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IMAGE RESOURCES NL — Capital/Financing Update 2019
Dec 10, 2019
65117_rns_2019-12-10_39a8b8a0-de92-4d1f-b32f-8c9acd7eb7fc.pdf
Capital/Financing Update
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11 December 2019
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NEW POTENTIALLY 40KM LONG MINERALISED SHORELINE IDENTIFIED ADJACENT TO BOONANARRING
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Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to advise that drilling aimed at extending the mine-life at Boonanarring has identified a new mineralized shoreline trend to the west of and parallel to the Boonanarring Ore Reserve area and that based on drill sample assays and ground based magnetic survey results, may potentially extend for up to 40 km.
Starting in the second half of CY2019, Image prioritised a drilling programme aimed at extending the overall mine-life at Boonanarring. This programme is in addition to the independent program of close-spaced drilling conducted in April through July 2019 across the eastern strand of the Boonanarring Ore Reserve for the purpose of reassessing the current Ore Reserve. The reassessment of the Ore Reserve is nearing completion and final results are scheduled to be reported separately prior to the end of December 2019 as previously announced.
Drilling aimed at extending the mine life at Boonanarring is being conducted in target areas to the north, south and west of the current Boonanarring Ore Reserve. Preliminary results have been positive and have led to the identification of this new mineralized shoreline which has been labeled 50mRL Strandline , as mineralised intercepts range from 48-55m RL.
The 50mRL Strandline has been interpreted to extend up to 40 km from south of the town of Gingin to north of the Boonanarring Northern Extension area as shown in Figure 1. It includes previously identified mineralisation in the western sections of Image’s Gingin South and Gingin North projects, and has now been found to include the recently identified Boonanarring West mineralisation.
A 94-hole, 2,460m drill programme has been completed in the northern section of 50mRL Strandline and has identified two mineralized strands (Figure 2). A detailed 100m spaced ground magnetic survey has just been completed to help map these strands in detail prior to a further infill drilling programme of 70-holes totaling 2,100m planned in 2020.
Early drilling results include an intercept of 2m at 17.6% HM from 16m in IM01003, with only 20% of the laboratory results received. Other preliminary results are shown in Table 1 below. Drill-hole details are presented in Table 4 and significant assay results >5%HM are shown in Table 5.
An extensive drilling programme of a total 528 holes for 13,326m is now being planned over the most promising areas identified along this 40km 50mRL Strandline. Access for drilling is available for 40% of the planned holes and the Company is seeking to complete the remaining access with three landholders. Importantly, all planned drilling is within economic pumping distance of the current Boonanarring wet concentration plant and are considered high priority.
Image Resources NL ABN 57 063 977 579 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872
Page 1 of 32
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Figure 1. Boonanarring Deposit showing extension drilling to north, south and west, and newly identified 40km-long 50mRL Strandline
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 2 of 32
Table 1: 50mRL Strandline Intercepts
| Mineral Intercept | From Depth | Hole I.D. | Location |
|---|---|---|---|
| 2 m @ 17.6% HM1 | 16m | IM01003 | West of Boonanarring NEA3 |
| 4 m @ 4.8% HM2 | 5m | GG2882 | West of Boonanarring NEA3 |
| 6 m @ 5.6% HM1 | 15m | IX00477 | Boonanarring West |
| 9 m @4.2% HM1 | 14m | IX00334 | Boonanarring West |
| 8 m @ 8.8% HM2 | 19m | GG2247 | West of Gingin North |
| 6 m @ 2.9% HM2 | 12m | GG1074 | West of Gingin South |
| 6 m @ 4.1% HM2 | 10m | GG143 | West of Gingin South |
Notes: 1 – 2019 drilling; 2 – pre-2016 drilling; 3 – Northern Extension Area
Boonanarring Northern Extension
Following on from a 578-hole infill drilling programme totaling 24,642m and nearly 10,000 assays completed in 2019 over Blocks A, B, C and D over the Boonanarring Ore Reserves, which helped define a 5km high-grade core, the Company is evaluating extensions of this high grade core mainly to the north in the Boonanarring Northern Extension Area (NEA) and also to the south.
An initial programme has been completed over a 1.3km long area in the southern part of the NEA with 82 holes totaling 3,129m. Mineralised intercepts indicate a likely lower strip ratio if Ore Reserves are defined in this area. The most promising mineralised intercepts in this area were 8m at 16.7% HM from 24m in IM00903 and 4m at 22.8% HM from 28m in IM00902 (Figures 1 & 2 and Tables 1 & 2). This programme has shown that the high-grade core within the eastern strand likely extends into this area and appears to extend under the Brand Highway and potentially to the east of the Brand Highway.
A roadside drilling programme of 129 holes totaling 5,160m (subject to Main Roads and POW approval) and a 172-hole 6880m programme just east of the Brand Highway (subject to access approval) is planned and will help clarify the extent of the high-grade core across the full extent of the NEA on the mineralized trend towards Image’s Red Gully deposit, which starts 3-4km north of the NEA (Table 2). This prospective high-grade shoreline starting from Red Gully in the north, through the Boonanarring Deposit and ending at Gingin North in the south, is 32km in length.
Table 2
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Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 3 of 32
Boonanarring Southern Extension
The continuation of mineralisation to the south of the Boonanarring Deposit Ore Reserve into Block E and F covers a 3.5km distance which will be assessed through a drill programme scheduled to commence in December 2019 (Fig. 3).
The most eastern strand of the Boonanarring Deposit at the 75m RL is open to the south and will be drilled tested over a 3.5km length. The parallel piggery strand will be infilled as the drill density is too coarse at 20m and sometimes 40m spacings and will be tested over a 4km length. There are two drilling programmes planned with 96 AC holes totaling 5,213m planned in Stage 1 and 76 AC holes for 3,671m in Stage 2 (Table 3). All this drilling has the access approved.
