IMA plans follow-up drilling at Rio Tabaconas

Encouraged by results from the first round of drilling on the Cerro Tablon gold prospect at the Rio Tabaconas property in Peru, IMA Exploration (IMR-V) is preparing for a second phase.

The junior tested a surface geochemical expression of anomalous gold mineralization in skarn alteration that had been defined by chip and soil sampling over an area of 600 by 200 metres. The first drill phase, which consisted of 33 holes totalling 1,600 metres, focused on three areas.

A cluster of 24 widely oriented holes tested a 100-metre section around old workings along the main showing, where 122 rock samples of outcrop and near-in situ slabs averaged 5.6 grams gold per tonne. Better results from a group of holes positioned above a massive sulphide showing, included:

– 8.8 grams across 25.4 metres (estimated true width: 11.5 metres), including 2.9 metres of 19.8 grams in hole 13;

– 5.3 grams over 17.1 metres (estimated true width: 11.3 metres), including 2.7 metres of 14.2 grams in hole 11; and

– 18 grams across 16.4 metres (estimated true width: 7 metres), including 2.1 metres of 118 grams in hole 29.

Three holes drilled below the massive sulphide showing failed to intercept the sulphides and instead intersected a stockwork zone, yielding values of 11.5 grams across 1.5 metres, 44 grams over 0.44 metre and 50 grams across 0.67 metre.

IMA sunk five holes into the Tablon West target, a couple of hundred metres to the west, to mixed results. Two of the holes encountered no significant values, whereas hole 25 cut 13 grams across 3.1 metres and hole 26 pulled 6 metres of 6.95 grams before hitting a 0.74-metre-wide mined-out stope.

Gold mineralization appears to be controlled by a steeply dipping fault structure that has been traced for a distance of 2 km in a northeast-southwest direction.

Four holes drilled at the broad La Union soil anomaly came up blank. La Union is east the main Tablon target.

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. The package of concessions centres on 29.8 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.