SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of FEBRUARY , 2004.
--------- ----
IMA EXPLORATION INC.
-------------------------------------------
(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
--------------------------------------------------------------------------------
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F
--------- ---------
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): _______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): _______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
--------- ----------
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3- 2(b): 82-_____________
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned, thereunto duly authorized.
IMA Exploration Inc.
(Registrant)
Date February 20, 2004 By /s/ William Lee
------------------------------ -------------------------------------
(Signature)
William Lee, Director and Chief Financial Officer
---------------------------------------------------------------------
1 Print the name and title of the signing officer under his signature.
- 1 -
BC FORM 53-901F
(FORM 27)
Securities Act
MATERIAL CHANGE REPORT
Section 85(1) of the Securities Act, British Columbia
(the "British Columbia Act")
Section 118(1) of the Securities Act, Alberta (the "Alberta Act")
Section 75(2) of the Securities Act, Ontario (the "Ontario Act")
1. REPORTING ISSUER
The full name of the Issuer is IMA Exploration Inc. (the "Issuer"). The
address and telephone number of the principal office in Canada of the
Issuer is as follows:
#709 - 837 West Hastings Street
Vancouver, BC
V6C 3N6
Phone: (604) 687-1828
2. DATE OF MATERIAL CHANGE
February 20, 2004
3. PRESS RELEASE
A press release dated February 20, 2004, a copy of which is attached, was
released through various approved public media and filed with the TSX
Venture Exchange and the British Columbia, Alberta and Ontario Securities
Commissions.
4. SUMMARY OF MATERIAL CHANGE(S)
Please see attached press release for details.
5. FULL DESCRIPTION OF MATERIAL CHANGE
Please see attached press release for full details.
6. RELIANCE ON SECTION 85(2) OF THE BRITISH COLUMBIA ACT, SECTION 118(2) OF
THE ALBERTA ACT AND SECTION 75(3) OF THE ONTARIO ACT
Not Applicable
- 2 -
7. OMITTED INFORMATION
Not Applicable
8. SENIOR OFFICER
The following senior officer of the Issuer is knowledgeable about the
material change and may be contacted by the Commission at the following
telephone number:
William Lee
Chief Financial Officer
Phone: (604) 687-1828
9. STATEMENT OF SENIOR OFFICER
The foregoing accurately discloses the material change referred to herein.
DATED at Vancouver, British Columbia, this 20th day of February, 2004.
/s/ William Lee
------------------------------------
William Lee, Chief Financial Officer
IMA EXPLORATION INC.
Suite 709 - 837 West Hastings Street,
Terminal City Club Tower,
Vancouver, B.C. V6C 3N6
Tel: 604-687-1828 Fax: 604-687-1858 Toll Free: 800-901-0058
Internet: www.imaexploration.com E-mail: info@imaexploration.com
TSX Venture Exchange: IMR OTC Bulletin Board: IMXPF
Frankfurt & Berlin Exchanges: IMT (WKN 884971)
--------------------------------------------------------------------------------
NEWS RELEASE FEBRUARY 20, 2004
IMA'S DRILLING CONTINUES TO EXPAND SILVER DISCOVERY
AT NAVIDAD
IMA Exploration Inc. is pleased to announce results from drill holes 15 to 20 at
the Company's 100% owned Navidad silver discovery. Holes 15 to 20 were all
drilled in the Galena Hill area of the Navidad Project where drilling is
currently testing the zone between Navidad and Galena Hills. Highlights of these
holes include 113.5 g/t silver over 69.1m in hole 15 and 100.3 g/t silver over
66.5m in hole 19.
The Company's Geologists are very encouraged by the continuity and grade of the
drill results to date, which continues to expand the size of the mineralized
body at Navidad. Crews are currently drilling hole 35, 14 holes are in various
stages of analysis and results will be announced frequently over the next
several weeks. IMA has completed approximately 6,000m of the planned 8,500m
program; the results to date pertain to the first 3,340m.
Updated summaries of drill hole locations and results to date are available on
IMA's website (www.imaexploration.com), as is a summary of the Company's
rigorous quality-control and quality-assurance procedures. Dr. Paul Lhotka is
IMA's "Qualified Person" at the Navidad project and has overseen all aspects of
the current program.
TECHNICAL SUMMARY
Drill holes NV04-15 and 16 were drilled on section 51,160E, extending the tested
width to approximately 450m. NV04-15 extended the mineralization found in holes
NV03-03, 04 and 05 approximately 100m towards grid north and returned 69.1m of
113.5 g/t silver and 1.46% lead including 8.5m of 461.7 g/t silver and 6.54%
lead. This interval spans the lowermost portions of the mudstone unit and upper
portions of the underlying volcanic rocks.
