Image Resources NL (ASX:IMA) New High Grade Discovery Within 16km Target At Gingin
Perth, May 11, 2010 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (PINK:IMREF) has identified excellent heavy mineral (HM) grades within its Gingin (E70/3032, Image 100%) and Chandala (E70/2742, Image earning 70%) tenements in the North Perth Basin. An extensive target zone more than 16km in length has been defined by detailed ground magnetic surveys along the Gingin scarp which has historically been the site of a number of world class ore bodies including Eneabba and Cooljarloo.
To date Image has drilled 155 aircore holes totalling 4,626m covering only 3.6km (22%) of this 16km target zone. Already a number of very significant high grade results have been returned (see table at the bottom).
The aircore drilling results are summarised in Table 1 (see link at the bottom of the release). These results compare most favourably with grades of about 6%HM being dry mined in the North Perth Basin.
Panning of a typical high grade drill sample is shown in Figure 2 (see link at the bottom of the release). Only 354 laboratory processing results have been received out of a total of 1,260 samples submitted to date. A further 68 holes (about 2,000m) are being drilled, bringing the total for the current programme to 223 holes totalling about 6,600m.
Image is planning to extend its drilling programme to test the remaining 13km of target strike length. At this stage one land access agreement has been signed in the remaining target area, with permitting for further drilling in progress. The company is highly encouraged by these early results and plans to continue an aggressive drilling programme in the near future over this new high grade discovery.
------------------------------------Hole From To Interval %Number m m m HM------------------------------------GG234 18 22 4 8.4GG243 24 26 2 12.2GG244 18 26 8 10.6GG246 18 22 4 12.2GG247 24 26 2 9.6GG248 18 20 2 8.1GG251 18 22 4 9.8GG273 6 16 10 11.4GG284 9 18 9 15.4GG298 16 18 2 31.3GG299 17 18 1 40.5GG300 17 18 1 30.4GG309 23 25 2 9.3GG311 21 23 2 10.8------------------------------------
For the complete Image Resources annoucement including Figure 1 and Table 1, please view the following link:
http://www.abnnewswire.net/media/en/docs/62839-ASX-IMA-490835.pdf
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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