Image Resources Increases Boonanaring Ore Resources

THE DRILL SERGEANT: Image Resources (ASX: IMA) announced a 39 per cent increase in the total tonnes of ore reserves for the company’s 100 per cent-owned Boonanarring minerals sand project in the North Perth Basin of Western Australia.

Image Resources explained the increase in ore reserves follows drill results the company achieved earlier this year, which it claimed to confirm the potential of a 5.6 kilometre high-grade extension of the Boonanarring deposit to the north.

A bankable feasibility study is currently underway for the company’s high-grade Boonanarring and Atlas mineral sand projects, part of which has resulted in the completion of a JORC Code 2012-compliant update of the estimated Ore Reserves for the Boonanarring project.

Image Resources explained that compared to the estimated Ore Reserves for Boonanarring prepared for the company’s 2013 feasibility study, the total tonnes of Ore Reserves have increased by 39 per cent from 14.4 million to 20 million tonnes or by 24 per cent to 17.8 million tonnes based on the strandline mineralisation only, albeit at a lower HM grade and mineral assemblage.

Up to two years of production is now in the Proved category.

Image also completed additional in-fill drilling in March, which it indicated will be used to provide a further update to the Ore Reserves in the coming weeks.

Image said it this is expected to push additional tonnes into the Proved category.

Drilling since 2013 on the southern end of the deposit has extended the strike-length of Boonanarring Strandline Mineralisation from 11.2 kilometres to 13.2 kilometres and added approximately five million tonnes of Mineral Resources,” Image Resources said in its ASX announcement.

“In general, this additional mineralisation is at a significantly lower HM grade (approximately 3.5 per cent HM) and lower in overall mineral assemblage value ( approximately 8.5 per cent zircon) than the previously reported main strandline mineralisation.

“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.”