Table 3
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Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 4 of 32
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Figure 2. Boonanarring Northern Extension Area drilling results and 2020 proposed drilling
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 5 of 32
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Figure 3. Boonanarring Southern Extension proposed drilling
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 6 of 32
Table 4. Drill-hole Details
| Hole ID | Prospect | Easting MGAz50 |
Northing MGAz50 |
Depth metres |
Dip degrees |
Azimuth degrees |
Tenement |
|---|---|---|---|---|---|---|---|
| IX00512 | BN West | 387984 | 6544433 | 24 | -90 | 0 | E70/3041 |
| IX00513 | BN West | 388017 | 6544450 | 24 | -90 | 0 | E70/3041 |
| IX00514 | BN West | 388052 | 6544470 | 24 | -90 | 0 | E70/3041 |
| IX00515 | BN West | 388088 | 6544488 | 24 | -90 | 0 | E70/3041 |
| IX00516 | BN West | 388123 | 6544507 | 24 | -90 | 0 | E70/3041 |
| IX00517 | BN West | 388159 | 6544525 | 24 | -90 | 0 | E70/3041 |
| IX00518 | BN West | 388196 | 6544545 | 24 | -90 | 0 | E70/3041 |
| IX00519 | BN West | 388161 | 6544072 | 21 | -90 | 0 | E70/3041 |
| IX00520 | BN West | 388190 | 6544090 | 21 | -90 | 0 | E70/3041 |
| IX00521 | BN West | 388227 | 6544108 | 21 | -90 | 0 | E70/3041 |
| IX00522 | BN West | 388262 | 6544125 | 21 | -90 | 0 | E70/3041 |
| IX00523 | BN West | 388296 | 6544142 | 21 | -90 | 0 | E70/3041 |
| IX00524 | BN West | 388332 | 6544161 | 21 | -90 | 0 | E70/3041 |
| IX00525 | BN West | 388369 | 6544180 | 21 | -90 | 0 | E70/3041 |
| IX00526 | BN West | 388552 | 6543826 | 24 | -90 | 0 | E70/3041 |
| IX00527 | BN West | 388517 | 6543808 | 24 | -90 | 0 | E70/3041 |
| IX00528 | BN West | 388484 | 6543787 | 24 | -90 | 0 | E70/3041 |
| IX00529 | BN West | 388448 | 6543768 | 21 | -90 | 0 | E70/3041 |
| IX00530 | BN West | 388413 | 6543749 | 21 | -90 | 0 | E70/3041 |
| IX00531 | BN West | 388379 | 6543731 | 21 | -90 | 0 | E70/3041 |
| IX00532 | BN West | 388339 | 6543711 | 21 | -90 | 0 | E70/3041 |
| IX00533 | BN West | 388737 | 6543472 | 21 | -90 | 0 | E70/3041 |
| IX00534 | BN West | 388706 | 6543453 | 21 | -90 | 0 | E70/3041 |
| IX00535 | BN West | 388670 | 6543432 | 21 | -90 | 0 | E70/3041 |
| IX00536 | BN West | 388635 | 6543414 | 21 | -90 | 0 | E70/3041 |
| IX00537 | BN West | 388596 | 6543394 | 21 | -90 | 0 | E70/3041 |
| IX00538 | BN West | 388565 | 6543374 | 21 | -90 | 0 | E70/3041 |
| IX00539 | BN West | 388531 | 6543363 | 21 | -90 | 0 | E70/3041 |
| 28 AC drillholes for 618m | |||||||
| IM00882 | BN North Ext | 383397 | 6556676 | 39 | -90 | 0 | E70/3100 |
| IM00883 | BN North Ext | 383422 | 6556681 | 39 | -90 | 0 | E70/3100 |
| IM00884 | BN North Ext | 383445 | 6556685 | 39 | -90 | 0 | E70/3100 |
| IM00885 | BN North Ext | 383439 | 6556685 | 39 | -90 | 0 | E70/3100 |
| IM00886 | BN North Ext | 383434 | 6556684 | 38 | -90 | 0 | E70/3100 |
| IM00887 | BN North Ext | 383483 | 6556597 | 36 | -90 | 0 | E70/3100 |
| IM00888 | BN North Ext | 383479 | 6556596 | 42 | -90 | 0 | E70/3100 |
| IM00889 | BN North Ext | 383475 | 6556594 | 42 | -90 | 0 | E70/3100 |
| IM00890 | BN North Ext | 383459 | 6556590 | 39 | -90 | 0 | E70/3100 |
| IM00891 | BN North Ext | 383524 | 6556508 | 39 | -90 | 0 | E70/3100 |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 7 of 32
| Hole ID IM00892 |
Prospect BN North Ext |
Easting MGAz50 383519 |
Northing MGAz50 6556505 |
Depth metres 39 |
Dip degrees -90 |
Azimuth degrees 0 |
Tenement E70/3100 |
|---|---|---|---|---|---|---|---|
| IM00893 | BN North Ext | 383514 | 6556503 | 39 | -90 | 0 | E70/3100 |
| IM00894 | BN North Ext | 383498 | 6556497 | 42 | -90 | 0 | E70/3100 |
| IM00895 | BN North Ext | 383380 | 6556669 | 39 | -90 | 0 | E70/3100 |
| IM00896 | BN North Ext | 383361 | 6556660 | 39 | -90 | 0 | E70/3100 |
