60% Increase in Proved Ore Reserve Tonnes at Boonanarring
Perth, Aug 21, 2017 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (IMREF:OTCMKTS) ("Image" or "the Company") is pleased to announce a 60% increase in ore tonnes in the 'proved' category of Ore Reserves for its 100%-owned Boonanarring Minerals Sand Project located 120 km north of Perth in the North Perth Basin.
As part of the process of fast-tracking the development of the high-grade Boonanarring project, Image completed grade control drilling in March 2017 designed to increase the confidence level of the Boonanarring Mineral Resources and Ore Reserves. Results of the drilling programme were used by Optiro Pty Ltd (Optiro) to complete an update of the Boonanarring Mineral Resources and estimated Ore Reserves for Boonanarring in accordance with the guidelines of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code - 2012 edition).
When compared to the previously estimated Ore Reserves for Boonanarring ( as announced on 10 April 2017), the total tonnes of Proved Ore Reserves have increased by 60% from 5.8 million to 9.3 million tonnes, albeit at a lower heavy mineral (HM) grade, but importantly at a higher concentration of zircon in the HM as shown in Tables 1 and 2 (see the link below).
The significance of the updated Ore Reserves is that Proved Ore Reserves now represents nearly half (47%) of the total Ore Reserves at Boonanarring. It is important to point out that while the total tonnes in the Proved category increased, the overall tonnes of Ore Reserves is largely unchanged.
The updated Ore Reserves for Boonanarring are presented in Table 1 (see the link below). For comparison purposes, the estimated Ore Reserves as at March 2017 are presented in Table 2 (see the link below). Both are reported on Mineral Resources at a cut-off grade of 2.0% total heavy minerals (THM).
To view tables, please visit:
http://abnnewswire.net/lnk/25FZB4VR
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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