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 JUNE , 2003.
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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 June 16, 2003 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
(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
June 16, 2003
3. PRESS RELEASE
A press release dated June 16, 2003, 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 16th day of June, 2003.
/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 JUNE 16, 2003
IMA EXPANDS BONANZA GRADE SILVER MINERALIZATION AT NAVIDAD BY OVER 50%
IMA Exploration Inc. (IMR-TSX.V) is pleased to announce a progress report on
assays received from the bonanza grade feeder structures and structurally
controlled breccias at Navidad Hill (one zone within the 5.8 kilometre overall
Navidad system). The strike length of bonanza grade structures has been extended
by over 50% to a current total of 636 metres (from 402 metres previously
announced), with a length weighted average of 162 ounces per ton (oz/t) silver
(5,546 g/t), 3.8% copper and 9.8% lead. Individual samples of bonanza grade
silver-copper-lead mineralization have returned remarkable values of up to 1,475
oz/t (50,520 g/t) silver.
The 70 kilometre IP/Resistivity survey is nearing completion and preliminary
results show an excellent correlation between mapped mineralization and
chargeability; in addition, significant anomalies have been delineated under
cover. Additional detailed sampling of replacement style mineralization
(Previously reported exposed over several kilometers with an average grade of
4.61 oz/t [158 g/t] silver and 8.9% lead) is complete and results will be
released when they are received in full. Results from ongoing gravity, magnetic,
and IP/Resistivity geophysical work will be released as they are received and
evaluated by IMA Geologists.
The Navidad discovery is without precedent in Patagonia and represents an
exciting new style of mineralization for the region. A close geologic analogue
for Navidad is the Eskay Creek Mine in British Columbia. Navidad is very well
located and is less than 1 km from a provincial gravel highway, 45 km from the
nearest town, 45 km from major high-voltage power lines, 190 km from a railway
line, and 340 km from a deep-sea port.
Please refer to the Detailed Technical Summary in the appendix of this news
release or IMA's web site (www.imaexploration.com) for more detailed results.
IMA Exploration Inc. has a strong 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"
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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.
APPENDIX - Detailed Technical Summary
Mineralization at Navidad Hill consists of bonanza-grade feeder structures
hosted by felsic flow dome rocks (often with peripheral calcite-barite veins),
structures within carapace breccia that mantles the flow dome, and mineralized
carapace breccias. These mineralization styles have now been mapped over an area
475 metres long by 60 to 140 metres wide. Within this area, 636 cumulative
metres of structurally-controlled, bonanza-grade mineralization has been mapped,
as has 537 metres of calcite-barite veins. In addition, interpretation of
mapping suggests carapace breccia-hosted mineralization is the predominant rock
type in three areas of 50 by 150 metres, 18 by 20 metres, and 20 by 25 metres,
respectively. A total of 259 rock samples have been collected of which 242 are
continuous chip samples. The following Table 1 summarizes results of the rock
chip sampling.
Table 1: Length-weighted average grades for Navidad Hill mineralization styles
Total Mapped lengths
Number of length of of
Mineralization Type samples sampling mineralization Length-Weighted Average Grade
(metres) (metres)
------------------------------ ----------- ------------ ------------------ --------------------------------------------
Silver Silver Copper Lead
(oz/ton) (g/t) (%) (%)
----------- ---------- ---------- ----------
Bonanza-Grade Feeder 83 55.3 466 172.0 5,889 3.46 11.82
Structures in Dome
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Structures within carapace 36 29.8 170 146.2 4909 4.42 6.16
breccia
============================== =========== ============ ================== =========== ========== ========== ==========
TOTAL BONANZA GRADE
STRUCTURES 119 85.1 636 162 5,546 3.79 9.84
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Mineralized Carapace Breccia 50 51.7 Not applicable 110.5 3,785 3.72 2.07
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Calcite-Barite Veins 30 21.9 537 7.1 245 0.38 0.16
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Other structures not 17 16.5 169 2.3 80 0.63 1.15
obviously mineralized
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Calcite-barite hydrothermal 8 21.9 Not applicable 1.9 66 0.27 0.03
breccia
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Felsic flow dome 12 13.35 Not applicable 1.0 35 0.33 0.10
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Volcanic Tuff 6 5.1 Not applicable 45.8 1567 0.38 1.60
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Total 242
------------------------------ ----------- ------------ ------------------ ----------- ---------- ---------- ----------
Recent mapping has shown that the carapace breccia forms a thin unit which
mantles the felsic flow dome and represents the uppermost portions of the
Navidad mineralizing system. Structurally-controlled mineralization within the
breccia suggests that the flow dome containing bonanza-grade structures may be
locally present beneath this unit. At the southeast end of the Navidad Hill
Mineralized Zone, mineralization and flow dome is overlain by a thin layer of
post-mineralization volcanic tuff. Soil sample results and a few isolated rock
samples suggest that bonanza-grade mineralization and flow dome may extend
further to the southeast beneath this tuff.
