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IMAGE RESOURCES NL — Capital/Financing Update 2011
Sep 26, 2011
65117_rns_2011-09-26_4c155d77-1892-440f-8669-ff33264f7679.pdf
Capital/Financing Update
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2nd Floor, 16 Ord Street 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
ASX Release 27 September 2011
ASX code: IMA
Gingin South Infill Confirms High Grade Deposit
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HIGHLIGHTS
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Consistently high grade intersections confirmed by 100m spaced infill drilling.
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Best intersection of 10m at 18.0%HM from 18m at 2.5% HM cut-off, including 6m @ 25.4% HM (10% HM cut-off).
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Most of the 5.5km long deposit now drilled at 20m x 100m line spacing, allowing estimation of a Measured Resource once mineralogy determinations are complete.
Introduction
In March 2011 Image completed infill drilling of its Gingin South deposit to 20m x 100m hole spacing over a strike length of 4.0km, as shown on Figure 1. All laboratory processing results have now been completed for this drilling and Image is preparing samples for mineralogical analysis. In July 2011 Image released an interim resource extension for the Gingin South deposit, resulting in a 240% increase in contained HM to 492,000t (ASX release 21 July 2011). The receipt of the new results and mineralogical data will allow the update of the Indicated part of this resource to Measured status. When compared to the previous drilling the new results confirm the high grade nature and extent of the deposit.
HM Grade Results
The best results are summarised in Table 1 and all intersections of 3m or greater thickness at a 2.5% HM cut-off are detailed in Table 2. The list of intersections shows the deposit to be quite robust with a maximum average slimes content of 12.5% and only 9 intersections averaging greater than 10% slimes. This suggests that slimes will not present a significant processing issue for this deposit.
Typical sections are shown in Figures 2 to 5 illustrating the high grade nature of the deposit. These sections also show that the mineralisation occurs on two levels, the western strand at ~ 58m RL and the eastern strand at ~70m RL. The eastern strand appears to merge with the western strand in the central area and then separate further north.
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Table 1
Best Intersections using 10% HM cut-off
| Hole Number |
East | North | From (m) |
To (m) |
Interval (m) |
HM (%) |
|---|---|---|---|---|---|---|
| GG609 | 399422 | 6521897 | 20.0 | 31.0 | 11.0 | 15.3 |
| including | 23.0 | 29.0 | 6.0 | 23.4 | ||
| GG611 | 399383 | 6521900 | 17.0 | 29.0 | 12.0 | 13.4 |
| including | 22.0 | 29.0 | 7.0 | 18.9 | ||
| GG612 | 399364 | 6521902 | 18.0 | 29.0 | 11.0 | 11.1 |
| including | 21.0 | 26.0 | 5.0 | 17.0 | ||
| GG624 | 399145 | 6522096 | 25.0 | 32.0 | 7.0 | 10.9 |
| including | 27.0 | 30.0 | 3.0 | 18.2 | ||
| GG625 | 399163 | 6522093 | 17.0 | 27 | 10 | 16.5 |
| including | 19.0 | 24.0 | 5.0 | 24.2 | ||
| GG626 | 399182 | 6522092 | 17.0 | 26.0 | 9.0 | 10.9 |
| including | 19.0 | 23.0 | 4.0 | 17.2 | ||
| GG633 | 399278 | 6522102 | 19.0 | 33.0 | 14.0 | 13.2 |
| including | 23.0 | 30.0 | 7.0 | 21.1 | ||
| GG634 | 399260 | 6522103 | 17.0 | 28.0 | 11.0 | 16.6 |
| including | 21.0 | 27.0 | 6.0 | 25.4 | ||
| GG635 | 399241 | 6522098 | 17.0 | 28.0 | 11.0 | 17.1 |
| including | 19.0 | 27.0 | 8.0 | 20.9 | ||
| GG636 | 399219 | 6522103 | 17.0 | 27.0 | 10.0 | 14.3 |
| including | 18.0 | 25.0 | 7.0 | 17.7 |
Future Work
The next step in the assessment of the Gingin South deposit is to composite the mineral intersections for mineralogical analysis and then refine the geological model in preparation for a new resource estimate, upgrading the status of most of the deposit to the Measured category. Drilling is also scheduled to infill the Inferred section of the resource to at least 20m x 200m hole spacing to upgrade this section to Indicated status. This drilling will commence mid to late October when a drill rig becomes available.
The Gingin South deposit was one of the six resources included in the Scoping Study, the results of which were announced 25 August 2011 and is now part of the Feasibility Study. It was scheduled towards the end of the mine sequence for the Scoping Study, but in light of the high grade nature of the deposit its sequencing will be re-examined in the Feasibility Study to determine if earlier exploitation will improve project economics.
