Image Resources (ASX:IMA) Advances The Commercialisation Of North Perth Basin Heavy Mineral Studies
Perth, Dec 11, 2009 AEST (ABN Newswire) - Image Resources (ASX:IMA)(PINK:IMREF) is pleased to announce that it has appointed project management consultants Engenium Pty Ltd and its associated company, Pacer Engineers to assist in advancing the commercialisation of its heavy mineral assets in the North Perth Basin.
Image's current key objective is to build the value of its North Perth Basin assets through the expansion of its resource base (target 20mt HM within 2 years) and the determination of the optimal path for the development and mining the totality of those resources in order as a prelude to Image liberating that value to its shareholders whether by mining them itself, trade sale, takeover or some other transaction.
On 8 May 2008, Image reported to ASX a maiden resource of 6.4Mt of contained heavy minerals for the North Perth Basin project and on 1 December 2008, announced the results of a scoping study which highlighted several positive options for the development of these resources.
Image has since carried out a major drilling programme on the shallow high-grade Atlas deposit at Cooljarloo which increased the grade and valuable heavy mineral content of this resource (ASX release 10 August 2009). The upgrade in the Atlas resource has increased the total identified resources in the North Perth Basin to 6.7Mt of contained heavy minerals.
Image continues to explore on 300km of heavy mineral targets identified on its tenements in the North Perth Basin. Significantly, some of these targets are known to be mineralised as evidenced from wide spaced historical drilling demonstrating immediate potential to substantially increase the project resource base.
Image and Engenium recently inspected potentially available wet and dry mineral separation plants in eastern Australia. The next stage of Engenium's engagement comprises a review of the identified development options and the identification of the various options for the next phase of the engagement. In addition, Engenium is to identify plant and equipment that may be available and suitable for the North Perth Basin project and confirm the product specifications of potential customers.
Perth-based Engenium and Bunbury-based Pacer Engineers are both experienced in heavy mineral sand mining and processing, having completed projects with established producers throughout Australia.
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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