Image Resources (ASX:IMA) Resource Targets Increased From 1.1Km To 6.8Km At Cooljarloo Southeast
Perth, Dec 17, 2009 AEST (ABN Newswire) - Image Resources (ASX:IMA)(PINK:IMREF), following additional detailed ground magnetic surveys in the south eastern part of the Cooljarloo heavy mineral project (Image 70%), a revised interpretation has more clearly defined drilling targets along strike from existing defined resources. The potential to increase these resources is substantial because the total length of the targets strand lines is now 6.8km compared to the 1.1km strike length of the known mineralisation within the existing resources.
This major target (previously referred to as the "new high grade strand" in ASX release 12 April 2007) is now called Rhea. The adjacent targets to the west of Rhea are the northwest extension of Tiwest's Middle Strand resource and will retain that name. The drill hole results from this area are summarised in the 12 April 2007 ASX release.
A 6,000m drilling programme on 100m line spacings is proposed on those parts of the target strands currently accessible, as shown on the attached map. Permitting for this drilling is in progress. This drill density should be adequate to define measured resources within the mineralised strands. In addition, four new channel targets are planned to be tested in the proposed programme, following up previous drilling on known channels where thick intersections up to 70m @1.7% heavy minerals occur.
The strand targets form part of the group of interpreted strand lines that have been magnetically mapped in detail and which have associated mineralisation indicated from previous drilling by Image Resources or other explorers. The Gingin and Bidaminna projects have similar high priority targets which will also be followed up early next year with drilling densities sufficient to outline resources within the mineralised target areas.
This drilling is part of Image's objective to build a resource base of global significance in the North Perth Basin.
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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