Perth, Feb 25, 2008 AEST (ABN Newswire) - Image Resources (ASX: IMA) is pleased to announce that it has entered into an agreement to acquire a 90% interest in exploration licence E70/3298, which hosts a significant part of the Bidaminna heavy mineral (HM) resource in the North Perth Basin. The remainder of the resource and its potential northern extension is held on Image's 100%-owned tenements.
The defined Bidaminna Inferred Resource of 1.3Mt of HM concentrate (44Mt @ 3% HM) was previously drilled out by Geopeko and is 6km in length and 40m in width. Image has outlined at Bidaminna more than 30km of additional targets including a 6km extension of the Bidaminna Resource and an 18km-long potential channel (as announced in the December 2007 quarterly report).
The previous work by Geopeko indicates that the Bidaminna resource comprises two stacked strands with the upper strand containing ilmenite with characteristics suitable for local processing to synthetic rutile and a lower strand more suitable for processing to titanium dioxide via the sulphate route.
In the last year the sulphate ilmenite price has risen from US$85/tonne to more than US$100/tonne following strong demand from Chinese processors. Global titanium dioxide pigment demand is forecast to be strong until at least 2012.
The Bidaminna acquisition is seen to be a significant strategic addition to Image's expanding resource inventory in the North Perth Basin.
The information in this report that relates to geophysics is based on information compiled by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is an employee of Image Resources NL. George Sakalidis has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.
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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