IMA Acquires New Property in Chubut Province, Argentina.
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 19, 2002
IMA Exploration Inc. (TSX-V:IMR) is pleased to announce the acquisition of the Victoria claims totaling 12,709 hectares, which are contiguous to the Company's Las Bayas property in Chubut Province, southern Argentina. Las Bayas is along the same geological trend as Brancote Holdings PLC's Esquel deposit (resource of 3.8 million ounces gold), and in a similar geological environment. This new property addition is the result of a substantial review of southern Argentina by IMA's geologists over the past two years. The Company now has over 20,000 hectares in Chubut Province, and is currently reviewing several other new projects.
Evaluation of satellite data on the Victoria claims suggests that the principle zone of gold bearing quartz veins previously identified on Las Bayas may extend up to 4.5 kilometers into the Victoria claims, along trend to the northeast. Only two rock samples have been taken on Victoria claims, and they returned values of 1.4 and 0.8 grams per tonne (g/t) gold. Further exploration is now being planned for 2002.
Previous sampling of the veining on Las Bayas has returned gold values of up to 25.8 g/t gold (3/4 ounce per ton). Individual veins on Las Bayas occur up to 22 meters in width and are exposed intermittently along strikes of over 350 meters. The style of mineralization and trace element signatures on Las Bayas are characteristic of low sulphidation epithermal precious metal mineralization, similar in style to the Esquel gold/silver deposit.
In the Patagonia region several companies have made new discoveries, including: Anglo American at Cerro Vanguardia, Brancote at Esquel, and Silver Standard Resources/Black Hawk Mining Inc. at Manantial Espejo. Consequently, the district has attracted the keen interest of several of the world's largest gold and silver producers, as well as an increasing number of medium and small exploration companies.
The Company continues to seek new exploration opportunities through its extensive contact base to add to its strategic land position, which has attracted several major mining companies, including our joint venture partner in Argentina, Barrick Gold Corp.
ON BEHALF OF THE BOARD
Dr. Gerald G. Carlson, Chairman
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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|Date:||Jun 19, 2002|
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