Vancouver, British Columbia--(Newsfile Corp. - May 31, 2019) - IM Exploration (CSE: IM) is one of the latest new listing on the Canadian Securities Exchange. The company is a mineral resource company engaged in the business of acquiring and exploring mineral resource properties. It holds an option to acquire a 90% interest in the 1,329-hectare Mulloy Graphite Property, located in the Rowlandson township, northern Ontario, approximately 95 kilometres northwest, by road, from the town of Hearst, Ontario.
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There are three recorded exploration programs on the property, one of which was carried out by Shell Canada in 1978. It consisted of two diamond drill holes, one of which was on the present-day property, which intersected two roughly 20-metre thick graphitic intervals. The property was also subject to a ground-based HLEM magnetic survey prior to drilling. Although graphite was discovered, it was not the target at the time of drilling and no values were recorded.
The property is currently being explored primarily for a breccia pipe graphite replacement type deposit, due to its close proximity to the Albany graphite deposit of ZEN Graphene Solutions, located 15 kilometres to the east of the property. As reported by Zen Graphene, their Albany deposit contains the largest and only high purity hydrothermal graphite mineralization being developed in the world.
Additional information regarding the types of graphite deposits on the property, please refer to the Technical Report on Sedar.
Under the terms of the option, IM Exploration must pay $15,000, issue 300,000 shares and complete a Feasibility Study.
The company recently closed its IPO, raising gross proceeds of $300,000 from the placement of 3 million shares priced at $0.10 per share. Haywood Securities acted as agent for the offering.
For more information, please contact Joel Freudman, President and CEO, at 647-880-6414.
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