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IMAGE RESOURCES NL Capital/Financing Update 2005
65117_rns_2005-11-20_722daf35-9d19-4fd2-85a1-8df59c84a9df.pdf
Capital/Financing Update
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IMAGE RESOURCES NL
ASX Release 21 November 2005
ASX code: IMA
2nd Floor, 35 Outram St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone 08 9485 2410 Facsimile 08 9485 2840 [email protected] www.imageres.com.au
ABN 57 063 977 579
HIGH GRADE ZIRCON AND RUTILE
AT COOLJARLOO
Image Resources is pleased to announce agreement in principle for a joint venture with Metal Sands Pty Ltd, whereby Image has the right to earn a majority interest in exploration licence application E70/2636 at Cooliarloo in the North Perth Basin, a region which produces 20-25% of the world's zircon. This 77sq km tenement is strategically situated between Tiwest's Cooliarloo and Jurien mineral sand operations and is 80km south of Iluka's world-class Eneabba operation, in an area of well established infrastructure - see attached map.
Previous exploration by Geopeko and RGC Exploration discovered several paleo strandlines with significant heavy mineral (HM) concentrations and reported Inferred Resources on three strands as follows:
| Deposit | Resource Tonnes |
Grade (%) |
НΜ Tonnes |
Ilmenite Tonnes |
Rutile Tonnes |
Leucoxene Tonnes |
Zircon Tonnes |
|---|---|---|---|---|---|---|---|
| 28.000 | 854.000 | 8.6 | 74.000 | 25,000 | 8.000 | 6.700 | 9.800 |
| Mid-level | 49.006.000 | 2.3 | .082.000 | 531.000 | 96.000 | 60.500 | 91.000 |
| 35 AHD | 30.861.000 | 4.0 | .234.000 | na | na | na | na |
na: information not available
The 28,000 strand is particularly encouraging, exhibiting high grades of 8.6% HM with a 24% combined zircon and rutile content. This grade and mineral assemblage compares very favourably with other zircon-rich HM deposits elsewhere in Australia. Image proposes to use its magnetic mapping technique to identify the high-grade portions of the known strands, with particular emphasis on the valuable zircon and rutile-rich assemblages and to explore for additional strands where no previous drilling has been carried out. Magnetic mapping was successfully used by former Image subsidiary Magnetic Minerals Limited to discover and define a major heavy mineral resource at its Dongara project in the North Perth Basin.
Under the terms of the agreement Image may earn a 51% interest by sole funding expenditure of \$500,000 within four years of the grant date of the tenement and may elect to earn up to a 70% interest by expenditure of an additional \$300,000 over a total of six years. Image must spend a minimum of \$70,000 before withdrawal.
Image is encouraged by the tenor and size of the identified resources in excess of 2.3Mt of HM concentrate on the Cooljarloo tenement and believes its magnetic mapping technique will quickly and cost effectively map the sub-surface heavy minerals in preparation for follow up drilling of both high grade and new targets with the aim of upgrading and increasing this large resource base.
For more information on the company visit www.imageres.com.au
Please direct enquiries to: Roger Thomson Managing Director Phone (08) 9485 2410 Mob 0419 969 183
George Sakalidis Executive Director - Exploration Phone (08) 9485 2410 Mob 0411 640 337
The information in this report is based on information compiled by George Sakalidis BSc (Hons), who is a member of the Australasian Institute of Mining and Metallurgy. George Sakalidis is an employee of Image Resources NL. George Sakalidis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.
