IMX Resources has appointed Azure Capital to advise it on options for its Mt Woods magnetite project in South Australia.

IMX has defined an inferred mineral resource of 569 million tonnes at 27 per cent iron at its primary Snaefell deposit and has a global exploration target of 200-380mt at 25-35 per cent elsewhere across the Mt Woods project area.

The company has also previously completed a scoping study on the project with the Snaefell resource as the basis.

Snaefell is 12km from the company's operating 51 per cent owned Cairn Hill copper mine.

Managing director Neil Meadows said the appointment of Azure to help in developing commercial options for the Mt Woods project is a positive step towards realising the value of the company's investment in the project.

Azure will also advise the company on exploration and development work at the Nachingwea base and precious metals project and the Ntaka Hill nickel project in Tanzania.