Tuesday 2nd June 2020

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Posts tagged ‘IMC International Mining Corp (IMCX)’

IMC International Mining compiles B.C. copper-gold samples prior to summer field work

May 26th, 2020

by Greg Klein | May 26, 2020

A compilation of previous sampling programs emphasizes the under-explored prospects of a central British Columbia copper-gold project. That’s the verdict of IMC International Mining CSE:IMCX following a reappraisal of work by previous operators on its recently acquired Thane property.

The compilation takes place as the company prepares its own summer field program. Over 1,400 rock samples have been collected from Thane, which has also undergone soil sampling and an induced polarization survey. Last week the company announced results from Cathedral, one of six prospective areas on the 20,600-hectare property. On May 26 IMC released results from two other areas, Gail and Cirque.

Of 295 rock samples collected by a previous operator in 2012, 140 surpassed 0.1% copper, with 32 samples exceeding 1%, IMC reported. Some standouts from the 2012 Gail area program include:

IMC International Mining compiles B.C. copper-gold samples prior to summer field work

  • 4.78% copper, 2.01 g/t gold and 28 g/t silver (float sample)

  • 4.19% copper, 1.46 g/t gold and 13.3 g/t silver (outcrop sample)

  • 7.69% copper, 1.26 g/t gold and 65.2 g/t silver (sub-outcrop sample)

  • 4.05% copper, 0.09 g/t gold and 22.6 g/t silver (sub-outcrop)

  • 6.88% copper, 3.68 g/t gold and 27.9 g/t silver (outcrop)

  • 5.62% copper, 2.16 g/t gold and 40.3 g/t silver (float)

That program was limited to Gail’s central region. But in 2000 another company had found impressive grab samples in Gail’s western region, reaching up to 4.49% copper and 6.48 g/t gold.

IMC also released previous operators’ results from 2010 and 2012 sampling on the Cirque showing, 2.5 kilometres west of Gail. Some highlights include:

The focus for IMC this summer is the Cathedral area as we prepare for a drill program. However, the substantial copper and gold values observed within the Gail and Cirque areas call for additional exploration and only highlight the potential for discovery on our under-explored, 206-square-kilometre property.—Brian Thurston, president/CEO,
IMC International Mining

  • 2.85% copper, 0.27 g/t gold and 8.6 g/t silver (float)

  • 1.23% copper, 0.15 g/t gold and 5.5 g/t silver (outcrop)

So far the one-day 2012 visit constitutes the only follow-up to the 2010 historic copper sample that graded 2.85%.

Although Gail and Cirque have yet to undergo follow-up work, “the focus for IMC this summer is the Cathedral area as we prepare for a drill program,” said president/CEO Brian Thurston. “However, the substantial copper and gold values observed within the Gail and Cirque areas call for additional exploration and only highlight the potential for discovery on our under-explored, 206-square-kilometre property.”

Earlier this month the company closed private placements totalling $1.76 million. In April IMC arranged a private equity draw-down of $8 million.

Read more about IMC International Mining.

Money and brains

May 21st, 2020

IMC International Mining applies financing and expertise to early-stage opportunity

by Greg Klein | May 21, 2020

Events moved quickly and rather momentously after this company closed its Thane property acquisition in April. Along with the project came first one, then a second impressive addition to the team at IMC International Mining CSE:IMCX. New lab results highlighted the copper-gold prospectivity of the central British Columbia turf. Underscoring all that were financings to the tune of $1.76 million in private placements and—rare for an early-stage junior explorer—a private equity draw-down of $8 million.

Obviously the company has plans for that money. But, as IR officer Ranbir Kalan emphasizes, the funds also constitute a resounding vote of confidence in IMC.

IMC International Mining applies financing and expertise to early-stage opportunity

The draw-down, arranged in mid-April with New York-based Alumina Partners, “allows the board and the team to take parts of the $8 million whenever it’s deemed necessary,” he explains. “That not only protects us from cash issues in the long run, it allows us to keep dilution to a minimum.”

