Measured Resource Drilling Commences At Image Resources (ASX:IMA) High Grade Atlas Deposit
Perth, Jan 14, 2010 AEST (ABN Newswire) - Infill drilling has commenced at Image Resources (
ASX:IMA) (PINK:IMREF) high grade Atlas deposit in the North Perth Basin. The drilling is designed to upgrade the resource to measured status by increasing the drillhole density from 200m by 20m to 100m by 20m. Approximately 400 holes will be drilled, with completion of drilling expected by mid February.
The drilling is focussed on the high grade mineralisation, including high grades of zircon of up to 20.8% of the heavy minerals, within unallocated crown land in the southern part of the deposit.
The identification of this high grade zone has resulted in a significant resource upgrade of 260,000t of heavy minerals, increasing the contained zircon to 102,000t (ASX release 10 August 2009). Given the current price of zircon of US$900/t and the good zircon grades, any further resource upgrades have the potential to add significant value to Atlas.
Mineralogical composite samples from Atlas have been prepared and sent to parties who have signed memoranda of understanding for analysis. In addition, Image is conducting its own mineralogical analyses. These tests will complement the work completed to date (ASX release 27 May 2009). When complete, this data will be used to update the resource estimate (see Table 1) and to further the studies Image is undertaking on the commercialisation of its North Perth Basin resources.
Table 1 ----------- Alas Resource Estimate Heavy Minerals and Mineralisation-------------------------------------------------------------Category Cut Off Grade Tonnes Grade Slimes t HM % HM % HM % -------------------------------------------------------------Indicated 2.5 14,600,000 6.2 15.6 910,000------------------------------------------------------------- Atlas Resource Estimate Heavy Mineral Suite-------------------------------------------------------------Category Ilmenite Leucoxene Zircon Other + Rutile-------------------------------------------------------------Inferred 555,000t 66,000t 102,000t 186,000t-------------------------------------------------------------Inferred 61.0% 7.3% 11.2% 20.4%-------------------------------------------------------------
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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