| IM00897 | BN North Ext | 383343 | 6556651 | 36 | -90 | 0 | E70/3100 |
| IM00898 | BN North Ext | 383327 | 6556643 | 36 | -90 | 0 | E70/3100 |
| IM00899 | BN North Ext | 383308 | 6556633 | 33 | -90 | 0 | E70/3100 |
| IM00900 | BN North Ext | 383291 | 6556628 | 36 | -90 | 0 | E70/3100 |
| IM00901 | BN North Ext | 383580 | 6556424 | 42 | -90 | 0 | E70/3100 |
| IM00902 | BN North Ext | 383536 | 6556519 | 42 | -90 | 0 | E70/3100 |
| IM00903 | BN North Ext | 383458 | 6556683 | 42 | -90 | 0 | E70/3100 |
| IM00904 | BN North Ext | 383271 | 6556618 | 33 | -90 | 0 | E70/3100 |
| IM00905 | BN North Ext | 383252 | 6556608 | 36 | -90 | 0 | E70/3100 |
| IM00906 | BN North Ext | 383238 | 6556602 | 36 | -90 | 0 | E70/3100 |
| IM00907 | BN North Ext | 383442 | 6556583 | 40 | -90 | 0 | E70/3100 |
| IM00908 | BN North Ext | 383421 | 6556576 | 36 | -90 | 0 | E70/3100 |
| IM00909 | BN North Ext | 383405 | 6556568 | 36 | -90 | 0 | E70/3100 |
| IM00910 | BN North Ext | 383386 | 6556561 | 36 | -90 | 0 | E70/3100 |
| IM00911 | BN North Ext | 383368 | 6556552 | 36 | -90 | 0 | E70/3100 |
| IM00912 | BN North Ext | 383348 | 6556544 | 36 | -90 | 0 | E70/3100 |
| IM00913 | BN North Ext | 383331 | 6556535 | 36 | -90 | 0 | E70/3100 |
| IM00914 | BN North Ext | 383313 | 6556527 | 38 | -90 | 0 | E70/3100 |
| IM00915 | BN North Ext | 383294 | 6556519 | 36 | -90 | 0 | E70/3100 |
| IM00916 | BN North Ext | 383278 | 6556511 | 36 | -90 | 0 | E70/3100 |
| IM00917 | BN North Ext | 383481 | 6556493 | 36 | -90 | 0 | E70/3100 |
| IM00918 | BN North Ext | 383463 | 6556484 | 39 | -90 | 0 | E70/3100 |
| IM00919 | BN North Ext | 383444 | 6556476 | 36 | -90 | 0 | E70/3100 |
| IM00920 | BN North Ext | 383425 | 6556467 | 36 | -90 | 0 | E70/3100 |
| IM00921 | BN North Ext | 383408 | 6556461 | 36 | -90 | 0 | E70/3100 |
| IM00922 | BN North Ext | 383556 | 6556407 | 39 | -90 | 0 | E70/3100 |
| IM00923 | BN North Ext | 383562 | 6556407 | 39 | -90 | 0 | E70/3100 |
| IM00924 | BN North Ext | 383568 | 6556408 | 42 | -90 | 0 | E70/3100 |
| IM00925 | BN North Ext | 383574 | 6556408 | 42 | -90 | 0 | E70/3100 |
| IM00926 | BN North Ext | 383580 | 6556409 | 42 | -90 | 0 | E70/3100 |
| IM00927 | BN North Ext | 383455 | 6556260 | 33 | -90 | 0 | E70/3100 |
| IM00928 | BN North Ext | 383474 | 6556268 | 30 | -90 | 0 | E70/3100 |
| IM00929 | BN North Ext | 383492 | 6556277 | 30 | -90 | 0 | E70/3100 |
| IM00930 | BN North Ext | 383511 | 6556285 | 30 | -90 | 0 | E70/3100 |
| IM00931 | BN North Ext | 383528 | 6556293 | 30 | -90 | 0 | E70/3100 |
| IM00932 | BN North Ext | 383547 | 6556300 | 33 | -90 | 0 | E70/3100 |
| IM00933 | BN North Ext | 383563 | 6556307 | 42 | -90 | 0 | E70/3100 |
| IM00934 | BN North Ext | 383580 | 6556314 | 42 | -90 | 0 | E70/3100 |
| IM00935 | BN North Ext | 383598 | 6556321 | 33 | -90 | 0 | E70/3100 |
| IM00936 | BN North Ext | 383556 | 6556082 | 36 | -90 | 0 | E70/3100 |
| IM00937 | BN North Ext | 383576 | 6556091 | 36 | -90 | 0 | E70/3100 |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 8 of 32
| Hole ID IM00938 |
Prospect BN North Ext |
Easting MGAz50 383592 |
Northing MGAz50 6556100 |
Depth metres 24 |
Dip degrees -90 |
Azimuth degrees 0 |
Tenement E70/3100 |
|---|---|---|---|---|---|---|---|
| IM00939 | BN North Ext | 383611 | 6556109 | 24 | -90 | 0 | E70/3100 |
| IM00940 | BN North Ext | 383627 | 6556118 | 36 | -90 | 0 | E70/3100 |
| IM00941 | BN North Ext | 383648 | 6556124 | 27 | -90 | 0 | E70/3100 |
| IM00942 | BN North Ext | 383668 | 6556134 | 39 | -90 | 0 | E70/3100 |
| IM00943 | BN North Ext | 383683 | 6556142 | 42 | -90 | 0 | E70/3100 |
| IM00944 | BN North Ext | 383766 | 6555962 | 57 | -90 | 0 | E70/3100 |
| IM00945 | BN North Ext | 383744 | 6555957 | 45 | -90 | 0 | E70/3100 |
| IM00946 | BN North Ext | 383730 | 6555944 | 42 | -90 | 0 | E70/3100 |
| IM00947 | BN North Ext | 383712 | 6555939 | 42 | -90 | 0 | E70/3100 |
