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 MARCH , 2004.
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IMA EXPLORATION INC.
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(Translation of registrant's name into English)
#709 - 837 West Hastings Street, Vancouver, British Columbia, V6C 3N6, Canada
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(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
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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
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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 March 23, 2004 By /s/ William Lee
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(Signature)
William Lee, Director and Chief Financial Officer
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1 Print the name and title of the signing officer under his signature.
BC FORM 53-901F
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
March 23, 2004
3. PRESS RELEASE
A press release dated March 23, 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
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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 23rd day of March, 2004.
/s/ William Lee
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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)
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NEWS RELEASE MARCH 23, 2004
IMA INTERSECTS SILVER MINERALIZATION BETWEEN
NAVIDAD AND GALENA HILLS
IMA Exploration Inc (IMR-TSX.V, IMXPF-OTC.BB) is pleased to announce results
from drill holes 31 through 40 from the Company's 100% owned Navidad Project.
Highlights include the first drill holes between Navidad and Galena Hills where
significant silver intercepts were returned from holes 32, 34, and 40 suggesting
a connection between silver mineralization at Navidad Hill and the Galena Hill
silver deposit. Navidad and Galena Hills are 1200 meters apart. (see Table 1).
Prior to these drill holes, 800m remained untested between Navidad and Galena
Hills. Five drill holes tested the gap between Navidad and Galena Hills; of
these three returned significant silver intercepts. All of the holes within the
Galena Hill deposit area contained significant intercepts of silver-lead
mineralization and continue to show excellent continuity of mineralization and
silver-lead grades.
Highlights of results from these drill holes include hole 36 with 49.9 metres of
179.1 g/t silver and hole 37 with 76.3 metres of 139.4 g/t silver including an
interval of 3.90 metres with 597.4 g/t silver and 7.23 % lead. Hole 40 returned
48.0m of 108.5 g/t silver including a higher-grade interval of 21m of 160.4 g/t
silver (see Table 2). Fifty-three diamond drill holes have now been drilled at
Navidad Project for a total of 8853.6 metres.
Work is now focusing on preparation for the calculation of a mineral resource at
the Galena Hill deposit, as well as metallurgical test work as previously
announced. Continued surface exploration, including pole-dipole induced
polarization geophysics, is to start soon and will aid in defining additional
targets for the next round of drilling. The Phase II drill program is being
planned and is expected to begin shortly.
Drill results from holes 41 to 53 will be released as they are received, and an
updated summary of drill hole results and locations is 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 for the Navidad project and has overseen all aspects of the
current program.
TECHNICAL SUMMARY
Five exploration drill holes (NV04-32, 33, 34, 39, and 40) were drilled in the
800m gap between the Galena Hill deposit and Navidad Hill. This area is largely
covered by soil and/or post-mineral rock cover but has an important soil
geochemical anomaly and a weak to moderate gradient induced-polarization
chargeability anomaly. These holes were drilled on sections spaced approximately
200m apart. Please see the drillhole location map posted at
www.imaexploration.com for collar locations.
Drill hole NV04-34 is a 180m step-out from the last hole drilled at Navidad Hill
and was inclined at -45 degrees grid north. It intersected a zone of veining and
stockwork that appears to be mainly structurally-controlled and is likely
steeply dipping similar to the mineralization at Navidad Hill. This hole
returned silver grades of 75.1 g/t over 18.7m. The true width of this
mineralization is interpreted to be approximately 13.2m. Hole NV04-40 was
collared 220m southeast of 34 and was inclined at -45 degrees towards grid
north. It intersected blind
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mineralization of 48.0m grading 108.5 g/t silver with low base metal values and
included 21.0 metres of 160.4 g/t silver. This mineralization appears likely to
be steeply dipping and structurally controlled and it was not intersected by
hole NV04-39, which was drilled 100m further to the south. Drill hole NV04-32
was also drilled grid north at -45 and is located 200m southeast of hole 40. It
intersected what appears to be primarily structurally-controlled veinlets and
stockwork mineralization, 49.6 metres in length that grades 77.9 g/t silver with
low base metals values. Further drilling is warranted in this area to define
what appears to be a zone of continuous silver mineralization between Navidad
and Galena Hills.
In summary, the first round of drilling between Navidad and Galena Hills appears
to have discovered significant structurally-controlled mineralization
characterized by low base metal contents but yet with significant silver grades.
This type of mineralization does not respond well to geophysical exploration and
more drilling will be required to determine the distribution, grade and
orientation of the mineralization in the initial holes.
The four holes drilled at Galena Hill deposit included NV04-31, 36, 37, and 38.
Highlights of stratigraphically and structurally controlled silver
mineralization include 49.9m of 179.1 g/t silver in hole 36, and 76.3m of 139.4
g/t silver in hole 37 (see Table 1). Intercepts ranged from 31.1 to 76.3 metres
with true thicknesses estimated at greater than approximately 90% of these
values. Hole NV04-31 was drilled on section 51160E between previously announced
holes NV03-03 and NV03-04 whereas holes NV04-35, 36 and 37 are on a new section
at 50890E spaced at intervals of about 80m.
The Company's lawyers are currently evaluating the statement of claim filed by
the Argentinian exploration subsidiary of Aquiline Resources. After a full
evaluation of the statement of claim, IMA will file a statement of defense.
IMA's position remains that these accusations are opportunistic and without
merit.
For more information please visit IMA's web site at
http://www.imaexploration.com/.
ON BEHALF OF THE BOARD
/s/ Joseph Grosso
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Mr. Joseph Grosso, President & CEO
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TABLE 1: EXPLORATION DRILL HOLES OUTSIDE OF GALENA HILL DEPOSIT.
(LWA) (LWA) (LWA) (LWA)
Drillhole Total Length From To Intersection Silver Copper Lead Zinc
(metres) (metres) (metres) (metres) (g/t) (%) (%) (%)
NV04-32 154.5 46.50 96.05 49.55 77.9 0.04 0.14 0.03
NV04-33 149.0 NO SIGNIFICANT RESULTS
NV04-34 228.2 10.50 29.20 18.70 75.1 0.01 0.70 0.05
NV04-35 292.0 no significant results
NV04-39 215.0 no significant results
NV04-40 127.2 43.20 91.20 48.00 108.5 0.04 0.22 0.16
including 67.20 88.20 21.00 160.4 0.08 0.19 0.09
TABLE 2: DRILL HOLES AT GALENA HILL DEPOSIT.
(LWA) (LWA) (LWA) (LWA)
Drillhole Total Length From To Intersection Silver Copper Lead Zinc
(metres) (metres) (metres) (metres) (g/t) (%) (%) (%)
NV04-31 296.0 3.05 23.85 20.80 51.7 0.00 1.25 0.05
and 47.35 78.45 31.10 71.0 0.00 2.62 0.31
including 73.85 75.95 2.10 618.6 -0.01 18.82 3.58
NV04-36 77.0 8.00 57.90 49.90 179.1 0.08 1.21 0.17
including 14.00 209.5 0.10 0.97 0.15
NV04-37 102.5 12.80 89.10 76.30 139.4 0.04 1.28 0.12
including 13.80 17.70 3.90 597.4 0.02 7.23 0.58
NV04-38 107.0 20.70 61.20 40.50 105.2 0.04 0.40 0.10
including 34.10 52.55 18.45 168.3 0.07 0.12 0.12
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).
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 presults may
differ materially from those currently anticipated in such statements.
2004 Number 11