Perth, April 24, 2008 AEST (ABN Newswire) - A comprehensive reinterpretation of Image Resources (ASX:IMA)(PNK: IMREF) existing ground magnetic data and of recently completed ground magnetic surveys in the North Perth Basin has highlighted a major increase in cumulative target length from 120km to 247km.
These magnetic anomalies comprise a combination of both strand and channel style targets. Significantly, ground magnetic surveys using Image's magnetic mapping technique have been completed on only 659sq km (32%) of Image's 2,090sq km of tenements.
It is relevant to point out that to date Image has delineated an aggregate strike length of some 38km of mineralised strands, largely based on drilling of ground magnetic targets. Based on these results it is anticipated that a significant proportion of the 247km of targets identified in the review are likely to convert to resources when they are drilled. The new targets are planned to be drilled after grant of tenements, completion of land access agreements and, in some cases, completion of heritage surveys and environmental permitting. Initially scout drilling will be carried out to verify the validity of each of the targets prior to infill drilling to define resources.
Since Image's previous releases on Bidaminna (ASX releases of 22, 23 January 2008 and 25 February 2008), the Bidaminna tenement (E70/2844) has been granted and botanical and heritage surveys are currently being planned prior to initial characterisation drilling. Ground magnetic surveys have been continuing at Bidaminna and there are now 19 magnetic targets outlined which total 62km in length with an average width of 300m. The existing Bidaminna Resource (1.3Mt of contained HM concentrate) comprises 6km of the 62km of targets. This resource is a stacked strand with the upper strand being SR (synthetic rutilegrade) ilmenite-rich while the lower strand is sulphate-grade ilmenite-rich.
The grant of more tenements at Image's North Perth Basin project is imminent, including Cooljarloo North (E70/3328), Cataby West (E70/3068), Cowalla (E70/3092), Wannamal (E70/3093) and Bidaminna West (E70/3086)-see attached map. Several priority targets have been outlined for drilling on these tenements (following permitting and completion of land access agreements) and are anticipated to form a further stage in expanding Image's North Perth Basin resource base.
Note:
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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