For more information on the company visit www.imageres.com.au
| Please direct enquiries to: | |
|---|---|
| George Sakalidis | Roger Thomson |
| Managing Director | Executive Director |
| Phone (08) 9485 2410 | Phone (08) 9485 2410 |
| Mob 0411 640 337 | Mob 0419 969 183 |
The information in this report is based on information compiled by Paul Leandri BAppSc who is a member of the Australasian Institute of Mining and Metallurgy. Paul Leandri is an employee of Image Resources NL. He 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’. Paul Leandri consents to the inclusion of this information in the form and context in which it appears in this report.
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==> picture [392 x 582] intentionally omitted <==
Figure 1 Gingin South Deposit Drill Hole and Section Location
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==> picture [693 x 288] intentionally omitted <==
Figure 2 HM Cross-section line 6 521 900m N
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==> picture [691 x 263] intentionally omitted <==
Figure 3 HM Cross-section line 6 522 100m N
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==> picture [694 x 290] intentionally omitted <==
Figure 4 HM Cross-section line 6 522 300m N
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==> picture [693 x 299] intentionally omitted <==
Figure 5 HM Cross-section line 6 522 900m N
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Table 2 List of all intersections >=3m thick at 2.5 % HM cut-off.
| Hole ID | Easting | Northing | From (m) |
To (m) |
Interval (m) |
HM (%) |
Slimes (%) |
|---|---|---|---|---|---|---|---|
| GG601 | 399452 | 6521700 | 22.0 | 25.0 | 3.0 | 4.5 | 11.6 |
| GG607 | 399441 | 6521899 | 21.0 | 30.0 | 9.0 | 4.5 | 4.8 |
| GG609 | 399422 | 6521897 | 20.0 | 31.0 | 11.0 | 15.3 | 6.4 |
| GG611 | 399383 | 6521900 | 17.0 | 29.0 | 12.0 | 13.4 | 8.2 |
| GG612 | 399364 | 6521902 | 18.0 | 29.0 | 11.0 | 11.1 | 6.9 |
| GG613 | 399344 | 6521901 | 18.0 | 27.0 | 9.0 | 8.0 | 3.5 |
| GG614 | 399325 | 6521899 | 19.0 | 25.0 | 6.0 | 4.6 | 2.5 |
| GG615 | 399305 | 6521899 | 21.0 | 24.0 | 3.0 | 5.5 | 5.6 |
| GG618 | 399251 | 6521904 | 20.0 | 24.0 | 4.0 | 3.8 | 11.0 |
| GG618 | 399251 | 6521904 | 26.0 | 29.0 | 3.0 | 11.1 | 6.1 |
| GG619 | 399224 | 6521903 | 29.0 | 32.0 | 3.0 | 4.1 | 10.2 |
| GG622 | 399128 | 6522101 | 16.0 | 20.0 | 4.0 | 6.8 | 7.3 |
| GG623 | 399111 | 6522101 | 27.0 | 30.0 | 3.0 | 3.4 | 12.5 |
| GG624 | 399145 | 6522096 | 16.0 | 22.0 | 6.0 | 7.7 | 7.3 |
| GG624 | 399145 | 6522096 | 25.0 | 32.0 | 7.0 | 10.9 | 9.4 |
| GG625 | 399163 | 6522093 | 17.0 | 27.0 | 10.0 | 16.5 | 9.7 |
| GG626 | 399182 | 6522092 | 17.0 | 26.0 | 9.0 | 10.9 | 8.7 |
| GG632 | 399296 | 6522102 | 24.0 | 32.0 | 8.0 | 8.4 | 3.7 |
| GG633 | 399278 | 6522102 | 19.0 | 33.0 | 14.0 | 13.2 | 6.2 |
| GG634 | 399260 | 6522103 | 17.0 | 28.0 | 11.0 | 16.6 | 6.8 |
| GG635 | 399241 | 6522098 | 17.0 | 28.0 | 11.0 | 17.1 | 5.9 |
| GG636 | 399219 | 6522103 | 17.0 | 27.0 | 10.0 | 14.3 | 6.4 |
| GG637 | 399200 | 6522101 | 17.0 | 26.0 | 9.0 | 12.7 | 7.7 |
| GG638 | 399148 | 6522304 | 20.0 | 24.0 | 4.0 | 6.1 | 2.3 |
| GG639 | 399129 | 6522302 | 17.0 | 23.0 | 6.0 | 10.4 | 2.2 |
