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IMAGE RESOURCES NL

ASX: IMA

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Image Resources is a diversified mineral explorer with a major landholding and an expanding mineral sands resource base in the North Perth Basin of Western Australia as well as major mineral sands projects in the Eucla Basin.

COOLJARLOO NORTH (IMAGE 70%)

The Cooljarloo North project comprises E70/2892, E70/3328 and P70/1540, about 18 km east of the town of Cervantes and about 180 km north-northwest of Perth. The commodities sought are mineral sands — ilmenite, rutile and zircon. The project is on the Swan Coastal Plain west of and abutting the Gingin Scarp. Ground magnetic surveys and follow up drilling at Cooljarloo North have confirmed the presence of numerous, north-northwesterly trending magnetic anomalies representing mineralized paleostrandlines. Of these, two highly mineralized strandline systems (Hyperion and Helene) each extend continuously for more than 4.5 km.

Helene, in the north of the exploration area, comprises three subparallel strandlines and has produced consistently high-grade drill intersections mostly in excess of 5% heavy minerals with a maximum around 20%. Current resources (June 2010) for Helene are 11.5 Mt at 4.5% HM for 520 kt HM with 55 000 t zircon (0.5%), 19 000 t rutile + leucoxene (0.17%), and 390 000t ilmenite (3.4%). Current resources (June 2010) for the Hyperion prospect in the southwest are estimated at 3.7 Mt at 7.8% HM for 290 000 t HM with 21 000 t zircon at 0.6%, 18 000 t rutile + leucoxene at 0.5%, and 160 000 t ilmenite at 4.3%.

A scoping study in 2009 of the Hyperion and Helene projects showed a combined NPV ranging between $3.9 and $18 million under dry mining and $15 to $38 million under dredge mining options, depending on the exchange rate and other factors. These scenarios assume that Image produces concentrate which is toll treated at an existing dry mineral separation plant. Greater NPV’s could be achieved by existing producers, especially if they are capable of synthetic rutile production.

COOLJARLOO (IMAGE 70%)

The Cooljarloo prospect adjoins the ground held by TiWest’s Cooljarloo heavy mineral sands mine and is situated on heavy mineral strandlines extending northwest from the mine. The tenements are E70/2636, E70/2898, P70/1502, and P70/1516. This area has yielded a total of 95 km of strandline targets (Fig. 5, Atlas, Titan, Telesto, and Calypso) identified by ground magnetic surveys and follow-up aircore drilling.

The highlights of the Atlas resource upgrade are:

* indicated resource estimated as 14.6 Mt at 6.2% heavy minerals with 910 000 t contained heavy minerals
* 102 000 t of zircon, 66 000 t of rutile + leucoxene, 555 000 t of ilmenite

Other current resources at Cooljarloo include:

* Titan (Dredge): 136 Mt at 1.9% HM, 2.6 Mt HM, 245 000 t zircon (0.18%), 79 000 t rutile + leucoxene (0.05%), 1.9 Mt ilmenite (1.4%)
* Calypso (Dredge): 51.5 Mt at 1.7% HM, 850 000 t HM, 90 000 t zircon (0.17%), 44 000 t rutile + leucoxene (0.08%), 600 000 t ilmenite (1.2%)
* Telesto (Dry): 1.9 Mt at 5.7% HM, 110 000 t HM, 10 000 t zircon (0.5%), 6000 t rutile + leucoxene (0.3%), 73 000 t ilmenite (3.8%).

COOLJARLOO EXTENSION (IMAGE RIGHT TO EARN 70%)

Image entered into a joint venture with Matilda Minerals Ltd on an exploration licence application adjoining Image’s Cooljarloo joint venture tenements. The Matilda tenement is situated along strike from parts of Image’s Calypso deposits and is considered to have potential for extensions to this thick, channel-style mineralisation.

