Perth, Dec 30, 2008 AEST (ABN Newswire) - Image Resource NL (ASX:IMA)(PINK:IMREF) is pleased to announce a new joint venture on an 85sq km tenement (E70/3041) with unlisted Kingsreef Pty Ltd, increasing its tenement holdings in the North Perth Basin to approximately 2,410sq km. The joint venture tenement is strategically located on the productive Gingin Scarp between Iluka's operating Gingin mine and the Regans Ford heavy mineral (HM) deposit.
The Gingin Scarp is a major feature of the Perth Basin, reflecting an extensive paleo coastline known to host major HM deposits such as Eneabba and those at Capel. Image is planning geophysical surveys to define the extent of any mineralisation and other targets within this prospective Gingin shoreline.
Significantly, the Regans Ford tenement covers the strike extensions of high-grade mineralisation identified by Westralian Sands Ltd (now Iluka Resources Ltd) in 1998 where a best drill intersection of 3m @ 12.0% HM from 21m was reported.
Also of significance is the close proximity of the large Tiwest operation at Chandala, comprising a dry separation plant and a synthetic rutile plant. Image now has six projects in the vicinity including Regans Ford (E70/3041), Chandala E70/2742, Gingin E70/3032, McKinley E70/3033, Bootine E70/3192 and Bryalana E70/3494. A drilling programme has commenced at Gingin and is planned to continue in the New Year.
Under the terms of the agreement Image has the right to earn a 75% interest in the joint venture tenement by expenditure of A$300,000 within a six year period, subject to completing certain access agreements.
The outlook for heavy minerals remains positive with expected price increases for both zircon and high grade titanium products in the short to medium term, due to supply not keeping pace with the demand (TZMI conference, Singapore, November 2008).
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.
| ||
|
