IMA picks up ground in Patagonia

Vancouver — IMA Explorations (IMR-V) has acquired the first two of several new gold-silver properties in the Chubut province of Patagonia, southern Argentina.

The new properties, dubbed Las Bayas and Laguna de Los Toros, are accessible by national highways and are situated about 150 km south of London-based Brancote Holdings newly discovered Esquel deposit.

A reconnaissance mapping and sampling program led to the discovery of the 3,450-hectare Las Bayas prospect. IMA reports that grab samples assayed as high as 25.8 grams gold per tonne and 32.7 grams silver. Sampling at the 4,200-hectare Laguna de Los Toros property yielded assays as high as 7.6 grams gold and 452 grams silver from a series of subparallel, steeply dipping veins that have been traced over a 1-km strike length. Due to their trace element signatures and the style of mineralization, both properties are considered to be low sulphidation epithermal precious metal targets. Early next year IMA plans to delineate drill targets on these properties.

Meanwhile, at its Mogote property in San Juan province in northwest Argentina, IMA reports that Rio Tinto (RTP-N) intends to kick off a phase 2 exploration program in January. The program will focus on delineating drill targets, which will be tested later in the field season. The Mogote property is situated at the south end of the Maricunga gold-copper belt along the border with Chile and lies 70 km north of Barrick-Homestake’s Pascua-Lama-Veladero gold-silver deposits. Rio Tinto can earn up to a 70% interest in Mogote by completing US$8.85 million on exploration.

At the 28,704-hectare Valle del Cura property, IMA reports that this year’s exploration will be gauged according to Barrick-Homestake’s work programs on the neighbouring Pascua-Lama-Veladero deposits. Barrick Gold (ABX-T) holds an option to earn 50% interest in either the Rio de Las Taguas or Potrerillos properties in return for spending US$3 million on exploration and cash payments totaling US$250,000 over a five year period. Barrick has the right to earn an additional 25% interest by covering IMA financing costs to bring the project to production.

In northwestern Peru, at its Rio Tabaconas property situated in the Cajamarca gold-copper belt, IMA plans to kick off a follow-up exploration program in January. The work will focus on the Tablon target and the Cerro Las Minas breccia target, and will consist of ground geophysical surveys (including magnetometer and IP/Resistivity), detailed mapping, prospecting, and soil sampling to identify targets for drill testing. 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.

IMA has about 23.5 million shares fully diluted and recently raised $1 million by way of a non-brokered private placement.