Kobex Minerals Inc.
|September 29, 2005|
New Drilling Along IMA's Navidad Trend Intersects up to 21m of 545 g/t Silver Outside Known Resources
News Release 2005 Number 21
IMA Exploration Inc. (IMR-AMEX, IMR-TSX.V) is pleased to report results from the Phase III drill program at its 100% owned Navidad project in Patagonia, Argentina. Drilling has focused on expanding resources in the Connector, Navidad Hill, and Calcite Hill zones as well as exploring the newly discovered Calcite NW extension area. In addition, the company reports that five drill holes have been completed at Loma de la Plata where previously announced surface sampling has returned values of up to 40m of 740 g/t silver and 56m of 452 g/t silver. Results from the Loma de la Plata drilling will be released as soon as they become available.
At Calcite Hill, ten new drill holes have been completed, seven of which were drilled outside of the previously estimated resource (see June 16, 2005 news release). This drilling has defined an important new area of silver mineralization to the northeast of previous drilling and resources (see attached map). Highlights of these results include 27m of 407 g/t silver in hole 207 and 21m of 545 g/t silver in hole 209. This zone remains open further to the northeast. Four additional holes were drilled based on the results of 207 and 209, but are not yet available.
Six new holes were completed along the southwest flank of Navidad Hill outside of the current Indicated Resource. Five of the six holes had significant intercepts (see table). The best results in this area were returned from hole 220 which returned 27m of 80 g/t silver including 3.2m of 389 g/t silver. This mineralization remains open to expansion down-dip to the southeast.
Ten new drill holes were collared at the Connector Zone with the goal of providing the additional drill density required to upgrade the previously defined Inferred Resources to the Indicated category. Drilling here was successful in defining long intervals of moderate-grade silver mineralization with rare high-grade structures (e.g. 2m of 2,171 g/t silver in hole 234). Important intercepts include 26m of 104 g/t silver in hole 230, 37m of 107 g/t silver in hole 231, 21m of 237 g/t silver in 234, and 32m of 110 g/t silver in hole 237. Much of this mineralization starts at or very near surface.
Nine widely spaced holes were collared at the newly-discovered Calcite NW Extension and cover a strike length of 950m within the 1.2 kilometre long zone (see attached map). Results include 63m of 88 g/t silver in hole 223, 23m of 92 g/t silver in hole 224 and 23m of 115 g/t silver in hole 227. These new results, coupled with previously reported results, define a central area of approximately 400 x 150m x 5 to 60m thick (defined by drill holes 178, 179, 202, 203 and 223-227). Reconnaissance drilling elsewhere in the Calcite Northwest Extension has defined significant mineralization outside of this central block that will be followed up with additional drilling in future programs.
The Calcite Hill NW zone is proving to have good geological continuity from hole to hole and comprises a distinctive volcanic tuff-breccia and the sedimentary rocks immediately above and below it. Galena is normally visible, sometimes copper minerals can be recognized, and in rare cases native silver has been seen in the core. The host rocks are often strongly clay altered. Assay values are somewhat erratic within the zone hence the range of thicknesses reported above the nominal cutoff grade. The zone is nearly flat-lying and typically starts at shallow depths of 15 to 50m below surface.
Dr. Paul Lhotka is IMA's Qualified Person for the Navidad project under National Instrument 43-101 regulations and has overseen all aspects of the current exploration program. IMA has implemented a rigorous program of quality assurance and quality control at the Navidad project, for complete details of this and for more maps depicting the work described herein please visit IMA's web site at http://www.imaexploration.com/.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & CEO
For further information please contact Joseph Grosso, President & CEO, or Sean Hurd, Vice President, Investor Relations, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email firstname.lastname@example.org, or visit the Company's web site at http://www.imaexploration.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Table 1: Diamond drill hole results.
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