Image Resources NL
Perth, Mar 13, 2009 AEST (ABN Newswire) - As recently reported, Image Resources NL (ASX:IMA)(PINK:IMREF) has carried out infill aircore drilling on the Atlas resource to provide greater confidence in the grade and continuity of the mineralisation and to upgrade the status of the resource. The Atlas resource currently comprises an Indicated Resource of 1.9Mt at 4.9% HM (2.5% HM cut off) and an Inferred Resource of 9.7Mt at 5.8% HM (2.5% HM cut off) containing a total of 660,000t of HM. Results from a further 1,000 samples from this programme have been received and are summarised in the attached table. Upon receipt of the remaining results, due in the next two weeks, the Atlas resource model will be updated.
Infill drilling to nominal 200m x 20m centres on the Atlas resource at Cooljarloo (Image 70%) has confirmed the shallow depth and continuity of mineralisation and grade over a strike length of 1km in the central part of the resource.
Significant results include:
- 9m @ 11.1% HM from 2m- 9m @ 8.9% HM from surface- 7m @ 9.7% HM from 1m- 3m @ 21.5% HM from 3m- 6m @ 9.0% HM from 2m- 4m @ 13.4% HM from 1m- 4m @ 12.2% HM from 3m- 3m @ 14.1% HM from 1m- 7m@ 5.8% HM from 1m
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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