Vancouver With a drill rig turning on its high profile Navidad group of properties, IMA Exploration (IMR-V) has dealt up to a 75% stake in the Sierra 1 property to fellow junior Tinka Resources TK-V).
The companies inked a heads of agreement over the 10,000-ha property, which lies only 15 km southeast of the Navidad project in the Patagonia region of Argentina. Under the deal, Tinka can earn a 51% interest by spending US$1 million and issuing 1 million shares over 3 years.
The Sierra 1 property hosts the southerly continuation of the Canadon Asphalto formation, which contains the Navidad silver prospect. Stream sediment sampling has shown anomalous copper, antimony, and lead values.
IMA is busy drilling the Navidad project, where so far, drill holes tested two areas approximately 1,200 metres apart at the Navidad Hill and Galena Hill targets. At Navidad Hill, hole NV03-01 intersected 68.4 metres grading 111.1 grams silver per tonne. On the same section, hole NV03-02 intersected 48 metres averaging 97.8 grams silver.
IMA’s geological team has mapped large areas of consistent replacement-style galena matrix breccia over a cumulative strike length of several kilometres within a 5.8-km-long, elevated metal soil anomaly. Early sampling of this matrix style of replacement mineralization yielded an average grade of 158 grams silver per tonne and 8.9% lead from the first 41 randomly collected chip samples. Additional sampling, at Galena and Barite Hills, has been completed, and results are expected soon.
Situated in the north-central region of Chubut province, Navidada is wholly held by IMA. The project centres on newly discovered bonanza-grade feeder structures hosted by felsic-flow dome rocks that partially outcrop along the crest of Navidad Hill. These high-grade structures and peripheral calcite-barite veins occur in a core area measuring 475 metres long by 60-140 metres wide. The exposed structures, often obscured by a thin slope cover, range in thickness from less than 1 metre to 3.3 metres, and have been mapped over a cumulative strike length of 636 metres.
The average grade of 119 chip samples collected across the structures runs an impressive 5,546 grams silver (162 oz.) per tonne, 9.8% lead and 3.8% copper. Based on the results of soil sampling and a few isolated rock samples, IMA’s geologists believe the bonanza-grade mineralization and flow dome may extend farther to the southeast beneath a thin cover of post-mineralization volcanic tuff.
Subsequent mapping identified several areas of significantly mineralized “carapace breccia,” a thin unit occurring along the margins of the felsic volcanics. In total, 50 chip samples, taken from three areas measuring 150 by 50 metres, 20 by 18 metres, and 25 by 20 metres, averaged 3,785 grams silver (110 oz.), 2.1% lead and 3.7% copper.
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