| GG640 | 399113 | 6522301 | 14.0 | 22.0 | 8.0 | 9.0 | 2.0 |
| GG641 | 399093 | 6522303 | 15.0 | 21.0 | 6.0 | 10.7 | 2.2 |
| GG642 | 399075 | 6522302 | 14.0 | 22.0 | 8.0 | 8.0 | 3.3 |
| GG643 | 399057 | 6522304 | 15.0 | 22.0 | 7.0 | 8.1 | 3.7 |
| GG644 | 399039 | 6522303 | 15.0 | 29.0 | 14 | 6.8 | 6.1 |
| GG645 | 399021 | 6522301 | 23.0 | 28.0 | 5.0 | 5.8 | 7.3 |
| GG648 | 398911 | 6522507 | 22.0 | 25.0 | 3.0 | 4.9 | 9.0 |
| GG649 | 398929 | 6522501 | 22.0 | 27.0 | 5.0 | 6.7 | 8.5 |
| GG650 | 398948 | 6522504 | 14.0 | 24.0 | 10.0 | 6.6 | 10.6 |
| GG656 | 398846 | 6522699 | 10.0 | 23.0 | 13.0 | 6.6 | 6.1 |
| GG658 | 398828 | 6522700 | 18.0 | 26.0 | 8.0 | 6.1 | 7.7 |
| GG659 | 398810 | 6522700 | 22.0 | 26.0 | 4.0 | 4.0 | 9.1 |
| GG662 | 398793 | 6522912 | 14.0 | 17.0 | 3.0 | 3.5 | 3.4 |
| GG663 | 398775 | 6522910 | 10.0 | 17.0 | 7.0 | 4.7 | 2.4 |
| GG664 | 398756 | 6522907 | 10.0 | 17.0 | 7.0 | 5.2 | 2.4 |
| GG665 | 398737 | 6522903 | 12.0 | 28.0 | 16.0 | 7.9 | 5.4 |
| GG666 | 398716 | 6522902 | 25.0 | 29.0 | 4.0 | 6.5 | 5.9 |
| GG669 | 398761 | 6523100 | 22.0 | 25.0 | 3.0 | 3.6 | 3.5 |
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| Hole ID | Easting | Northing | From (m) |
To (m) |
Interval (m) |
HM (%) |
Slimes (%) |
|---|---|---|---|---|---|---|---|
| GG670 | 398741 | 6523096 | 21.0 | 25.0 | 4.0 | 5.7 | 4.8 |
| GG672 | 398703 | 6523102 | 21.0 | 25.0 | 4.0 | 4.3 | 6.6 |
| GG673 | 398686 | 6523101 | 20.0 | 25.0 | 5.0 | 5.3 | 9.4 |
| GG674 | 398663 | 6523097 | 19.0 | 24.0 | 5.0 | 5.1 | 10.1 |
| GG675 | 398643 | 6523103 | 19.0 | 31.0 | 12.0 | 6.3 | 10.5 |
| GG676 | 398626 | 6523103 | 26.0 | 31.0 | 5.0 | 6.2 | 7.9 |
| GG679 | 398572 | 6523437 | 16.0 | 19.0 | 3.0 | 3.5 | 6.9 |
| GG680 | 398553 | 6523436 | 14.0 | 17.0 | 3.0 | 4.1 | 11.1 |
| GG683 | 397753 | 6525102 | 6.0 | 11.0 | 5.0 | 4.5 | 5.4 |
| GG684 | 397733 | 6525102 | 4.0 | 10.0 | 6.0 | 4.2 | 4.3 |
| GG685 | 397717 | 6525111 | 3.0 | 11.0 | 8.0 | 4.3 | 5.1 |
| GG686 | 397699 | 6525114 | 3.0 | 9.0 | 6.0 | 3.8 | 3.5 |
| GG687 | 397682 | 6525107 | 3.0 | 9.0 | 6.0 | 4.2 | 3.0 |
| GG687 | 397682 | 6525107 | 11.0 | 16.0 | 5.0 | 14.7 | 4.5 |
| GG689 | 397646 | 6525099 | 16.0 | 19.0 | 3.0 | 3.8 | 8.0 |
| GG699 | 397789 | 6524913 | 3.0 | 10.0 | 7.0 | 4.2 | 4.0 |
| GG700 | 397773 | 6524905 | 5.0 | 9.0 | 4.0 | 3.4 | 4.2 |
| GG700 | 397773 | 6524905 | 13.0 | 17.0 | 4.0 | 11.3 | 9.4 |
| GG701 | 397756 | 6524898 | 18.0 | 22.0 | 4.0 | 6.7 | 4.6 |
| GG702 | 397737 | 6524900 | 18.0 | 22.0 | 4.0 | 3.7 | 6.6 |
| GG707 | 397924 | 6524679 | 3.0 | 9.0 | 6.0 | 5.0 | 8.3 |
| GG708 | 397946 | 6524665 | 2.0 | 9.0 | 7.0 | 4.6 | 10.7 |
| GG709 | 397909 | 6524688 | 2.0 | 10.0 | 8.0 | 4.5 | 6.9 |
| GG710 | 397892 | 6524699 | 1.0 | 9.0 | 8.0 | 4.1 | 6.9 |
| GG711 | 397877 | 6524708 | 3.0 | 13.0 | 10.0 | 8.4 | 8.6 |
| GG712 | 397862 | 6524718 | 2.0 | 9.0 | 7.0 | 4.7 | 5.6 |
| GG712 | 397862 | 6524718 | 14.0 | 17.0 | 3.0 | 16.8 | 9.2 |
| GG713 | 397842 | 6524703 | 16.0 | 19.0 | 3.0 | 5.7 | 4.4 |
Notes:
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Slimes = fraction < 63um
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HM determined by TBE separation at 2.96 SG and expressed as % of total (inground) sample.
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