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 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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