Perth, Oct 30, 2008 AEST (ABN Newswire) - The first phase of aircore drilling at Image Resource's NL (ASX:IMA)(PINK:IMREF) 100%-owned Serpentine Lakes tenements in the Eucla Basin in Western Australia has been completed (210 holes totalling 8,497m).
The tenements are situated along strike from the zircon-rich Cyclone prospect discovered by Diatreme Resources (DRX ASX release 15 February 2008; Inferred Resource of 60Mt at 3.1%HM containing 1.8Mt HM). The drilling was aimed at determining the local stratigraphy of the Barton shoreline, testing for strike extensions of the Cyclone mineralisation into the Image tenements and identifying targets for further drilling. All of these objectives have been achieved.
The Barton shoreline is a paleo-shoreline of Eocene age and known to host significant heavy mineral deposits (Cyclone, Notrab) in the Eucla Basin.
Laboratory results greater than 1.5%HM from the first batch of drill samples are summarised in the following table and shown in the attached map. Many of these drill results remain open above and below the reported intersections. The results received to date represent about 20% of the samples selected for laboratory processing and Image anticipates the release of further encouraging results in the next few weeks.
The drilling intersected mineralisation up to 2.5km along strike from Cyclone indicating potential for a continuation of this resource into Image's tenements, with best intercepts of 24m @ 3.0% HM from 4m and 16m @ 2.7% HM from 8m. The width of the mineralisation is up to 600 m.
Significantly, mineralisation has been intersected a further 6km and 22km east of the Cyclone extension, suggesting potential for widespread heavy mineral concentrations within the tenements. The most easterly mineralisation occurs on an interpreted "J" shaped paleo-shoreline with heavy minerals intersected on three drill lines over a strike length of 1.1km.
The mineralised zone is up to 500m wide. The heavy mineral concentrations are considered to have formed contemporaneously with the Cyclone mineralisation. Visual examination of the drill samples indicates a high proportion of contained zircon, however this is currently being checked in the laboratory with results expected soon.
Image's tenement holding in the Eucla Basin now totals 2,580sq km. The company is most encouraged by these early drill results and is looking to make the Eucla Basin a second front in its quest to build a world-class heavy mineral resource base.
Preliminary Serpentine Lakes Drill Intersections---------------------------------------Hole MGA MGA From To Interval HMNumber East North m m m %---------------------------------------SL002 474310 6810153 4 28 24 3.0SL082 475629 6810419 20 30 10 5.0SL014 474771 6808770 8 24 16 2.7SL094 474729 6808753 10 22 12 3.2SL015 474845 6808790 10 22 12 2.7SL087 474427 6810216 17 22 5 5.4SL001 474001 6810048 10 20 10 2.6SL017 476437 6809056 18 26 8 2.3SL095 474692 6808746 17 24 7 2.2SL089 474890 6808797 18 23 5 2.9SL088 474126 6810104 18 21 3 3.4SL056 497548 6804549 16 20 4 3.1SL043 481031 6805736 16 20 4 3.0SL048 485973 6805909 22 24 2 5.5SL076 477317 6810573 10 16 6 1.5SL044 481903 6805695 22 26 4 2.3SL086 474592 6810358 19 22 3 2.8SL090 474934 6808799 18 21 3 2.5SL091 474971 6808796 19 22 3 2.3SL092 475008 6808796 18 21 3 2.1---------------------------------------1m or 2m samples, HM grades determined by TBE heavy liquid separation
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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