Image Resources NL (ASX:IMA) Encounters More High Grades At Gingin And Recieves Government Grant For Cooljarloo
Perth, June 11, 2010 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (PINK:IMREF) has encountered further high grade heavy minerals at its newly discovered 16km-long target zone at Gingin in the North Perth Basin.
Aircore drilling results from the northern 3.6 km of the 16km-long target zone are summarised in Table 1 (refer to link at bottom of release). A further 979 laboratory results have been received with highlights shown in Figure 1. Drilling at this stage is complete, with 437 samples remaining to be processed. To date, 1839 samples have been processed, with 5% of samples exceeding 10% heavy minerals and 14% of samples exceeding 5% heavy minerals Permitting for the untested areas to the south is in progress. The remaining zone is strategically situated next to the Tiwest Separation and Synthetic Rutile Plant at Muchea.
Image is pleased to announce that co-funding under the Exploration Incentive Scheme has been approved for assessment of channel targets at its Cooljarloo joint venture. Matching funding for up to A$100,000 has been approved. The funding scheme is a state government programme aimed at encouraging and supporting mineral exploration, particularly on innovative projects that may lead to further discoveries. Some of the targets are subject to native title claims, and heritage surveys of these areas are scheduled to commence in the near future.
At the same time, heritage surveys over the Bidaminna targets to the south will also be conducted.
94 holes have been completed at the Helene deposit at Cooljarloo North to improve the sample density over a mineralised magnetic target and to better define the northern extent of the mineralisation. Sample processing is in progress.
New Gingin highlights include:
--------------------------------------------------Hole MGA MGA From To Interval HMNumber East North m m m %--------------------------------------------------GG339 399379 6522019 26 32 6 17.3GG340 399356 6522007 23 31 8 21.2GG341 399339 6522002 21 30 9 18.4GG342 399310 6521998 21 28 7 18.4GG353 399153 6522199 19 23 4 20.1GG355 399200 6522204 21 26 5 20.3GG356 399223 6522206 23 28 5 19.8GG357 399244 6522196 23 29 6 16.6--------------------------------------------------
For the complete Image Resources announcement including Gingin Aircore Drilling results, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63063-ASX-IMA-494011.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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