| IM00948 | BN North Ext | 383693 | 6555932 | 42 | -90 | 0 | E70/3100 |
| IM00949 | BN North Ext | 383674 | 6555919 | 42 | -90 | 0 | E70/3100 |
| IM00950 | BN North Ext | 383656 | 6555911 | 39 | -90 | 0 | E70/3100 |
| IM00951 | BN North Ext | 383638 | 6555903 | 36 | -90 | 0 | E70/3100 |
| IM00952 | BN North Ext | 383848 | 6555778 | 51 | -90 | 0 | E70/3100 |
| IM00953 | BN North Ext | 383829 | 6555770 | 42 | -90 | 0 | E70/3100 |
| IM00954 | BN North Ext | 383811 | 6555761 | 42 | -90 | 0 | E70/3100 |
| IM00955 | BN North Ext | 383793 | 6555753 | 45 | -90 | 0 | E70/3100 |
| IM00956 | BN North Ext | 383775 | 6555745 | 36 | -90 | 0 | E70/3100 |
| IM00957 | BN North Ext | 383757 | 6555737 | 36 | -90 | 0 | E70/3100 |
| IM00958 | BN North Ext | 383738 | 6555729 | 30 | -90 | 0 | E70/3100 |
| IM00959 | BN North Ext | 383930 | 6555596 | 51 | -90 | 0 | E70/3100 |
| IM00960 | BN North Ext | 383894 | 6555579 | 45 | -90 | 0 | E70/3100 |
| IM00961 | BN North Ext | 383857 | 6555563 | 48 | -90 | 0 | E70/3100 |
| IM00962 | BN North Ext | 383875 | 6555571 | 42 | -90 | 0 | E70/3100 |
| IM00963 | BN North Ext | 383912 | 6555587 | 39 | -90 | 0 | E70/3100 |
| IM00987 | BN North Ext | 382792 | 6556671 | 33 | -90 | 0 | E70/3100 |
| IM00988 | BN North Ext | 382772 | 6556669 | 30 | -90 | 0 | E70/3100 |
| IM00989 | BN North Ext | 382795 | 6556595 | 24 | -90 | 0 | E70/3100 |
| IM00990 | BN North Ext | 382776 | 6556597 | 24 | -90 | 0 | E70/3100 |
| IM00991 | BN North Ext | 382805 | 6556470 | 24 | -90 | 0 | E70/3100 |
| IM00992 | BN North Ext | 382747 | 6556673 | 24 | -90 | 0 | E70/3100 |
| IM00993 | BN North Ext | 382756 | 6556596 | 24 | -90 | 0 | E70/3100 |
| IM00994 | BN North Ext | 382788 | 6556476 | 24 | -90 | 0 | E70/3100 |
| IM00995 | BN North Ext | 382767 | 6556476 | 30 | -90 | 0 | E70/3100 |
| IM00996 | BN North Ext | 382745 | 6556470 | 30 | -90 | 0 | E70/3100 |
| IM00997 | BN North Ext | 382726 | 6556470 | 30 | -90 | 0 | E70/3100 |
| IM00998 | BN North Ext | 382250 | 6556401 | 30 | -90 | 0 | E70/3720 |
| IM00999 | BN North Ext | 382228 | 6556396 | 30 | -90 | 0 | E70/3720 |
| IM01000 | BN North Ext | 382209 | 6556395 | 30 | -90 | 0 | E70/3720 |
| IM01001 | BN North Ext | 382187 | 6556392 | 30 | -90 | 0 | E70/3720 |
| IM01002 | BN North Ext | 382169 | 6556402 | 30 | -90 | 0 | E70/3720 |
| IM01003 | BN North Ext | 382250 | 6556197 | 30 | -90 | 0 | E70/3720 |
| IM01004 | BN North Ext | 382270 | 6556200 | 30 | -90 | 0 | E70/3720 |
| IM01005 | BN North Ext | 382289 | 6556200 | 30 | -90 | 0 | E70/3720 |
| IM01006 | BN North Ext | 382444 | 6556144 | 30 | -90 | 0 | E70/3100 |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 9 of 32
| Hole ID IM01007 |
Prospect BN North Ext |
Easting MGAz50 382459 |
Northing MGAz50 6556145 |
Depth metres 30 |
Dip degrees -90 |
Azimuth degrees 0 |
Tenement E70/3100 |
|
|---|---|---|---|---|---|---|---|---|
| IM01008 | BN North Ext | 382478 | 6556152 | 30 | -90 | 0 | E70/3100 | |
| IM01009 | BN North Ext | 382498 | 6556159 | 30 | -90 | 0 | E70/3100 | |
| IM01010 | BN North Ext | 382519 | 6556163 | 30 | -90 | 0 | E70/3100 | |
| IM01011 | BN North Ext | 382538 | 6556164 | 30 | -90 | 0 | E70/3100 | |
| IM01012 | BN North Ext | 382330 | 6556455 | 30 | -90 | 0 | E70/3720 | |
| IM01013 | BN North Ext | 382348 | 6556461 | 30 | -90 | 0 | E70/3720 | |
| IM01014 | BN North Ext | 382369 | 6556465 | 24 | -90 | 0 | E70/3720 | |
| IM01015 | BN North Ext | 382393 | 6556467 | 24 | -90 | 0 | E70/3720 | |
| IM01016 | BN North Ext | 382410 | 6556469 | 24 | -90 | 0 | E70/3100 | |
| IM01017 | BN North Ext | 382516 | 6556004 | 30 | -90 | 0 | E70/3100 | |
| IM01018 | BN North Ext | 382534 | 6555999 | 24 | -90 | 0 | E70/3100 | |
| IM01019 | BN North Ext | 382557 | 6556000 | 24 | -90 | 0 | E70/3100 | |
| IM01020 | BN North Ext | 382573 | 6556002 | 24 | -90 | 0 | E70/3100 | |
| IM01021 | BN North Ext | 382594 | 6556002 | 24 | -90 | 0 | E70/3100 | |
