IMX Resources Limited Limited (TSX:IXR, TSX:IXR.WT, ASX:IXR) announced that it has started drill testing at the Mt Woods Magnetite Project .
As quoted in the press release:
Several particularly strong magnetic anomalies have been identified lying approximately 25km southeast of IMX’s Cairn Hill magnetite-copper-gold mine and 30km east of the Snaefell prospect, which currently has an Inferred Resource of 569Mt at 27.1% Fe (18% Fe cut-off).
Managing Director Neil Meadows said:
This new phase of exploration drilling is designed to test the strongest targets with the best potential for the quality high grade coarse magnetite that makes the Mt Woods Magnetite Project unique. This is consistent with our strategy to demonstrate the potential of the numerous untested magnetic targets within our tenements, and to significantly increase the resource base of the Mt Woods Magnetite Project to make it more attractive to a potential development partner.