Image Resources NL (ASX:IMA) Boonanarring Project Increases Ore Tonnes by 39%

Image Resources NL (ASX:IMA) (OTCMKTS:IMREF) ("Image" or "the Company") is pleased to announce a 39% increase in the total tonnes of ore reserves for its 100%-owned Boonanarring Minerals Sand Project located 120 km north of Perth in the North Perth Basin. This increase in ore reserves follows on from the Company's ASX announcement of 13 March 2017 of outstanding drill results confirming the potential of a 5.6km high-grade extension of the Boonanarring deposit to the north.

As part of the bankable feasibility study being conducted for the Company's high-grade Boonanarring and Atlas mineral sand projects, Optiro Pty Ltd (Optiro) has completed an update of the estimated Ore Reserves for the Boonanarring Project in accordance with the guidelines for the reporting of Mineral Resources and Ore Reserves the JORC Code (2012).

When compared to the estimated Ore Reserves for Boonanarring prepared for Image for its 2013 feasibility study, the total tonnes of Ore Reserves have increased by 39% from 14.4 million to 20.0 million tonnes or by 24% to 17.8 million tonnes based on the strandline mineralisation only, albeit at a lower HM grade and mineral assemblage as detailed below. In addition, up to two years of production is now in the Proved category.

The Company also completed additional in-fill drilling in March which will be used to provide a further update to the Ore Reserves in the coming weeks and is expected to push additional tonnes into the Proved category.

A summary of the Ore Reserves estimate by Optiro for the Boonanarring deposit as at March 2017, reported on the Mineral Resources at a cut-off grade of 2.0% total heavy minerals (HM), is presented in Table 1 (see the link below). The Ore Reserves summary from 2013, reported on the Mineral Resources at a cut-off grade of 2.5% HM is shown in Table 2 (see the link below).

The principal reasons for the increase in tonnes of Ore Reserves reported in 2017 are:

- An expanded area of mineralisation as a result of additional drilling completed since 2013;

- Delineation of a substantially contiguous layer of lower grade mineralisation overlying the high-grade mineralised strands (Overlying Mineralisation), previously thought to be discontinuous and sub-economic; and

- Application of a lower cut-off grade to the Mineral Resources (2.0% HM versus 2.5% in 2013).

Drilling since 2013 on the southern end of the deposit has extended the strike-length of Boonanarring Strandline Mineralisation from 11.2 km to 13.2 km and added approximately 5 million tonnes of Mineral Resources. In general, this additional mineralisation is at a significantly lower HM grade (~3.5% HM) and lower in overall mineral assemblage value (~8.5% zircon) than the previously reported main strandline mineralisation.

The Executive Summary from the Ore Reserves estimate by Optiro is attached (see the link below).

The 2017 Ore Reserves have been incorporated into the ongoing bankable feasibility study (BFS). All required engineering work, including operating cost estimates for the study were completed on schedule by the end of March. Further review of capital cost estimates and economic modelling is ongoing and BFS reporting is underway and anticipated to be completed during April 2017.

Completion of the BFS coincides well with recent strengthening of mineral sands commodities prices as demonstrated by published information from various sources indicating strengthening demand and increasing prices for zircon and more than a doubling of the price of ilmenite since mid-2016 to more than US$200/tonne.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/K8F2OR2D


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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