Kobex Minerals Inc.
| January 22, 2004 Drilling On Navidad Hill Intersects 69m Grading 275 g/t Silver | ||
| IMA Exploration Inc (IMR-TSX.V) is pleased to report partial results from six diamond drill holes located on Navidad Hill, at the Company's 100% owned Navidad silver discovery. Highlights include 83.6m (59.2m true width) of 247 g/t silver in hole NV03-07 and 143.5m (101.5m true width) of 146 g/t silver in hole NV03-08, including 68.6m (48.5m true width) of 275 g/t silver (see attached cross section). These results are located along the Navidad Mineralized trend, 1.2 km northwest of Galena Hill. Drill results from Galena Hill announced on January 6, 2004, included 83m grading 229 g/t silver. The drill results from the first eleven holes of the Phase I drill program at IMA's 100% owned Navidad silver project have demonstrated potential for very large mineralized bodies. Drilling continues and will focus on testing large zones of anomalous geophysics (IP chargeability) at Galena Hill. Initial drill results at Galena Hill have demonstrated an excellent correlation between mineralized breccia and high chargeability. Quantec Geoscience S.A. has been contracted to perform additional pole-dipole IP that will be used to target ongoing drilling. Drilling at Navidad Hill (drill holes NV03-01, 02, and 06 through 10) has intersected numerous brecciated structures within a 50 to 100m wide zone of disseminated mineralization. Individual structures and the overall zone are steeply dipping to vertical and trend northwest. To date three sections have been drilled, testing a strike length of 80m within the mapped 475m long mineralized zone. Mineralization encountered to date at Navidad Hill comprises mixed oxides and sulphides from surface to depth extent of current drilling, 70m below surface. Results are available at this time for all silver and available copper and lead samples only; remaining values will be posted on the Company's website when they become available. Drill hole NV03-11 was collared at the northwestern extremity of the Navidad Hill area and intersected 10.58m of 98.3 g/t silver. Below this interval the hole intersected a different sequence of volcanic rocks that may be unrelated to mineralization at Navidad Hill. There is potential for continuity from this hole to the main Navidad Hill zone, 450m to the southeast. Further drilling is warranted in this area. IMA has implemented a rigorous quality control and quality-assurance program at the Navidad project. For details of this program please see the document posted www.imaexploration.com in the Navidad property section. Dr. Paul Lhotka, P.Geo. is the "Qualified Person" at the Navidad Project and has overseen all aspects of sample and data handling. IMA Exploration Inc. focuses on quality exploration work designed to define economic gold and silver deposits in Argentina and Peru. IMA has put together an enviable property portfolio including over 37 well-located, high-potential projects and is continuing to add to this package through grass-roots exploration and staking. ON BEHALF OF THE BOARD "Joseph Grosso" Mr. Joseph Grosso, President & CEO For further information please contact Joseph Grosso, President & CEO, or Sean Hurd, Investor Relations Manager, at 1-800-901-0058 or 604-687-1828, or fax 604-687-1858, or by email info@imaexploration.com, 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. 2004 Number 3
Tabulated Results of Navidad Hill Drilling to date:
Drillhole Total Inter- True g/t % %
Length From To section Width Silver Copper Lead
(metres)(metres)(metres)(metres) (metres) (LWA) (LWA) (LWA)
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NV03-01 109.5 3.05 61.45 58.4 41.29 111.1 0.22 0.06
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including 15.70 16.50 0.80 0.57 2,677.6 3.07 0.30
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NV03-02 154.5 2.50 50.50 48.00 33.94 97.80 0.15 0.06
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Including 40.40 41.45 1.05 0.74 1,320.3 0.82 0.28
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NV03-06 136.2 3.00 63.20 60.20 42.57 161.6 0.26 0.09
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including 23.30 28.80 5.50 3.96 424.7 0.74 0.20
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NV03-07 108.90 3.00 86.65 83.65 59.15 246.9 0.32 0.27
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including 3.00 40.75 37.75 26.69 474.9 0.54 0.35
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including 3.00 6.90 3.90 2.76 1,997.9 0.92 0.32
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including 30.85 33.25 2.40 1.70 2,129.6 0.54 0.35g
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NV03-08 146.00 2.50 146.00 143.50 101.47 146.0 0.20 0.19
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including 2.50 71.10 68.60 48.51 274.5 0.35 0.40
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including 26.10 40.15 14.05 9.93 1,084.2 1.25 1.69
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including 26.10 28.40 2.30 1.63 2,660.7 1.64 2.63
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including 35.45 37.20 1.75 1.24 3,042.6 4.31 0.86
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NV03-09 106.10 2.50 84.30 81.80 57.84 124.0 pending
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including 21.00 21.70 0.70 0.49 5067.5 pending
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including 65.25 66.20 0.95 0.67 1440.7 pending
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NV03-10 150.70 3.50 78.50 75.40 54.02 111.1 pending
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including 3.50 9.40 5.90 4.17 669.7 pending
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NV03-11 131.20 1.52 12.10 10.58 n/a 98.3 pending
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Notes: 1. True widths are calculated assuming -45° drill holes and
vertical structures. In some cases holes were started within
the mineralized zone and the total true width of the
mineralized zone appears to be greater than those
stated above.
2. All length weighted average (LWA) silver grades are "uncut".
3. Holes NV03-01 and NV03-02 were previously released
(Dec. 17, 2003) but are included here for completeness with
holes 06, 07, 08, 09 and 10 as together they comprise all
the drill data available on the main zone of mineralization
at Navidad Hill. Hole NV03-11 is located 295m to the
northwest of this group of holes.
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You can view the Next News Releases item: Thu Jan 29, 2004, Excellent Silver Results At IMA's Navidad Discovery Increase Drilling Commitment to 8,500 meters You can view the Previous News Releases item: Tue Jan 6, 2004, Drilling Expands Size and Silver Grade of Navidad Mineralized System You can return to the main News Releases page, or press the Back button on your browser. | ||
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