Private placements that brought IMC $1.76 million in mid-May were led by Gravitas Securities, a fact that Kalan points to as indicating further confidence. “Gravitas has a lot of experience in the mining sector so having them on our side also validates our expertise, what we’ve been doing and what we have planned.”

Those plans focus on Thane, a 20,600-hectare property in the central B.C. Quesnel Terrane that hosts Centerra Gold’s (TSX:CG) Mount Milligan operation to the south and, to the north, the former Kemess open pit and Centerra’s feasibility-level Kemess underground project, all copper-gold porphyry deposits. “Our team was already familiar with Thane,” Kalan says. “It was perfect for the size and scope that we were looking for and we were able to get it at a very good valuation.”

An all-share deal valued at $2 million bought a 100% interest in Thane Minerals and its project. Apparently never drilled, the property had undergone field work that included over 1,400 rock samples, along with soil samples, a 2019 induced polarization survey and Geoscience BC’s regional airborne magnetics. On May 19 the company released assays from Cathedral, one of Thane’s six areas of significant gold-copper mineralization.

Some rock sample highlights from five showings within Cathedral featured:

Pinnacle showing

  • 3.29% copper and 20.1 g/t gold
  • 2.54% copper and 7.78 g/t gold

Cathedral showing

  • 13.9% copper and 6.85 g/t gold
  • 3.7% copper and 1.71 g/t gold

Cathedral South showing

  • 4.72% copper and 0.97 g/t gold
  • 1.89% copper and 1.33 g/t gold

Arc showing

  • 11.1% copper and 2.77 g/t gold
  • 8.59% copper and 1.22 g/t gold

Gully showing

  • 3.13% copper and 0.18 g/t gold
  • 1.07% copper and 0.32 g/t gold

The samples represent a zone covering 1.5 by two kilometres, with mineralization in a number of styles but all showing potential for a significant copper-gold alkalic porphyry system, IMC stated.

Earlier this month the company reported lab work that confirmed previous rock sample results throughout the Thane property and, through analysis of soil samples from the Cathedral area, found four broad inline copper anomalies.

IMC International Mining applies financing and—expertise to early-stage opportunity

Still pending are sample results from Thane’s five areas
to the north of Cathedral: Cirque, Gail, CJL, Lake and Mat.
(Image: Geoscience BC/IMC International Mining)

“All this is very promising and we’re looking forward to using these results to help guide us through a summer program of geological mapping, more geochem sampling and an IP survey, with drilling possible in the fall,” Kalan says.

An added benefit to the Thane company acquisition was the Greg Hawkins acquisition. As part of the deal he now chairs IMC’s board. With just over a half-century of experience, Hawkins helped found seven companies, in each of which he helped define resources or reserves. Six of those deposits went on to production. In all, Hawkins has been closely involved with identifying and/or delineating 10 deposits in Canada, the U.S., Chile, Ghana, Mali and the Democratic Republic of Congo. Playing an integral role at Thane Minerals, he’s more than familiar with the Thane property.

In another recent personnel acquisition, Jeffrey Reeder joined IMC’s advisory board. Currently chairperson/CEO of Peruvian Metals TSXV:PER, his specialties include copper-gold porphyry deposits. His work at Mount Milligan and South Kemess helped him in two Peruvian discoveries, the Aguila copper-molybdenum porphyry and the Pinaya copper-gold porphyry deposits.

Another seasoned geologist, Brian Thurston heads IMC as president/CEO/director. His work in the Americas, Africa and India included acting as Ecuadorian country manager for Aurelian Resources, later taken over by Kinross Gold TSX:K. Experienced in boardrooms as well as the field, he founded several public companies, and held board and committee positions that oversaw audit, disclosure and corporate governance.

“In the mining world you can have companies with great projects but they don’t have the veterans who know how to interpret results or decide the next steps,” notes Kalan. “So this team really gives us strength.”

IMC’s portfolio also includes Bullard Pass, an early-stage gold project in Arizona, and other acquisitions might be considered. But Thane captivates IMC’s copper-gold porphyry enthusiasm.

Still to come are further analysis of property-wide sampling and surveying, a summer field program and a possible autumn drill campaign. Kalan looks forward to continuing IMC’s busy news flow.