Perth, Aug 20, 2008 AEST (ABN Newswire) - Image Resources NL (ASX:IMA)(PINK:IMREF) is pleased to announce a joint venture on its 230sq km 100%-owned Bronco Plains gold project situated 140km east of Kalgoorlie in Western Australia.
The Image tenements occur on the 300km-long Tropicana-Beachcomber trend, where AngloGold Ashanti Australia Ltd (AGA) and Independence Group NL (IGO), have identified an initial 4 million ounce gold resource at Tropicana (IGO ASX release 3 December 2007). In addition to Tropicana, AGA and IGO have identified numerous other gold prospects as shown on the attached map. The Tropicana-Beachcomber trend is interpreted to be located on the collision zone between the Yilgarn Craton and the Fraser Range Mobile Belt and is considered to have potential to be a new Australian gold province.
Wide-spaced sampling by Image on its tenements has identified several areas of gold and multi-element anomalism which warrant further sampling and drill testing.
The initial sampling was targeted on structurally complex areas interpreted from aeromagnetic data in areas of extensive cover.
Under the terms of the agreement AGA and IGO may earn a combined 72% interest in two contiguous exploration licences by sole funding $2million of expenditure within four years. Subject to completion of the necessary permitting, it is anticipated that AGA and IGO will commence follow-up sampling and drilling during the next three months. Image is encouraged by the results of its sampling at Bronco Plains and by the opportunity to participate in exploration of this emerging gold province.
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 a director of Image Resources NL. Roger Thomson has sufficient experience which is relevant to the style of mineralisation 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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