Perth, Mar 18, 2008 AEST (ABN Newswire) - As previously announced (ASX Release 17 January 2007), Image Resources (ASX:IMA)(US:IMREF) substantially expanded the scope of its North Perth Basin heavy mineral sand exploration to cover targets in older Mesozoic sediments forming the basement to younger Pleistocene sediments which host most of the heavy mineral mines in the region.
Significantly, Image's 1,100sq km Mesozoic project covers part of the Dandaragan Trough which is known to host shallow phosphate sands. Unlike other major rock phosphate projects in Australia, these phosphate sands can be unconsolidated and potentially easy to mine with phosphate occurring as nodules and precipitates in Upper Cretaceous sedimentary formations. Of nine recorded outcropping phosphate occurrences in the Dandaragan area, three occur on Image's tenements.
Also of significance, rapidly rising global demand for rock phosphate has driven world prices from US$50/tonne a year ago to more than US$200/tonne today making shallow phosphate-bearing horizons in an area of good infrastructure an attractive exploration target. Historical phosphate exploration in the Dandaragon Trough (BHP in the 1970's and Wesfarmers/Australian Fertilisers JV in the 1980's) has demonstrated the presence of economically significant phosphate grades and thicknesses within the Poison Hill Greensand and Molecap Greensand sedimentary units. A Wesfarmers/Australian Fertilisers JV drilling programme gave a best intercept of 19m @ 4.2% P2O5 from 20m depth some 5km east of Image's tenements within a structural zone trending SSW into Image's tenements.
Preliminary tests by the Wesfarmers/Australian Fertilisers JV indicated that phosphate drill sample material was amenable to beneficiation by grinding and flotation to produce a concentrate of up to 23% P2O5.
Image is encouraged by the potential for large tonnages of phosphate sands to occur on its tenements in an area of good infrastructure close to a railway and ports. A programme of systematic data compilation is in progress to allow Image to more fully assess the phosphate potential of its tenements while continuing to progress its mineral sand project to the next stage.
The information in this report that relates to exploration results is based on information compiled by Roger Thomson BSc, ARSM, MAusIMM, who is a Member of the Australian Institute of Geoscientists. Roger Thomson is an employee of Image Resources NL. Roger Thomson 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Roger Thomson 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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