Perth, June 10, 2008 AEST (ABN Newswire) - Image Resources Limited (ASX:IMA)(PINK:IMREF) announce a detailed ground magnetic survey (100m line spacing) has been completed over a recently granted tenement (E70/3328) at Cooljarloo North. The survey has identified two anomalous zones some 0.5km x 1.5km and 0.5km x 1.2km in area as shown on the map below. The western anomalous zone is interpreted to be the northern extension of the Helene heavy mineral resource. Indicated Resources at Helene currently stand at 11.5Mt @ 4.5%HM using a 2.5% HM cut off as shown in the tables below.
The strong response in the core of the targeted extension indicates potential to increase the strike length of the Helene resource to 5.3km and to significantly increase this resource. In addition, the eastern magnetic target identified suggests potential for a third mineralised strand at Cooljarloo North which has yet to be tested. Subject to finalisation of land access agreements and to rig availability, Image plans to start a 6,500m drilling programme on these attractive targets in July.
Helene Indicated Resource Summary-----------------------------------------------Cut off Volume Tonnes HM Slimes HM %HM cu.m % % Tonnes-----------------------------------------------10 170,000 370,000 12.5 19.0 50,0005 1,450,000 3,000,000 7.3 18.5 220,0004 2,700,000 5,500,000 6.0 18.4 330,0003 4,600,000 9,500,000 4.9 18.5 470,0002.5 5,600,000 11,500,000 4.6 18.6 520,0002 6,400,000 13,200,000 4.3 18.6 560,0001 7,200,000 14,900,000 4.0 18.6 590,000-----------------------------------------------Helene Heavy Mineral Assemblages (Optical Method)---------------------------------------------------------Cut off Ilmenite Leucoxene Zircon Monazite Garnet + Other%HM t + Rutile t t Staurolite t t t---------------------------------------------------------10 30,000 1,400 5,300 100 700 3,3005 170,000 7,500 24,000 500 3,300 19,0004 240,000 12,000 35,000 800 4,900 31,0003 350,000 17,000 49,000 1,300 7,000 46,0002.5 390,000 19,000 55,000 1,500 7,800 53,0002 410,000 21,000 59,000 1,600 8,400 57,0001 430,000 22,000 62,000 1,700 8,800 60,000---------------------------------------------------------
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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