Holes NV04-17, 18, and 19 were drilled on section 51,000E and form a fence which
when complete (including holes 14, 21, 22, and 23) will test a total width of
approximately 700m. NV04-19 returned the best intersection from these new holes
with 66.5m of 100.3 g/t silver and 2.74% lead including 8.4m of 177.4 g/t silver
and 4.22% lead.
Drill holes NV04-15 through 20 and previous holes at Galena Hill have all
intersected a similar stratigraphic sequence which includes, from lower to
uppermost: an unmineralized basal sequence of hematitic volcaniclastic rocks;
mineralized brecciated andesitic volcanic rocks; mudstones which often contain
strataform silver-lead-zinc mineralization; and thinly bedded limestone which
caps the stratigraphic sequence. Although the stratigraphic sequence is very
consistent, the thicknesses of individual units are highly variable and suggest
an environment of syn-depositional normal faulting. This environment of
extensional tectonism and basin formation is typical of syn-volcanic and
syn-sedimentary VMS (volcanogenic massive sulphide) deposits.
NV04-20 was drilled on section 50,800E and encountered a dramatically thinner
stratigraphic section and topographically higher basement than in previous
holes. It is interpreted that this hole was drilled in a restricted area of
higher basement paleotopography.
Indications are emerging of lateral facies changes in stratigraphy and zoning of
mineralization at Galena Hill. The southwestern flank of the hill is
characterized by lower silver to lead ratios (holes NV04-12, 16, 17 and 18)
likely indication a more distal portion of the hydrothermal system. This
mineralization is a mix of synvolcanic and synsedimentary stratiform and
replacement mineralization. Mudstones overlying the mineralized volcanics
thicken towards the southwest. Towards the central part of Galena Hill the
mineralization is higher grade and has higher silver to lead ratios.
Mineralization extends from near surface to depths in excess of 100m and is
predominantly synvolcanic replacement style (NV03-04, 05 and NV04-14 and 19).
Highest silver grades are associated with increased copper grades and variable
lead grades (NV04-13 and 14).
In addition to ongoing drilling, IMA has completed an additional 15.5 line
kilometres of pole-dipole IP (induced polarization) geophysics. In general, the
pole-dipole IP correlates well with the gradient IP previously completed,
however it gives greater detail and allows inverted sections to be produced that
have been successfully used to guide drilling to date. Pole-dipole IP shows
highly elevated chargeability values (15 to 40 mV/V) in the Galena Hill area and
moderately elevated values (7.5 to 15 mV/V) over a much larger area (1.8 x 1.4
km) between Galena and Navidad Hills and in the covered valley to the west. All
IP geophysics has been performed by Quantec Geoscience Argentina S.A.
TOTAL HOST COMPOSITE g/t % % %
DRILLHOLE LENGTH LITHOLOGY FROM TO LENGTH SILVER COPPER LEAD ZINC
(metres) (metres) (metres) (metres) (LWA) (LWA) (LWA) (LWA)
NV03-15 139.6 mixed 46.55 115.65 69.10 113.5 0.02 1.46 0.13
including mixed 47.05 55.55 8.50 461.7 0.08 6.54 0.49
NV03-16 250.5 volcanic 63.45 72.45 9.00 34.2 0.00 2.47 0.07
NV03-17 164.2 mixed 21.20 40.20 19.00 96.7 0.01 7.79 0.70
including volcanic 30.20 40.20 10.00 161.6 0.02 12.98 0.42
NV03-18 274.7 volcanic 232.00 244.00 12.00 70.1 0.06 0.40 0.01
NV03-19 190.0 volcanic 24.00 90.50 66.50 100.3 0.00 2.74 0.14
including volcanic 25.10 37.10 12.00 165.2 0.02 3.20 0.34
including volcanic 49.35 57.75 8.40 177.4 0.02 4.22 0.14
including volcanic 74.00 81.55 7.55 174.0 0.00 4.69 0.11
NV03-20 70.9 volcanic 35.50 40.60 5.10 54.8 0.02 1.82 0.03
Notes:
1. All length weighted averages (LWA) are "uncut".
2. A complete list of all results and collar locations to date is available on
IMA's website (www.imaexploration.com).
ON BEHALF OF THE BOARD
/s/ 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 http://www.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.
2004 Number 7