Wed Dec 17, 2003
Drill Results Indicate Large Mineralized System At Navidad
imaexploration.com
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IMA Exploration Inc. is pleased to announce initial results from the diamond drill program at the Company's 100% owned Navidad project, located in Patagonia, Argentina. Drilling to date has tested two small areas approximately 1,200 metres apart that are on the edge of a large geophysical chargeability anomaly (see attached map). Preliminary results indicate a very large, intensely altered and mineralized system. Results received to date compare favorably in terms of size and grade with numerous bulk tonnage silver deposits worldwide (ex: Pan American Silver's Alamo Dorado deposit in Mexico, 35.5 M tonnes at 68 g/t silver).
Partial results have been received from the first four holes (see attached map), two of which were drilled on Navidad Hill and two on Galena Hill, as summarized in the results table in Appendix 1. At Navidad Hill, hole NV03-01 intersected 2,677.6 g/t silver over 0.8 m, or 535.6 g/t silver over 7.4 m, within a zone of 58.4 m averaging 111.1 g/t silver. On the same section, hole NV03-02 intersected 1,320.3 g/t silver over 1.1 m within a zone of 48.0 m that averaged 97.8 g/t silver. Preliminary drill results suggest that mineralization on Navidad Hill occurs predominantly as broad areas of stockwork and breccia, rather than narrow discrete structures as had originally been anticipated from the surface exposures.
Drilling has clearly demonstrated that the large IP chargeability anomaly is caused by sulfide mineralization, principally galena with local pyrite. In hole NV03-03, sulphide breccia mineralization was encountered over the entire 178.5m length of the hole. In hole NV03-04, 266.7 m of sulphide breccia was intersected to a vertical depth of 180m from surface. Results have been received for the upper 81.10 m of this hole, and intersected 111.3 g/t silver over 78.3 m including 169.2 g/t silver over 41.50 m and 223.4 g/t silver over 16.10 m at the bottom of this interval. Assays for the remaining 207 m of the hole are pending.
Drilling on Galena Hill has confirmed that anomalous chargeability values as defined by IP geophysical surveys (see release dated June 25th, 2003) are attributable to silver-lead (sulphide) mineralization over very long intersections in excess of 200 metres. These large widths have dramatic implications for the tonnage potential of this zone, given the 1.6 x 1.3 km size of the IP anomaly and that geophysics indicates depths locally extend to 300m. IMA geologists believe that significant silver-lead+/-copper mineralization may underlie large portions of the 1.6 x 1.3 km chargeability anomaly.
Eleven diamond drill holes (1,724 m total) have been completed to date, and results from the remaining seven holes are pending. Final results from this first phase of drilling will be disseminated when assays from all the holes are received from the lab. The geological crew is completing logging and sampling of core and drilling will resume early in the New Year after the holidays. IMA is committed to meet or exceed industry "best practices" under National Instrument 43-101; please see our website (www.imaexploration.com) for a detailed description of quality assurance and quality control procedures. Dr. Paul Lhotka, P.Geo. is IMA's independent Qualified Person at the Navidad Project.
IMA Exploration Inc. has over $4,000,000 in its treasury to fund its exploration objectives. The Company 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 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.
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