Widths of the mapped bonanza-grade structures are variable, ranging from less
than one metre to 3.3 metres. An average width cannot yet be determined due to
soil cover that often obscures the contacts. Table 2 shows individual and
composite assays from select examples of wider intersections.
Mapping used to constrain the calculations of average grades presented here was
done at 1:500 scale, or greater detail, using surveyed grid pickets spaced at 20
metre intervals, and tape measures to obtain the best possible accuracy. The
width of each sampled interval was measured and recorded in the field.
Length weighted average grades were calculated by taking the sum of the length
of each sample multiplied by its grade divided by the sum of the lengths. Gaps
between samples due to soil cover were conservatively included assuming the
length of the gap has zero grade. This was done for each mineralization style
within each of eight domains defined on the basis of host lithology and
mineralization types present. Average grades of each mineralization style were
then calculated for the entire area. A listing of selected samples and sample
composites is shown in Table 2 and a complete listing of the summary data for
all 242 continuous chip samples taken from the Navidad Hill area is shown in
Table 1.
Table 2: Selected sample composites Navidad Hill.
Sampling gaps
Mineralization type(s) Samples Length included at Silver Copper Lead
(metres) zero grade (g/t) % %
(metres)
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Feeder Structure in dome 66916-66918 4.00 1.05 1,991 2.89 0.51
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Feeder Structure in dome M1098-M1099* 1.45 11,021 1.13 3.11
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Feeder Structure in dome M1085-M1087* 2.35 8,444 3.09 23.95
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Feeder Structure in dome 66912 0.73 21,710 13.05 3.84
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Feeder Structure in dome 66914 1.15 10,140 8.36 6.10
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia 66845-66846 2.25 6,037 1.89 10.99
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia 66888-66890 3.11 4,385 4.09 0.86
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia 66838-33829 0.84 3,149 3.19 0.15
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia 66845-66846 2.25 6,037 1.89 10.99
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia 66826 0.72 11,400 2.49 24.41
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia 66832 0.52 14,600 5.97 0.27
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Mineralized Breccia 66951-66952 2.40 2,419 3.26 17.09
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Mineralized Breccia 66945-66946 3.40 1,490 6.89 0.04
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Mineralized Breccia 66978 0.9 50,520 7.11 0.22
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Mineralized Breccia 66974 2.37 14,890 2.72 0.21
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Feeder Structure in dome + 66954-66956 4.90 0.4 2,090 1.39 11.65
barite-calcite vein
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Feeder Structure in dome + 66912-66913 1.43 11,551 6.80 2.26
barite-calcite vein
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia + 66892-66893** 2.70 0.45 2,763 5.85 4.21
Mineralized Breccia
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
66892-66893 and
Structure in Breccia + 66919-66927 and 16.22 4.85 1,330 2.45 1.61
Mineralized Breccia 66914
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia + 66827, M4008 3.07 0.6 2,823 3.53 4.30
Mineralized Breccia
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Structure in Breccia + M1092-M1094* 3.30 7,719 4.22 14.73
Mineralized Breccia
---------------------------------- --------------------- ----------- --------------- ----------- ---------- -----------
Note: * indicates previously released results; ** interval included within
following composite
Table 3: Effect of Cutting on grade averages for
Navidad Hill Bonanza Mineralization style.
Number of Cutting factor used
Basis of Calculation samples (g/t Silver) Average Grades
-------------------------------------- ------------- -------------------- ------------------------
Silver Silver
(Oz/ton) (g/t)
----------- -----------
Simple arithmetic average 83 None 190 6,511
-------------------------------------- ------------- -------------------- ----------- -----------
Uncut LWA grade 83 None 172.0 5,889
-------------------------------------- ------------- -------------------- ----------- -----------
Cut LWA 90th percentile 83 15,000 164 5,635
-------------------------------------- ------------- -------------------- ----------- -----------
Cut LWA twice standard deviation 83 11,000 155 5,311
-------------------------------------- ------------- -------------------- ----------- -----------
LWA = Length Weighted Average
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Inspection of the data shows that silver grades are not strongly skewed by a few
very high grade samples influencing the average grade and therefore cutting of
higher grade samples is probably not warranted at Navidad Hill. Table 3 shows
the effects of applying cutting factors of 15,000 g/t silver and 11,000 g/t
silver (90th percentile and two standard deviations, respectively) to be
minimal.
A comprehensive check assay program has been undertaken since the discovery of
Navidad. ALS Chemex is the primary laboratory and receives, prepares and assays
all the samples. Randomly selected samples are sent to Alex Stewart (Assayers)
Argentina S. A. who acts as the secondary laboratory. At the time of writing 70
check samples (approximately 12% of all samples) have been analyzed by both
laboratories. Data for these 70 samples for silver, copper and lead have been
systematically analyzed and there is excellent correlation between the two
laboratories for all samples with the exception of one low-grade silver sample
which is under further review. Dr. Paul Lhotka, P.Geo. is the "Qualified Person"
on the Navidad Project and has personally supervised all data collection on the
property.
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.