Perth, Jan 22, 2008 AEST (ABN Newswire) - Image Resources Limited (ASX: IMA) Announce that following reprocessing of geophysical data and reinterpretation of drilling results over the Bidaminna Resource, Image has outlined a very large channel/strand target at Bidaminna which is 18km long and averages 500m in width with sections up to 1km in width. This target is much larger than the channels drilled to date at Cooljarloo which at this stage total some 9km in length.
The Bidaminna Resource (44Mt @ 3% HM), which was previously drilled out by Geopeko outlining a deposit some 6km in length and 400m in width, is situated just 1km to the west of the new target. This augers well for the new target zone which is three times the length and is 100m wider on average. In addition, the interpreted magnetic data for this new target is high in quality, with good line to line correlation. The average ground magnetic amplitude of the anomaly outlining the new target zone is 0.9nT which is similar to that at the Bidaminna Resource.
Image holds tenements over 40% of the extent of the Bidaminna Resource. It also has an additional 6km long target directly along strike and north of the Resource. In total there are more than 30km of new targets shown up by this recent work outside Bidaminna Resource.
The tenement is expected to be granted in February. Image is now planning to carry out heritage and botanical surveys followed up by a drilling programme over the 18km new target and the northern extension of the Bidaminna Resource. The new target zone opens up the southern part of the North Perth Basin for the discovery of large, high volume channel deposits of the type identified by Image in the Cooljarloo area.
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022.
Image completed critical construction of the Atlas project in January 2025 and started commissioning and achieved first HMC production in February 2025 and will be ramping up production and revenue from Atlas in Q2 CY2025.
Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner in CY2018, operating a single mine and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) will focus on the Company's growth and sustainability ambitions which includes the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market.
The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstrate the technical and economic feasibility of this novel process in CY2025-26.
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