| IM01022 | BN North Ext | 382614 | 6556000 | 24 | -90 | 0 | E70/3100 | |
| IM01023 | BN North Ext | 382638 | 6556002 | 27 | -90 | 0 | E70/3100 | |
| IM01024 | BN North Ext | 382559 | 6555897 | 24 | -90 | 0 | E70/3100 | |
| IM01025 | BN North Ext | 382576 | 6555898 | 24 | -90 | 0 | E70/3100 | |
| IM01031 | BN North Ext | 382592 | 6555901 | 24 | -90 | 0 | E70/3100 | |
| IM01032 | BN North Ext | 382616 | 6555902 | 24 | -90 | 0 | E70/3100 | |
| IM01033 | BN North Ext | 382633 | 6555902 | 24 | -90 | 0 | E70/3100 | |
| IM01034 | BN North Ext | 382410 | 6555801 | 24 | -90 | 0 | E70/3100 | |
| IM01035 | BN North Ext | 382435 | 6555798 | 24 | -90 | 0 | E70/3100 | |
| IM01036 | BN North Ext | 382447 | 6555803 | 24 | -90 | 0 | E70/3100 | |
| IM01037 | BN North Ext | 382474 | 6555802 | 24 | -90 | 0 | E70/3100 | |
| IM01038 | BN North Ext | 382496 | 6555800 | 24 | -90 | 0 | E70/3100 | |
| IM01039 | BN North Ext | 382601 | 6555801 | 24 | -90 | 0 | E70/3100 | |
| IM01040 | BN North Ext | 382625 | 6555799 | 24 | -90 | 0 | E70/3100 | |
| IM01041 | BN North Ext | 382644 | 6555801 | 24 | -90 | 0 | E70/3100 | |
| IM01042 | BN North Ext | 382665 | 6555803 | 24 | -90 | 0 | E70/3100 | |
| IM01043 | BN North Ext | 382458 | 6555683 | 30 | -90 | 0 | E70/3100 | |
| IM01044 | BN North Ext | 382479 | 6555682 | 27 | -90 | 0 | E70/3100 | |
| IM01045 | BN North Ext | 382497 | 6555684 | 27 | -90 | 0 | E70/3100 | |
| IM01046 | BN North Ext | 382520 | 6555686 | 27 | -90 | 0 | E70/3100 | |
| IM01047 | BN North Ext | 382550 | 6555688 | 27 | -90 | 0 | E70/3100 | |
| IM01048 | BN North Ext | 382628 | 6555699 | 27 | -90 | 0 | E70/3100 | |
| IM01049 | BN North Ext | 382648 | 6555700 | 27 | -90 | 0 | E70/3100 | |
| IM01050 | BN North Ext | 382668 | 6555701 | 24 | -90 | 0 | E70/3100 | |
| IM01051 | BN North Ext | 382689 | 6555703 | 24 | -90 | 0 | E70/3100 | |
| IM01052 | BN North Ext | 382517 | 6555587 | 30 | -90 | 0 | E70/3100 | |
| IM01053 | BN North Ext | 382536 | 6555587 | 30 | -90 | 0 | E70/3100 | |
| IM01054 | BN North Ext | 382555 | 6555584 | 27 | -90 | 0 | E70/3100 | |
| IM01055 | BN North Ext | 382576 | 6555581 | 27 | -90 | 0 | E70/3100 | |
| IM01056 | BN North Ext | 382591 | 6555581 | 27 | -90 | 0 | E70/3100 | |
| IM01057 | BN North Ext | 382679 | 6555577 | 24 | -90 | 0 | E70/3100 |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 10 of 32
| Hole ID IM01058 |
Prospect BN North Ext |
Easting MGAz50 382696 |
Northing MGAz50 6555575 |
Depth metres 27 |
Dip degrees -90 |
Azimuth degrees 0 |
Tenement E70/3100 |
* |
|---|---|---|---|---|---|---|---|---|
| IM01059 | BN North Ext | 382718 | 6555572 | 27 | -90 | 0 | E70/3100 | |
| IM01060 | BN North Ext | 382737 | 6555581 | 30 | -90 | 0 | E70/3100 | |
| IM01061 | BN North Ext | 382457 | 6555800 | 30 | -90 | 0 | E70/3100 | |
| IM01062 | BN North Ext | 382425 | 6555796 | 30 | -90 | 0 | E70/3100 | |
| IM01063 | BN North Ext | 382588 | 6555799 | 27 | -90 | 0 | E70/3100 | |
| IM01064 | BN North Ext | 382615 | 6555800 | 27 | -90 | 0 | E70/3100 | |
| IM01065 | BN North Ext | 382652 | 6555803 | 27 | -90 | 0 | E70/3100 | |
| IM01066 | BN North Ext | 382541 | 6555894 | 30 | -90 | 0 | E70/3100 | |
| IM01067 | BN North Ext | 382602 | 6555901 | 30 | -90 | 0 | E70/3100 | |
| IM01068 | BN North Ext | 382496 | 6556000 | 30 | -90 | 0 | E70/3100 | |
| IM01069 | BN North Ext | 382524 | 6555999 | 30 | -90 | 0 | E70/3100 | |
| IM01070 | BN North Ext | 382626 | 6556000 | 27 | -90 | 0 | E70/3100 | |
| IM01071 | BN North Ext | 382436 | 6556141 | 27 | -90 | 0 | E70/3100 | |
| IM01072 | BN North Ext | 382507 | 6556164 | 24 | -90 | 0 | E70/3100 | |
| IM01073 | BN North Ext | 382529 | 6556166 | 27 | -90 | 0 | E70/3100 | |
| IM01074 | BN North Ext | 382260 | 6556201 | 27 | -90 | 0 | E70/3720 | |
| IM01075 | BN North Ext | 382306 | 6556198 | 27 | -90 | 0 | E70/3720 | |
| IM01076 | BN North Ext | 382241 | 6556199 | 27 | -90 | 0 | E70/3720 | |
