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 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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