Image Resources NL (ASX:IMA)
Perth, May 1, 2009 AEST (ABN Newswire) - Image Resources NL (ASX:IMA)(PINK:IMREF) announces its Quarterly Report for the period ending 31 March 2009, the highlights include; significant enhancement of the Atlas resource with a 900m-long high-grade zone identified averaging more than 20% HM. A significant part of the new Atlas high-grade zone lies outside the existing resource model, indicating a likely increase in grade and contained HM when the resource is updated in the June quarter, drilling to test 45km of new targets at Gingin in progress. The ground magnetic surveys are in progress on new joint ventures at Chandala and Regan's Ford South. The Company intersected extensive low-grade HM mineralisation at Wannamal and exploration success in the Eucla Basin with new HM mineralisation identified at Serpentine Lakes and indications of a high-value zircon-leucoxene assemblage.
NORTH PERTH BASIN
COOLJARLOO (Image 70%)
During the quarter Image carried out infill aircore drilling on the Atlas heavy mineral (HM) deposit (inferred resource 9.7 million tonnes at 5.8% HM, containing 560,000 tonnes of HM) and on nearby geophysical targets (total 471 holes, 5,081m, 3,479 samples). Laboratory processing of these samples is about 75% complete, and the resource will be updated when all results are received. The infill drilling at Atlas closes the drill spacing to approximately 200m x 20m which will upgrade the resource status from inferred to indicated and provide greater confidence in the estimation of grade and continuity of the HM mineralisation.
As recently announced (IMA ASX releases 13 March, 23 February and 3 April 2009), a 900m-long high-grade zone has been identified, averaging more than 20% HM, up to 100m wide and 6m thick. This high-grade zone is open to the north and partly outside the existing resource model and thus likely to increase both the grade and contained HM of the resource when the model is updated. The resource update is anticipated to be completed in the June quarter.
Preparations for preliminary geotechnical drilling of the Atlas and Titan deposits are in hand, in order to assess the mineability of these deposits.
COOLJARLOO NORTH (Image 100%)
11 holes were drilled during the quarter to collect bulk samples for detailed mineralogical and metallurgical testwork.
GINGIN (Image 100%)
Drilling to test some 45km of geophysical targets prospective for HM commenced during the quarter.
CHANDALA (Image right to earn 80%)
Image completed 217 line km of ground geophysical surveys on this new joint venture during the quarter. Interpretation of this data is underway.
REGAN'S FORD SOUTH (Image right to earn 75%)
Image completed 78 line km of ground geophysical surveys on this new joint venture. Interpretation of this data is underway.
CATABY WEST (Image 100%)
9 Holes totalling 519 m were drilled on three geophysical targets, with a best intersection of 6m at 2.6% HM from 24m.
WANNAMAL (Image 100%)
16 holes totalling 577 metres were drilled on two magnetic targets and a geomorphic target. The drilling intersected extensive, thick, low grade mineralisation, with the best intersection being 20m at 1.4% from 16m. Further limited drilling is planned in a search for higher grades.
EUCLA BASIN (Image 100%)
Four areas of mineralisation have been identified at Serpentine Lakes (IMA ASX release 11 February 2009), three extending south from Diatreme Resources' Cyclone discovery and a new zone approximately 25km to the east near the South Australian border. The three areas south of Cyclone are (from west to east) 700m, 300m and 600m wide and are interpreted to extend for at least 2.5km, 1.6km and 2.0km along strike respectively. The tenement to the south has not been explored and potential remains for extensions or repetitions of the mineralisation in this area. The fourth (eastern) area comprises two zones some 200m wide and open along strike.
Mineralisation is present in two geological zones; the main zone is interpreted to be a typical shoreline style with low slime (4% within the mineralisation), well sorted sands and HM grades up to 13%. The low slime content is important as it indicates potential for low cost mining with good recoveries. The second zone is slightly deeper and interpreted to be a near-shore environment within silt and fine sand with an average slime content of about 8% and with HM grades up to 4%. The drilling results are summarised in Appendix B.
Diatreme recently reported (DRX ASX release 10 March 2009) that the mineral assemblage of the Cyclone mineralisation, which extends 2.5 km into the Image tenements, comprises:
---------------------------------------Mineral % Mass % Mass Range---------------------------------------Zircon 33 18-42Rutile 12 5-24Leucoxene 27 14-43Altered Ilmenite 17 4-30Others 11 na---------------------------------------
A further 1000 samples from Serpentine Lakes have been selected for laboratory processing. When processing is complete, Image will undertake its own mineralogical assessment, and there is every expectation that the high value Cyclone assemblage will extend on to the Image tenements.
Infill drilling of the Cyclone extension is expected to commence in the June quarter 2009 together with further drilling on the new discovery in the eastern part of Image's tenements.
BRONCO PLAINS (Image 100%, diluting)
AngloGold Ashanti and Independence Group have the right to earn a combined 72% interest in this 230sq km project situated on the Tropicana-Beachcomber gold trend some 140 km east of Kalgoorlie. Permitting for a 60-hole aircore drilling programme to test gold-in-soil anomalies and for further geochemical sampling of other target areas is in progress. The drilling programme is anticipated to be completed in the June quarter.
For the complete Image Resources Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60576-ASX-IMA-445399.pdf
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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Contact
George Sakalidis
Managing Director
Phone: +61-8-9485-2410
Mob: +61-411-640-337
Roger Thomson
Executive Director
Tel: +61-8-9485-2410
Mob: +61-419-969-183
www.imageres.com.au
A further 1000 samples from Serpentine Lakes have been selected for laboratory processing. When processing is complete, Image will undertake its own mineralogical assessment, and there is every expectation that the high value Cyclone assemblage will extend on to the Image tenements.
Infill drilling of the Cyclone extension is expected to commence in the June quarter 2009 together with further drilling on the new discovery in the eastern part of Image's tenements.
BRONCO PLAINS (Image 100%, diluting)
AngloGold Ashanti and Independence Group have the right to earn a combined 72% interest in this 230sq km project situated on the Tropicana-Beachcomber gold trend some 140 km east of Kalgoorlie. Permitting for a 60-hole aircore drilling programme to test gold-in-soil anomalies and for further geochemical sampling of other target areas is in progress. The drilling programme is anticipated to be completed in the June quarter.
For the complete Image Resources Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60576-ASX-IMA-445399.pdf
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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