| IM01077 | BN North Ext | 382155 | 6556395 | 30 | -90 | 0 | E70/3720 | |
| IM01078 | BN North Ext | 382179 | 6556397 | 30 | -90 | 0 | E70/3720 | |
| IM01079 | BN North Ext | 382199 | 6556393 | 30 | -90 | 0 | E70/3720 | |
| IM01080 | BN North Ext | 382310 | 6556450 | 27 | -90 | 0 | E70/3720 | |
| IM01081 | BN North Ext | 382320 | 6556448 | 24 | -90 | 0 | E70/3720 | |
| IM01082 | BN North Ext | 382337 | 6556455 | 24 | -90 | 0 | E70/3720 | |
| IM01083 | BN North Ext | 382379 | 6556470 | 24 | -90 | 0 | E70/3720 | |
| IM01084 | BN North Ext | 382397 | 6556473 | 24 | -90 | 0 | E70/3720 | |
| 175AC drillholesfor5645m | *assays pending |
Table 5. Significant Assays > 5% HM
| Hole ID | Prospect | Sample ID | From metres |
To metres |
Width metres |
HM % |
|---|---|---|---|---|---|---|
| IM00884 | BN North Ext | IM20258 | 28 | 29 | 1 | 5.45 |
| IM00884 | BN North Ext | IM20259 | 29 | 30 | 1 | 12.97 |
| IM00884 | BN North Ext | IM20260 | 30 | 31 | 1 | 5.98 |
| IM00885 | BN North Ext | IM20295 | 26 | 27 | 1 | 5.93 |
| IM00885 | BN North Ext | IM20298 | 29 | 30 | 1 | 6.08 |
| IM00885 | BN North Ext | IM20299 | 30 | 31 | 1 | 5.17 |
| IM00886 | BN North Ext | IM20337 | 29 | 30 | 1 | 6.21 |
| IM00887 | BN North Ext | IM20373 | 27 | 28 | 1 | 5.31 |
| IM00887 | BN North Ext | IM20374 | 28 | 29 | 1 | 8.23 |
| IM00887 | BN North Ext | IM20375 | 29 | 30 | 1 | 6.93 |
| IM00888 | BN North Ext | IM20409 | 27 | 28 | 1 | 6.51 |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 11 of 32
| Hole ID IM00889 |
Prospect BN North Ext |
Sample ID IM20453 |
From metres 29 |
To metres 30 |
Width metres 1 |
HM % 5.94 |
|---|---|---|---|---|---|---|
| IM00891 | BN North Ext | IM20533 | 28 | 29 | 1 | 9.17 |
| IM00891 | BN North Ext | IM20535 | 30 | 31 | 1 | 5.18 |
| IM00891 | BN North Ext | IM20536 | 31 | 32 | 1 | 6.49 |
| IM00892 | BN North Ext | IM20572 | 28 | 29 | 1 | 8.59 |
| IM00892 | BN North Ext | IM20573 | 29 | 30 | 1 | 7.15 |
| IM00892 | BN North Ext | IM20574 | 30 | 31 | 1 | 5.50 |
| IM00893 | BN North Ext | IM20613 | 30 | 31 | 1 | 5.01 |
| IM00894 | BN North Ext | IM20651 | 29 | 30 | 1 | 10.25 |
| IM00901 | BN North Ext | IM20908 | 25 | 26 | 1 | 6.18 |
| IM00901 | BN North Ext | IM20909 | 26 | 27 | 1 | 7.15 |
| IM00901 | BN North Ext | IM20911 | 28 | 29 | 1 | 7.94 |
| IM00901 | BN North Ext | IM20912 | 29 | 30 | 1 | 28.73 |
| IM00901 | BN North Ext | IM20913 | 30 | 31 | 1 | 11.49 |
| IM00901 | BN North Ext | IM20914 | 31 | 32 | 1 | 7.23 |
| IM00902 | BN North Ext | IM20949 | 24 | 25 | 1 | 7.71 |
| IM00902 | BN North Ext | IM20952 | 27 | 28 | 1 | 11.04 |
| IM00902 | BN North Ext | IM20953 | 28 | 29 | 1 | 40.28 |
| IM00902 | BN North Ext | IM20954 | 29 | 30 | 1 | 21.69 |
| IM00902 | BN North Ext | IM20955 | 30 | 31 | 1 | 18.05 |
| IM00903 | BN North Ext | IM20991 | 24 | 25 | 1 | 13.38 |
| IM00903 | BN North Ext | IM20992 | 25 | 26 | 1 | 18.72 |
| IM00903 | BN North Ext | IM20993 | 26 | 27 | 1 | 30.50 |
| IM00903 | BN North Ext | IM20994 | 27 | 28 | 1 | 19.40 |
| IM00903 | BN North Ext | IM20995 | 28 | 29 | 1 | 13.97 |
| IM00903 | BN North Ext | IM20996 | 29 | 30 | 1 | 12.01 |
| IM00903 | BN North Ext | IM20997 | 30 | 31 | 1 | 12.42 |
| IM00903 | BN North Ext | IM20998 | 31 | 32 | 1 | 13.45 |
| IM00903 | BN North Ext | IM20999 | 32 | 33 | 1 | 9.25 |
| IM00910 | BN North Ext | IM21252 | 26 | 27 | 1 | 6.72 |
| IM00918 | BN North Ext | IM21545 | 29 | 30 | 1 | 5.55 |
| IM00919 | BN North Ext | IM21582 | 27 | 28 | 1 | 7.41 |
| IM00922 | BN North Ext | IM21691 | 28 | 29 | 1 | 5.35 |
| IM00922 | BN North Ext | IM21693 | 30 | 31 | 1 | 5.09 |
| IM00923 | BN North Ext | IM21732 | 30 | 31 | 1 | 6.92 |
| IM00924 | BN North Ext | IM21769 | 28 | 29 | 1 | 6.07 |
| IM00924 | BN North Ext | IM21771 | 30 | 31 | 1 | 7.78 |
| IM00925 | BN North Ext | IM21811 | 28 | 29 | 1 | 9.76 |
| IM00925 | BN North Ext | IM21812 | 29 | 30 | 1 | 6.17 |
