Perth, June 16, 2008 AEST (ABN Newswire) - Image Resources (ASX:IMA)(PINK:IMREF) announce a study of open file information has indicated that the favourable stratigraphy hosting the Dandaragan Trough phosphate sands are likely to extend for a strike length of more than 50km within Image's exploration tenements.
As noted in a previous ASX release (18 March 2008) three of nine recorded outcropping phosphate occurrences in the Dandaragan area occur on Image's tenements. Previous work by the Geological Survey of WA in the 1940's, BHP in the 1970's and Wesfarmers/Australian Fertilisers in the 1980's has demonstrated that phosphate sands are widespread within Upper Cretaceous sediments of the Dandaragan Trough which forms part of the North Perth Basin.
It is significant that one of the best intercepts from previous drilling (19m @ 4.2% P2 05 from 20m depth in Wesfarmers/Australian Fertilisers drill hole 57 situated east of Image's tenements) is located some 10km east of the projected outcrop of the base of the favourable stratigraphy which occurs on the Image tenements. This suggests potential for extensive, shallow phosphate bearing sediments within the Image tenements, depending on the relationship between topography and the flat lying stratigraphy. In particular the favourable stratigraphy is expected to be closest to the surface or sub-outcropping along the western margin of the Upper Cretaceous sediments where they are often obscured by shallow alluvium or laterite.
Upon grant of the tenements and any necessary permitting or land access agreements, Image plans to carry out a programme of scout drilling within the prospective parts of its tenements to assess the potential for shallow, large tonnage phosphate sands amenable to upgrading to a commercial product. This drilling will proceed together with Image's ongoing heavy minerals exploration programme which is designed to augment its recently announced initial heavy mineral resources.
For more information on the company visit www.imageres.com.au
Note:
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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