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 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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