Shares in former Perth-based company IMX Resources have more than doubled today, as the company has announced a significant graphite deposit at its Nachingwea property in Tanzania, with a graphitic unit up to 500 metres wide and more than 10 kilometres long.
The company plans to commence drilling and further testing work in October this year.
The Chilalo prospect at the tenement is just 5 kilometres west of a similar graphite project held by Uranex, and samples from the deposit show up to 29.6 per cent carbon grading, with an average of 12.9 per cent.
Syrah Resources control the Balama desposit in the same geological system.
IMX relocated to Adelaide this year, with Gary Sutherland taking on the role of managing director and Derek Fisher chairman.
Managing director Gary Sutherland said the result reinforced the prospectivity of IMX’s Tanzanian portfolio.
“Coming hard on the heels of our significant gold target at Kishugu, these graphite results provide IMX with an outstanding suite of exploration targets,’’ he said.
“We believe there is strong potential to define an economic resource within our extensive Nachingwea tenement package.”
Business News reported this week that Perth-based graphite explorers had enjoyed significant share price increases on the back of expected pressure on the demand for graphite, a list that IMX now joins.
IMX was up 126.3 per cent to 4.3 cents per share at the time of writing.
