Perth, Sep 24, 2008 AEST (ABN Newswire) - Image Resources NL (ASX:IMA)(PINK:IMREF) is pleased to announce that it has agreed to enter a joint venture with Matilda Minerals Limited (MAL) over exploration licence application E70/3292, which adjoins the tenements comprising Image's joint venture with Metal Sands Pty Ltd at Cooljarloo. The joint venture allows Image to earn a 70% interest in the tenement by sole funding expenditure of $400,000 within 5 years of the tenement being granted. E70/3292 adjoins the area containing the Calypso Resource (for further information see Image's ASX release dated 08 May 2008).
The mineralisation within the Calypso Resource is up to 80m thick and has the potential to host a very large resource of heavy minerals. Exploration will comprise ground magnetometer surveying and follow up drilling, and will commence once the necessary permitting is obtained.
Image Resources NL is the largest mineral sand tenement holder in the North Perth Basin with over 2200sq km. Image's experience allows it to focus its drilling effort on targets it has identified which has proven very successful. Image has completed surveys over about one third of its holding generating 121 targets. To date only 13 of these targets have been tested conclusively, yielding resources of 6.4 million tonnes of contained heavy minerals. Drill programmes are planned over the Cooljarloo, Bidaminna, Cataby West and Gingin projects.
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused mining company operating an open-cut mine and ore processing facility at its 100%-owned, high-grade, zircon-rich Boonanarring Project, located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring is arguably one of the highest grade, zircon-rich mineral sands projects in Australia. Construction and project commissioning were completed on-time and on-budget in 2018. Production commenced in December 2018 and HMC production ramped-up to exceed name-plate capacity in only the second month of operation. The Company achieved profitability in Q1 2019 and was cashflow positive in Q2 2019 and is now at steady state production.
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