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 , 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 February 3, 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
February 3, 2003
3. Press Release
A press release dated February 3, 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 3rd day of February, 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 o
Fax: 604-687-1858 o Toll Free: 800-901-0058
Internet: www.imaexploration.como 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 February 3, 2003
BONANZA GRADE SILVER-COPPER-LEAD DISCOVERY
IN PATAGONIA, ARGENTINA
IMA Exploration Inc. announces that it has acquired by staking a new
silver-copper-lead discovery at its Navidad project in Chubut Province,
Argentina. This discovery, made by IMA geologists while conducting grassroots
regional exploration in the district, includes two distinct styles of
mineralization:
1. Bonanza Silver-Copper-Lead: Mineralized structures at Navidad Hill have been
defined over a cumulative strike length of approximately 200 m, with widths
typically from one to three metres and within an area of 55 by 130 metres.
Highlights of this sampling include:
Assay Highlights - Navidad Hill
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Width Silver Silver Lead Copper
Sample No. (m) (oz/ton) (g/tonne) (%) (%)
M1098-M1099 1.45 320.8 11,000 3.1 1.1
Includes 0.75 440.4 15,100 2.8 1.6
M1105 0.50 294.6 10,100 2.7 1.3
M1106 0.45 531.1 18,210 3.4 10.5
M1092-M1094 3.30 224.6 7,700 10.6 4.2
M2139 0.90 437.5 15,000 9.6 5.2
M1085-M1087 2.35 246.2 8,440 6.8 3.1
Includes 0.75 411.2 14,100 10.0 1.2
M1088 0.55 347.1 11,900 3.6 11.2
Because of surface cover, the full extent of the mineralized system on surface
is not yet known. Stream sediment samples have returned highly anomalous silver
and lead results from the Navidad Hill area, with anomalies extending up to 1.4
kilometres to the northwest, upstream from any known mineralization.
2. Replacement Silver-Lead: Stratabound, replacement-style mineralization has
been traced over a 2.3 kilometre strike length to the southeast of Navidad Hill.
Samples of this style of mineralization have returned values of up to 359 g/t
(10.5 oz/ton) silver and 9.2% lead over 2.5 metres.
A more complete description of the new Navidad discovery, including tables of
assay results, is included as an appendix to this news release.
News Release February 3, 2003
IMA Exploration Inc. Page 2 of 6
Elsewhere in Argentina, IMA continues drilling at its highly prospective Las
Bayas low-sulphidation, vein-hosted gold project. The planned drill program is
currently at the half way point. Results will be released upon completion of
drilling and evaluation of results and are expected in late February. Also, a
surface exploration program is underway to define gold-copper porphyry
mineralization at the Mogotes project, San Juan province, where mapping and
sampling continue to expand the area of mineralization.
Under the leadership of its President & CEO, Mr. Joseph Grosso, IMA has been
active in Argentina for the past nine years and was among the first mining
exploration companies active in the country. Early stage exploration was
undertaken in the provinces of San Juan, La Rioja, Jujuy, San Luis, Chubut and
Catamarca, where the Company has built excellent relationships with the local
communities. Within these communities, IMA has established ties with local and
federal government officials, contractors and professionals. The Company is
active in developing and implementing programs that best facilitate
environmental protection and that best respect the history and values of natives
and local communities.
ON BEHALF OF THE BOARD
/s/ Gerald G. Carlson
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Dr. Gerald G. Carlson, P.Eng., Chairman
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. 2003 Number 5
News Release February 3, 2003
IMA Exploration Inc. Page 3 of 6
APPENDIX
(to news release dated February 3, 2003)
The new Navidad discovery is 100% owned by IMA through its Argentinean
subsidiary, Inversiones Mineras Argentinas S.A. It is road accessible and is
centrally located within IMA's 10,000 hectare concession, approximately 250
kilometres from a deep-sea port in a semi-arid, treeless, low-elevation region
in which the predominant economic activities are sheep ranching and related
services. Basic infrastructure is available approximately 45 kilometres from the
project and the nearest major airport is approximately 5 hours away by vehicle.
EXPLORATION
Exploration performed to date on the Navidad project has included stream
sediment and rock chip sampling, mapping, and prospecting. All sample analyses
have been performed by ALS Chemex, at laboratories located in La Serena and
Santiago, Chile. High grade silver values were re-analyzed by fire assay and
gravimetric finish. Check assays are being undertaken at a second, independent
laboratory. To date, 92 rock samples have been collected from the Navidad
project.
