Image Resources NL (ASX:IMA) Cyclone Extended Thickness Increased, Mineralogical Tests And Resource Estimate Underway
Perth, Jan 20, 2010 AEST (ABN Newswire) - As previously reported, Image Resources NL (
ASX:IMA) (PINK:IMREF) completed a 402-hole, 16,308m aircore drilling programme at Serpentine Lakes in the Eucla Basin, following up its earlier drilling which intersected significant thicknesses of zircon-rich heavy minerals (HM). Zircon comprises up to 45% of the HM assemblage (ASX releases 11 February 2009 and 27 October 2009) and is of great significance because it is the highest value mineral normally found in HM deposits (approximately 10 times the value of ilmenite).
In addition, the material has a very low slime content (range 1.8% - 7.6%, average 4.2%). Low slime content is important because the material is easier to treat and operating costs of mining are reduced.
Results for all samples selected for assay have now been received. Most of the more recent sample results, are from areas above and adjacent to the higher grade core of the mineralisation. As a result, most of the new intersections are from holes that were reported previously, but which now have greater thicknesses. Within the Cyclone Extended area the average thickness of mineralisation has increased from 8m to 10m representing an overall increase in mineralisation thickness of 25%. As most of the increased thickness is in the upper part of the mineralisation, it is likely that the overburden ratio will reduce.
Two distinct zones of mineralisation are recognised within Cyclone Extended which abuts Diatreme Resources' Cyclone resource to the north. Based on the drilling completed to date, the main body of the western zone is some 2km long and 800m wide, with a 200m-wide extension to the south for a further 750m. The eastern zone is about 800m wide, remains open to the south and could extend for up to 4.5km in length within the Image tenements. Additional mineralisation has been identified about 1.5km east of the eastern zone that warrants more drilling to define its extent.
These new results continue to highlight that Cyclone Extended is a potentially economic zircon discovery, particularly when considered with Diatreme's contiguous Cyclone deposit. The strike length of the two deposits extends for some 10km, which is a significant size in a global context and which compares favourably with Iluka's Jacinth-Ambrosia deposits further east in the Eucla Basin.
As previously reported, some 20km east of Cyclone Extended further HM mineralisation has been identified at the Monsoon prospect. The area between Cyclone Extended and Monsoon remains prospective for additional mineralisation and further drilling is planned in this area.
Now that sample processing is complete, mineral assemblage studies and resource estimation have commenced. It is anticipated that the grades and continuity of mineralisation indicated from the drilling to date will allow the estimation of inferred resources for Cyclone Extended and Monsoon. Following this it is anticipated that a scoping study will be carried out to assess the economic potential of the project. Further drilling may then be undertaken to outline the full extent of the mineralisation and to investigate the mineralisation potential of the paleo-shorelines between Cyclone Extended and Monsoon where a 10km-long target area has been identified.
Image Resources continues to be most encouraged by the drilling results received to date which point to potential for extensive zircon-rich mineralisation with significant high titanium leucoxene and rutile credits.
For the complete Image Resources ASX Announcement including Tables and Figures, please click the link below:
http://www.abnnewswire.net/media/en/docs/62101-ASX-IMA-477206.pdf
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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