GINGIN (IMAGE 100%)

Geophysical surveys on the 95 km2 Gingin tenement (E70/3032) have identified at least 50 km of new targets, one of which is more than 16 km in length and 50 m in width. Aircore drilling over the geophysical targets at Gingin intersected high-grade mineralisation (Fig. 8) within a 16.6 km-long target zone along the Gingin Scarp. The Gingin project is estimated to have about 10–18 Mt at 8–10% HM target with contained 1–1.5 Mt HM and 0.6–0.9% zircon in ground. Image is planning to extend its drilling programme to test the remaining 13 km of target strike length. At this stage one land access agreement has been signed in the remaining target area, with permitting for further drilling in progress. The company is highly encouraged by these early results and plans to continue an aggressive drilling programme in the near future over this new high-grade discovery.

CHANDALA (IMAGE RIGHT TO EARN 80%)

Image has a joint venture with Derby Mines Pty Ltd on a 107 km2 exploration licence at Chandala, south of Gingin. The tenement (E70/2742, is strategically situated on the Gingin Scarp between Iluka’s Gingin mine and the Bullsbrook heavy mineral deposit. The joint venture tenement is believed to host potentially economic mineralisation (Fig. 8) at the Muchea heavy mineral deposit where historic exploration outlined a mineralised zone reported to contain 2.25 Mt at 8.5% HM. Significantly, the tenement is very close to Tiwest’s dry separation plant and synthetic rutile plant at Chandala.

REGANS FORD SOUTH (IMAGE RIGHT TO EARN 75%)

Image has a joint venture with Kingsreef Pty Ltd on an 85 km2 exploration licence south of Regan’s Ford (E70/3041). The tenement is situated on the Gingin Scarp about 15 km north of the Chandala JV tenement. Significantly, the Regan’s Ford South tenement covers the strike extension of high-grade mineralisation identified by Westralian Sands (now Iluka Resources) in 1998 where a best drill intersection of 3 m at 12% HM from 21m was reported.

BIDAMINNA (IMAGE 100%)

The Bidaminna prospect (E70/2825, E70/2844, E70/2845, E70/3086, E70/3298), about 25 km northwest of Gingin, contains four strandline systems named Callisto, Amalthea, Europa, and Ganymede. Follow-up drilling has identified a central high-grade mineralized zone in the Callisto and adjoining Ganymede strandlines, as well as an additional high-grade zone south of Callisto. In these target areas grades were consistently above 2.5% contained heavy minerals. A 500 m-wide zone in the north of the exploration area yielded the best intersection of 12 m at 5.4% heavy minerals from 34 m. Current (dredging) resources at Bidaminna are estimated at 44.6 Mt at 3.0% HM with 1.35 Mt HM, 73 000 t zircon, 44 000 t rutile + leucoxene, and 1.1 Mt ilmenite.

BOOTINE (IMAGE 100%)

At the Bootine prospect (E70/3192), about 22 km north-northwest of Gingin, an aeromagnetic survey identified more than 30 northwest-trending, heavy mineral sand targets with a total length in excess of 87 km. It is thought that the mineralized strandline currently being mined at the Gingin mine may extend into the Bootine prospect. Image Resources has also conducted a follow-up ground magnetic survey with 120 km of line surveying having been completed.

EUCLA BASIN MINERAL SANDS (Image 100%)

Image holds strategically located tenements (E69/2033, E69/2034, E69/2033, called Serpentine Lakes) covering 1589 km2 in the Eucla Basin, one of the world’s most exciting zircon exploration provinces, where Iluka has commenced construction of its new Jacinth heavy mineral mine and Diatreme Resources announced a new discovery at Cyclone (inferred resource containing 1.8 Mt of contained HM, including 740 000 t of zircon).

Mine For

ilmenite, rutile, zircon, leucoxene, titanium, zircon, heavy mineral sands,

Location of operation(s)

Western Australia

Australian Basins

Eucla

Address

Level 2, 16 Ord St
WEST PERTH, WA, AUSTRALIA

Phone

(61 8) 9485 2410

Email

Website


Last Updated

3/5/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.

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