Serpentine Lakes Tenements: Drilling and Target Summary on Topography
Perth, Aug 17, 2009 AEST (ABN Newswire) - Image Resources (ASX:IMA)(PINK:IMATF) has begun the second phase drill programme over its 100%-owned Serpentine Lakes tenements in the Eucla Basin. The Image tenements contain the southern extension of Diatreme Resources' (ASX:DRX) Cyclone heavy mineral discovery where DRX has reported an Inferred Resource of 60 Mt at 3.1% HM (DRX ASX release 31 March 2008). The heavy mineral suites from this area contain high grades of zircon, up to 42% (DRX ASX release 10 March 2009). The aims of the drilling programme are to:
- Provide adequate sample density for initial resource estimations over the Cyclone South prospect and potentially over mineralisation found in two separate zones to the east. Of particular interest is the prominent J-shaped paleo shoreline on the eastern part of the tenements. J-shaped shorelines can form sediment traps that commonly host large heavy mineral deposits and provide attractive exploration targets.
- Determine the shoreline morphology and possible extensions to mineralisation between Cyclone South and the mineralisation to the east.
- Investigate the possibility of mineralisation at different elevations, parallel to the Cyclone South strands, taking into account the palaeo-topography and stratigraphy.
Heritage surveys and access construction has been completed, with drilling scheduled to start this week. A 10,000m aircore drilling is proposed, to test this prospective zircon target.
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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