IMA's Qualified Person for the Navidad project is Dr. Paul Lhotka, P.Geo., who
first identified the target area through compilation of geologic data. Daniel
Bussandri, B.Sc., collected the first samples and identified the importance of
mineralization he discovered. Subsequently, Dr. Lhotka has personally visited
the property and has conducted detailed mapping and sampling.
Keith Patterson, M.Sc., manager of IMA's exploration programs, is currently in
transit to the Navidad project to evaluate the zones identified to date, to
complete additional geologic mapping and sampling, and to prospect for
additional mineralized zones.
GEOLOGY
The new Navidad discovery occurs within a sequence of Jurassic rocks. There is
no evidence of any previous exploration work or sampling of the outcropping
mineralization. The discovery is believed to represent a style of mineralization
previously unrecognized in Patagonia. IMA geologists believe that the two
discrete types of mineralization found at Navidad are related to a single,
regionally significant, mineralized system.
Near the top of Navidad Hill, a series of sub parallel and bifurcating bonanza
grade structures, with a cumulative strike length of approximately 200 metres,
have been mapped to date. The bonanza grade structures typically have measured
widths of 1 to 3 metres. Rock chip samples from these outcropping structures
have returned values such as 7,700 g/t silver, 10.6 % lead, and 4.2% copper over
a width of 3.3 metres (see attached tables). In many cases rock exposure is
insufficient to fully define the lengths and widths of the mineralization.
Measurements reported are limited by the size of outcrops.
Replacement mineralization appears to be confined to a particular stratigraphic
level and occurs as sulphide matrix within heterolithic breccia. Three zones of
this mineralization style have been identified and are located as far as 2.3 km
southeast of Navidad Hill.
NAVIDAD HILL SAMPLE RESULTS
Navidad Structure 1: Strike length - 90 m (open to southeast?)
Maximum exposed width - 1.45 m
Sample Width Silver Silver Lead Copper
Type (m) (oz/ton) (g/tonne) (%) (%)
-------- ----- ------ -------- --------- ---- -------
M1098 chip 0.75 440.4 15,100 2.8 1.6
M1099 chip 0.70 193.9 6,650 3.5 0.7
M1102 chip 1.55 133.9 4,590 10.8 0.9
M1103 chip 1.00 84.6 2,900 11.0 0.2
News Release February 3, 2003
IMA Exploration Inc. Page 4 of 6
M1104 chip 1.07 279.7 9,590 11.6 1.0
M1105 chip 0.50 294.6 10,100 2.7 1.3
M1106 chip 0.45 531.1 18,210 3.4 10.5
M1107 chip 0.58 37.6 1,290 0.4 3.1
M2140 chip 1.50 184.3 6,320 27.0 2.4
M1098-M1099* LWA 1.45 320.8 11,000 3.1 1.1
Navidad Structure 2: Strike length - 50 m (open to southeast and northwest?)
Maximum exposed width - 3.3 m
Sample Type Width Silver Silver Lead Copper
(m) (oz/ton) (g/tonne) (%) (%)
-------- ----- ------ -------- --------- ---- -------
M1092 chip 1.50 142.9 4,900 13.3 2.8
M1093 chip 1.10 281.7 9,660 4.4 6.4
M1094 chip 0.70 312.4 10,710 14.3 3.7
M1096 chip 0.95 64.4 2,210 11.3 0.3
M1100 chip 1.65 164.8 5,650 14.1 1.4
M1101 chip 1.50 176.7 6,060 5.2 2.3
M2139 chip 0.90 437.5 15,000 9.6 5.2
M1092-M1094* LWA 3.30 224.6 7,700 10.6 4.2
M1100-M1101* LWA 2.75 169.2 5,800 10.5 1.8
Navidad Structure 3: Strike length - 18.5 m
Maximum exposed width - 2.35 m
Sample Type Width Silver Silver Lead Copper
(m) (oz/ton) (g/tonne) (%) (%)
-------- ----- ------ -------- --------- ---- -------
M1083 chip 0.62 171.2 5,870 13.4 0.0
M1084 chip 0.45 79.3 2,720 11.1 0.0
M1085 chip 0.65 145.2 4,980 10.7 0.2
