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 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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