IMA shares soar on Navidad results

Inspired by some wide intersections of high-grade silver from the Navidad project in Argentina, investors sent shares in IMA Explorations a quarter, or more than 14%, higher to $2 even in afternoon trading in Toronto on Jan. 6.

Hole 4, drilled at minus 45 to a down-hole depth of 287.9 metres, returned 263.9 metres running an uncut 74.1 grams silver per tonne and 2% lead, including 136.9 metres (from 39.6 metres down hole) of 117.3 grams silver and 3% lead. The hole encountered brecciated volcanic rocks with significant galena and pyrite from surface to about 20 metres short of its bottom. The intersection correlates well with a pole-dipole induced polarization anomaly.

Some 133 metres away, hole 5, angled at minus 60 to a depth of 217.7metres, cut 27.5 metres of pyritic mudstone followed by 125.1metres of volcanic breccia. The hole is highlighted by an 83-metre section (from 43.3 m) averaging 229.2 grams silver and 4.2% lead, including 18.3 metres (from 89 m) of 503 grams silver and 11.2% lead.

The two latest holes were drilled on the same section as hole 3, which previously returned 175.5 metres of 26 grams silver and 1.35% lead. IMA believes that hole failed to cut the core of the targeted zone. IMA says holes 4 and 5 appear to indicate a true thickness of around 70-140 metres. Overall, the zone is figured to measure at least 340 metes horizontally.

The latest holes targeted Galena Hill, some 1.2 km away from Navidad Hill, both of which are situated on the edge of a large geophysical chargeability anomaly.

Previously reported results from Navidad Hill include 58.4 metres of 111.1 grams silver, 0.22% copper and 0.06% lead from 3.05-61.45 metres down-hole. A second hole included 48 metres of 97.8 grams silver, 0.15% copper and 0.06% lead (T.N.M., Dec. 29-Jan. 4/04).

Results from holes 6 to 11 will be released as they become available. A drill crew is on its way to complete the remaining 1,700 metres planned for the initial phase of drilling.