Image Resources NL (ASX:IMA)
Perth, April 3, 2009 AEST (ABN Newswire) - Image Resources NL (ASX:IMA)(PINK:IMREF) An impressive 900m-long high-grade zone now identified at the Atlas resource, containing grades of more than 20% HM up to 140m wide and 6m thick. This open-ended high-grade zone is likely to significantly increase the contained heavy minerals (HM) in the resource when the Atlas model is updated.
As previously reported (ASX releases of 23 February 2009 and 13 March 2009), infill drilling on nominal 200m x 20m centres has been carried out 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 prior to the infill drilling comprised an Indicated Resource of 1.9Mt at 4.9% HM and an Inferred Resource of 9.7Mt at 5.8% HM (both at a 2.5% HM cut off) containing a total of 660,000 tonnes of HM.
The drilling results now confirm the shallow depth and continuity of mineralisation and grade (more than 5% HM) over a strike length of 3km in the southern and central part of the resource.
Of particular significance are drill sections over a 900m strike length containing grades of more than 20% HM, up to 140m wide and 6m thick. This high-grade zone remains open to the north and is likely to significantly increase the contained HM of the resource when the Atlas resource model is updated on receipt of the remaining sample results from the drilling programme.
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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