Image Resources (ASX:IMA) Obtain New 62km2 Tenement Covering Atlas Deposit Extension
Perth, Nov 16, 2010 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (PINK:IMREF) has recently increased its landholding to 150km2 at the Cooljarloo heavy mineral project by addition of a 62km2 tenement E70/997 (Munbinia Project). This 100%-owned tenement is situated directly south of the very prospective Atlas deposit which includes a Measured and Indicated Resource of 12.1M tonnes at 7.4% HM containing 895,000 tonnes of HM (refer to ASX Release dated 27 October 2010). The core of the Atlas deposit (+5% HM) extends for approximately 5km.
The southern part of the Atlas deposit has not been closed off. Reviews of topographical (DEMS) and other technical data have identified the target shown in the attached map as being at least 5km in length. This high priority target will be followed up as soon as possible by the company upon completion of permitting. Exploration will comprise detailed geophysical surveys followed by aircore drilling traverses over the detailed target areas defined.
For the complete Image Resources announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64188-ASX-IMA-515433.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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