Perth, Oct 21, 2008 AEST (ABN Newswire) - Image Resources NL (ASX:IMA)(PINK:IMREF) is pleased to announce that the 95 sq km Gingin tenement E70/3032 in the North Perth Basin has been granted and a number of access agreements have already been signed paving the way for a drilling programme to begin in December. Geophysical surveys carried out by Image have identified at least 45km of new targets, one of which is over 8.6km in length and 0.35km wide.
Significantly, these targets are in close proximity to the existing synthetic rutile and separation facilities at Muchea and within trucking distance of other facilities in Bunbury. It is noted that the existing mineral sand mine at Gingin is high grade averaging 16.7%HM containing more than 1.1Mt HM. The mineral sand orebody at the Gingin mine is only 2.5km in length which is significantly smaller than the larger targets identified within Image's Gingin tenement.
Image has increased the total cumulative length of identified targets on its North Perth Basin project to 292km (up from 247km, ASX release 24 April 2008). This number is expected to grow as ground surveys are progressively carried out on the remaining 66% of Image's 2,230sq km of tenements which have not yet been surveyed, as shown in the attached map. From previous experience significant proportions of these targets are expected to be mineralised. These geophysical targets are interpreted to comprise a combination of both strand and channel style mineral sand mineralisation.
Initially scout drilling will be carried out to verify the validity of each of the targets prior to infill drilling to define resources.
At this stage work programmes outside of Cooljarloo are contemplated over the Gingin, Cataby West, Bidaminna and Wannamal projects (see attached map). Several priority targets have been outlined for drilling on these tenements and are anticipated to form a further stage in significantly expanding Image's North Perth Basin resource base which currently stands at 6.4Mt of contained HM (ASX release 8 May 2008).
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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