M1086 chip 0.75 411.2 14,100 10.0 1.2
M1087 chip 0.95 185.2 6,350 1.5 6.6
M1088 chip 0.55 347.1 11,900 3.6 11.2
M2136 chip 0.80 108.5 3,720 32.0 0.6
M2137 chip 0.60 52.8 1,810 7.8 1.1
M1085-M1087* LWA 2.35 246.2 8,440 6.8 3.1
Navidad Structure 4: Strike length - 33 m (poorly exposed)
Maximum exposed width - 1.6 m
Sample Type Width Silver Silver Lead Copper
(m) (oz/ton) (g/tonne) (%) (%)
-------- ----- ------ -------- --------- ---- -------
M1110 chip 0.45 178.5 6,120 0.5 6.3
M1111 chip 1.15 173.8 5,960 0.8 4.6
Two outcrop samples with intervening gap of 2.5m of un-sampled mineralized
rubble
M1110-M1111* LWA 1.6 (minimum) 176.1 6,040 0.7 5.5
Note: * denotes the length weighted average (LWA) grade of multiple adjoining
chip samples oriented perpendicular to mineralization trend
News Release February 3, 2003
IMA Exploration Inc. Page 5 of 6
Replacement and other mineralization outside of the Navidad Hill Zone
Zone A:
Sample Type Width Silver Silver Lead
(m) (oz/ton) (g/tonne) (%)
-------- ----- ------ -------- --------- ----
M2146 chip 1.20 1.6 56 0.1
M2147 chip 1.00 16.0 550 0.0
M1116 chip 3.20 15.1 518 0.0
Zone A is approximately 600 metres southeast of Navidad Hill and is another
structurally controlled mineralized zone.
Zone B:
Sample Type Width Silver Silver Lead
(m) (oz/ton) (g/tonne) (%)
-------- ----- ------ -------- --------- ----
M2153 chip 2.00 2.6 89 7.2
M2154 float - 6.0 207 13.0
M2155 chip 0.90 2.8 96 11.0
M1121 chip 1.90 1.7 57 8.8
M1122 chip 1.45 1.4 50 7.4
M1123 chip 1.20 2.5 88 10.2
M1124 chip 1.65 1.9 67 9.0
M1125 chip 2.50 10.5 359 9.2
M1127 chip 1.50 4.9 167 7.6
M1128 chip 1.80 6.0 206 10.2
M1129 chip 2.30 2.9 100 5.1
M1130 chip 2.10 3.6 125 4.7
At Zone B, approximately 1,200 metres southeast of Navidad Hill, outcropping
mineralization has been identified which appears to be hosted by a particular
stratigraphic interval. No veins are present. The above samples were collected
from outcrops over an area of 40 by 150m with widespread mineralization in
outcrop and subcrop. The orientation and controls are not well established.
Sample lengths were determined mainly by the limits of outcrops available for
sampling.
Zone C:
Sample Type Length Silver Silver Lead
(m) (oz/ton) (g/t) (%)
-------- ----- ------ -------- -------- ----
M1132 composite grab 12.0 6.4 219 2.7
M1133 composite grab 26.0 6.9 238 2.7
At Zone C subcropping mineralization has been identified approximately 1,800
metres southeast of Navidad Hill. It appears to be hosted by a particular
stratigraphic interval, possibly the same interval as noted at Zone B above. No
veins are present. The orientation and controls on mineralization are not yet
well established. The above two composite grab samples are comprised of material
systematically collected at 1 metre intervals over the sample length quoted,
with the samples oriented at right angles to each other.
News Release February 3, 2003
IMA Exploration Inc. Page 6 of 6
Zone D:
Sample Type Length Silver Silver Lead
(m) (oz/ton) (g/tonne) (%)
-------- ----- ------ -------- --------- ----
M2157 chip 0.60 4.1 142 14.0
M2158 chip 0.50 7.7 263 14.0
M2159 float - 2.7 94 8.6
M2207 float - 0.8 29 6.1
M2208 chip 0.80 4.2 143 8.9
M1131 chip 1.10 1.7 59 5.7
At Zone D, a series of samples have been collected along a strike length of
approximately 500m, 1,800 metres southeast of Navidad Hill, following strata
interpreted to be the same as that which hosts Zone C. Zone D is on the opposite
side of the hill, approximately 200 metres perpendicular to strike direction
from Zone C.