| IM00925 | BN North Ext | IM21813 | 30 | 31 | 1 | 11.17 |
| IM00925 | BN North Ext | IM21814 | 31 | 32 | 1 | 5.38 |
| IM00926 | BN North Ext | IM21853 | 28 | 29 | 1 | 5.05 |
| IM00926 | BN North Ext | IM21854 | 29 | 30 | 1 | 9.38 |
| IM00926 | BN North Ext | IM21856 | 31 | 32 | 1 | 8.42 |
| IM00935 | BN North Ext | IM22167 | 30 | 31 | 1 | 5.33 |
| IM00946 | BN North Ext | IM22549 | 34 | 35 | 1 | 10.15 |
Image Resources NL ABN 57 063 977 579 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872
Page 12 of 32
| Hole ID IM00947 |
Prospect BN North Ext |
Sample ID IM22591 |
From metres 34 |
To metres 35 |
Width metres 1 |
HM % 5.24 |
|---|---|---|---|---|---|---|
| IM00950 | BN North Ext | IM22702 | 19 | 20 | 1 | 5.82 |
| IM00956 | BN North Ext | IM22953 | 15 | 16 | 1 | 5.44 |
| IM00961 | BN North Ext | IM23170 | 34 | 35 | 1 | 9.66 |
| IM00998 | BN North Ext | IM24893 | 9 | 10 | 1 | 5.86 |
| IM00998 | BN North Ext | IM24894 | 10 | 11 | 1 | 5.77 |
| IM00999 | BN North Ext | IM24924 | 10 | 11 | 1 | 9.90 |
| IM00999 | BN North Ext | IM24925 | 11 | 12 | 1 | 9.00 |
| IM00999 | BN North Ext | IM24926 | 12 | 13 | 1 | 5.12 |
| IM01000 | BN North Ext | IM24955 | 11 | 12 | 1 | 8.25 |
| IM01000 | BN North Ext | IM24956 | 12 | 13 | 1 | 13.74 |
| IM01000 | BN North Ext | IM24957 | 13 | 14 | 1 | 15.39 |
| IM01000 | BN North Ext | IM24958 | 14 | 15 | 1 | 6.14 |
| IM01001 | BN North Ext | IM24990 | 16 | 17 | 1 | 9.50 |
| IM01001 | BN North Ext | IM24991 | 17 | 18 | 1 | 15.11 |
| IM01001 | BN North Ext | IM24992 | 18 | 19 | 1 | 9.37 |
| IM01001 | BN North Ext | IM24993 | 19 | 20 | 1 | 8.51 |
| IM01001 | BN North Ext | IM24995 | 21 | 22 | 1 | 5.45 |
| IM01002 | BN North Ext | IM25023 | 19 | 20 | 1 | 13.80 |
| IM01002 | BN North Ext | IM25024 | 20 | 21 | 1 | 5.65 |
| IM01003 | BN North Ext | IM25049 | 15 | 16 | 1 | 6.04 |
| IM01003 | BN North Ext | IM25050 | 16 | 17 | 1 | 17.67 |
| IM01003 | BN North Ext | IM25051 | 17 | 18 | 1 | 17.46 |
| IM01003 | BN North Ext | IM25052 | 18 | 19 | 1 | 8.97 |
| IM01003 | BN North Ext | IM25053 | 19 | 20 | 1 | 6.45 |
| IM01004 | BN North Ext | IM25078 | 14 | 15 | 1 | 5.56 |
| IM01004 | BN North Ext | IM25079 | 15 | 16 | 1 | 15.27 |
| IM01004 | BN North Ext | IM25080 | 16 | 17 | 1 | 14.86 |
| IM01004 | BN North Ext | IM25081 | 17 | 18 | 1 | 11.92 |
| IM01004 | BN North Ext | IM25082 | 18 | 19 | 1 | 8.19 |
| IM01004 | BN North Ext | IM25083 | 19 | 20 | 1 | 7.19 |
| IM01005 | BN North Ext | IM25109 | 15 | 16 | 1 | 12.77 |
| IM01005 | BN North Ext | IM25110 | 16 | 17 | 1 | 13.08 |
| IM01005 | BN North Ext | IM25111 | 17 | 18 | 1 | 9.17 |
| IM01005 | BN North Ext | IM25112 | 18 | 19 | 1 | 5.46 |
| IM01006 | BN North Ext | IM25134 | 10 | 11 | 1 | 5.50 |
| IM01006 | BN North Ext | IM25135 | 11 | 12 | 1 | 12.50 |
| IM01006 | BN North Ext | IM25136 | 12 | 13 | 1 | 14.80 |
| IM01006 | BN North Ext | IM25137 | 13 | 14 | 1 | 6.40 |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 13 of 32
Boonanarring Project Background Information
The Boonanarring Project is arguably one of the highest heavy mineral grades, zircon-rich, mineral sands projects in Australia. Construction and project commissioning were completed on-time and on-budget in 2018. Production commenced December 2018 and HMC production ramped-up to exceed name-plate capacity in only the second month of operation (January 2019). The Company achieved profitability in Q1 and was cashflow positive in Q2 and has completed three full quarters of successful operations with performance exceeding targets in all major categories, including significantly higher HMC production and lower costs than forecast. CY2019 market guidance was increased in July and again in October. Image is focused on delivering on published guidance for CY2019 and is actively reassessing the Ore Reserve and updating the production and economic forecast for 2020-2022.
