Atlas location map and current grade contours with the May 2008 >1% HM cutoff resource
Perth, May 11, 2009 AEST (ABN Newswire) - Sample processing from Image Resources' (ASX:IMA)(PINK:IMREF) recent drilling programme on the Atlas deposit at Cooljarloo (Image 70%) is now complete. Detailed geological interpretation and resource estimation has now commenced and is expected to be completed by July. The data will be made available to those parties who have signed a memorandum of understanding with Image.
The updated resource estimate is expected to result in an increase in the contained tonnes of heavy mineral because the intersected grades are higher than those from historical wide-spaced drilling and because a significant part of the very high-grade zone occurs outside the previous resource outline.
The high grades are evidenced by the fact that of the 836 holes that lie within the light blue >1%HM outline on the map, 145, or 17%, of them exceed 10%HM. The area that exceeds 20%HM is approximately 1.4km in strike length, the area exceeding 10% HM is 2.4km in length and the area greater than 5%HM is 4.9km in length with average widths of 40m, 90m and 150m respectively. Significant drill intersections from the latest laboratory results are summarised in the attached table.
Image is most encouraged by these results and the anticipated significant value they can add to the North Perth Basin project.
Highlights
- High-grade zone averaging more than 20%HM increased to 1.4km strike length
- Continuous envelope more than 5%HM with strike length of 4.9km and up to 250m wide
- 900m strike length of the high-grade zone (>20%HM) not included in the previous resource estimate.
- Very shallow, low strip ratio.
- Better intersections include:
- Hole 2146: 4m @ 38.7% HM from 2m- Hole 2156: 5m @ 34.0% HM from 3m- Hole 2155: 7m @ 31.4% HM from 3m- Hole 1741: 4m @ 30.8% HM from 1m- Hole 1737: 4m @ 27.8% HM from 1m- Hole 2173: 5m @ 26.6% HM from surfa
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.
| ||
|
