Perth, Jan 31, 2008 AEST (ABN Newswire) - Image Resources Limited (ASX: IMA) Announce Quarterly Report Highlights.
Drilling of Target 2 at Cooljarloo North confirms high grades within 2 main strands over a combined strike length of 9 km.
Cumulative magnetic target lengths at Cooljarloo and Cooljarloo North increased to 120km with preliminary resource estimations in progress on 38km of mineralised strands.
A new large magnetic target, interpreted to be channel style mineralisation, some 18km in length averaging 500m in width identified at Bidaminna. The target is parallel to the Bidaminna Inferred Resource (44Mt @ 3% HM) which is 6km long and 400m wide, indicating scope to significantly increase the resource.
Image's North Perth basin tenement holdings increased to 2047 square kilometres.
Three tenements at granted Serpentine Lakes in the Eucla Basin, paving the way for heritage clearances, ground magnetic surveys and exploration drilling. Orientation surveys indicate adjacent mineralised strands may extend into the tenements for some 28km, providing a major exploration target.
Depth extensions of nickel sulphides confirmed in the first hole of the current drilling programme at Emu Lake and a strong off-hole conductor identified.
Early encouragement from airborne geophysical surveys at the Kambalda West nickel project.
The Emu Nickel IPO is currently open and, subject to market conditions, is aimed at listing on ASX at the end of February 2008.
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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