ORE RESERVES UPDATE FOR 100% OWNED ATLAS PROJECT
Perth, May 30, 2017 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (IMREF:OTCMKTS) ("Image" or "the Company") is pleased to announce an Ore Reserves update on its 100%-owned Atlas Mineral Sands Project, located in the North Perth Basin, 80 km north of the Company's Boonanarring project and 170 km north of Perth, Western Australia.
As part of the bankable feasibility study (BFS) nearing completion on the Company's high-grade Boonanarring and Atlas mineral sands projects, Optiro Pty Ltd (Optiro) have completed an update of the estimated Ore Reserves for the Atlas project in accordance with the guidelines of the JORC Code (2012).
When compared to the Ore Reserves reported in the 2013 feasibility study, the total tonnes of Ore Reserves remained relatively constant at 9.5 million tonnes.
A summary of the estimated Ore Reserves for Atlas as at May 2017, reported on the Mineral Resources at a cut-off grade of 2.0% heavy minerals (HM), is presented in Table 1 in link below. The Ore Reserves from the 2013 feasibility study, reported on 2011 Mineral Resources at a cut-off grade of 2.5% HM, is shown in Table 2 in link below.
The following are key items addressed in the 2017 Ore Reserve estimate:
- Estimate in accordance with the guidelines for the reporting of Mineral Resources and Ore Reserves JORC Code (2012);
- The bulk density formula was adjusted using data from Image's Boonanarring deposit (located within the Perth Basin and to the south of the Atlas deposit). The formula was adjusted by applying a 6% reduction to the calculated density for material with <28% slimes and assigned density of 1.8 t/m3 for material with slimes contents of 28% to 50% and 1.54 t/m3 for material with slimes of >50%;
- Exclusion zones have been applied to the high voltage powerlines and Wongonderrah Road, which both cross the Atlas Mineral Resource.
The Atlas 2017 Ore Reserves have been incorporated into the overall Project BFS. Further review of capital cost estimates and economic modelling is ongoing and BFS reporting is underway and anticipated to be completed during May 2017.
To view the Executive Summary from the Ore Reserves estimate by Optiro, please visit:
http://abnnewswire.net/lnk/RZ2T212F
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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