected the Cerro Tablon mineralization and defined a new high-priority target at Tablon West, 1 km west of Cerro Tablon.
IMA recently closed a non-brokered private placement consisting of 3 million units priced at 26 apiece, for gross proceeds of $780,000. Each unit consisted of one share and half a warrant. A whole warrant entitles the purchase of an additional share at 40 for one year.
The junior has $1.2 million in cash and 16.5 million shares outstanding, or 23 million fully diluted.
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