IMA tests Peruvian gold prospect

Junior IMA Exploration (IMR-V) has launched a 1,500-metre diamond drill program on a gold-enriched sulphide showing at its Rio Tabaconas property in northwestern Peru.

The first pass of drilling will test the main Cerro Tablon target, which is defined by rock-chip and soil sampling over an area measuring 600 by 200 metres. Random chip sampling of outcrop and nearby broken bedrock averaged 5.6 grams gold per tonne for 122 samples, including a high of 57.7 grams. The samples were collected from an exposed area of cliff face measuring roughly 350 by 100 metres.

While constructing pads in preparation of the drilling, IMA uncovered a new showing that returned an average of 27.2 grams over 8.55 metres, including a higher-grade sulphide zone averaging 35.85 grams across 6.45 metres.

Historic artisinal workings exist in the area. Samples taken from one of the adits yielded values ranging from 1.46 to 15.12 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.

Soil sampling over the projected eastern extension of Cerro Tablon, where there is no outcrop, averaged 0.91 gram for 61 samples, excluding a peak value of 18 grams.

The mineralization at Cerro Tablon appears to be related to alteration developed in limestones and volcanics adjacent to an intrusive contact.

The Rio Tabaconas property covers 90 sq. km in the northern section of the Cajamarca gold-copper belt, 30 km from the border with Ecuador. The property lies at a moderate elevation of 1,400-2,200 metres above sea level. 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.

Results from the drill program will not be released until a minimum five holes are completed and assay results are in hand. IMA expects that the results will be available in four to six weeks. Split samples will be shipped to Bondar Clegg for analysis.

In conjunction with the Tablon drilling, field geologists will continue to explore the Cerro Las Minas prospect, 1.2 km southeast of Cerro Tablon, where widespread anomalous gold and base metal mineralization has been found in association with an outcropping silicified volcanic breccia unit.