For further information, please contact:
George Sakalidis Exploration Director M: +61 411 640 337 [email protected]
Or
Patrick Mutz Managing Director +61 8 9485 2410 [email protected] www.imageres.com.au
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 14 of 32
COMPETENT PERSON’S STATEMENTS – EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES
Information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves (other than Boonanarring and Atlas Mineral Resources and Ore Reserves) is based on information compiled by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results, Mineral Resources and Ore Reserves were compiled, George Sakalidis was a director 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 2012 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.
FORWARD LOOKING STATEMENTS
Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding prices, exploration or development costs and other operating results, growth prospects and the outlook of Image’s operations contain or comprise certain forward-looking statements regarding Image’s operations, economic performance and financial condition. Although Image believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes that could result from future acquisitions of new exploration properties, the risks and hazards inherent in the mining business (including industrial accidents, environmental hazards or geologically related conditions), changes in the regulatory environment and other government actions, risks inherent in the ownership, exploration and operation of or investment in mining properties, fluctuations in prices and exchange rates and business and operations risks management, as well as generally those additional factors set forth in our periodic filings with ASX. Image undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 15 of 32
Boonanarring and Atlas Projects Ore Reserves as at 21 August 2017
==> picture [516 x 286] intentionally omitted <==
----- Start of picture text -----
High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)
Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Boonanarring1 Proved 5.0 9.3 8.6 14.3 0.8 76.1 48.9 1.8 2.2 23.2
Boonanarring1 Probable 5.6 10.5 5.9 17.6 0.6 78.7 52.3 1.8 2.7 21.9
Total Boonanarring 10.6 19.9 7.2 16.1 1.4 77.2 50.4 1.8 2.4 22.7
Atlas2 Probable 5.0 9.5 8.1 15.5 0.8 73.3 50.7 4.5 7.5 10.6
Total Atlas 5.0 9.5 8.1 15.5 0.8 73.3 50.7 4.5 7.5 10.6
Total Ore Reserves 15.6 29.3 7.5 15.9 2.2 75.8 50.5 2.7 4.2 18.4
1. COMPLIANCE STATEMENT - Boonanarring Ore Reserves
The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). These results were previously announced to the ASX on 10 April 2017
'Updated Ore Reserve for Boonanarring Project Increases Ore Tonnes by 39%' as well on 21 August 2017 '60% Increase in Ore Tonnes in
"Proved" Category Ore Reserves at Boonanarring'.
1. COMPLIANCE STATEMENT - Atlas Ore Reserves
The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). These results were previously announced to the ASX on 30 May 2017 'Ore
Reserves Update for 100% Owned Atlas Project'.
----- End of picture text -----
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 16 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
-
Criteria JORC Code explanation Commentary Sampling • Nature and quality of sampling • All drill holes reported in this techniques (eg cut channels, random release are vertically chips, or specific specialised oriented, air-core (AC) drill industry standard measurement holes. tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
-
• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
-
• Aspects of the determination of mineralisation that are Material to the Public Report.
-
• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
-
Drilling • Drill type (eg core, reverse • All AC drill holes are drilled
-
All drill holes reported in this release are vertically oriented, air-core (AC) drill holes.
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 17 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
-
Criteria JORC Code explanation techniques circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
-
Drill sample • Nature and quality of sampling recovery (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
-
• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
-
• Aspects of the determination of mineralisation that are Material to the Public Report.
-
• In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has
-
Commentary vertically using an NQ-sized (63.5 mm diameter) drill bit.
-
• Water injection is used to convert the sample to a slurry so it can be incrementally sampled by a rotary splitter.
-
At the drill site, Image’s geologist estimates sample recovery qualitatively (as good, moderate or poor) for each 1 m down hole sampling interval. Specifically, the supervising geologist visually estimates the volume recovered to sample and reject bags based on prior experience as to what constitutes good recovery.
-
• Image found that of the 96 samples that have a grade ≥ 5% HM that are the subject of this release, all 96 (100%) have good recovery.
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 18 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
||
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. |
• Image’s supervising geologist logs the sample reject material at the rig and pans a small sub sample of the reject, to visually estimate the proportions of sands, heavy mineral sands, ‘slimes’ (clays), and oversize (rock chips) in each sample, in a semi-quantitative manner. • The geologist also logs colour, grainsize, an estimate of induration (a hardness estimate) and sample ‘washability’ (ease of separation of slimes from sands by manual attrition). • To preclude data entry and transcription errors, the logging data is captured into a digital data logger at the rig, which contains pre-set logging codes. No photographs of samples are taken. • The digital logs are downloaded daily and emailed to Image’s head office for data security and compilation into the main database server. • Samples visually estimated by the geologist to contain |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 19 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| more than 0.5% HM (by weight) are dispatched for analysis along with the 1 m intervals above and below the mineralised interval. • The level and detail of logging is of sufficient quality to support any potential future Mineral Resource Estimates. • All (100%) of the drilling is logged. • Geotechnical logging is not possible for the style of drilling used; however, the logging is acceptable for metallurgical sample selection if required. |
||
| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. |
• All drilling samples are collected over 1 m down hole intervals, with sample lengths determined by 1 m marks on the rig mast. • For exploration style drilling, two (replicate) 1/8 mass splits (each1.25 kg) are collected from the rotary splitter into two pre-numbered calico bags for each 1 m down hole interval. A selection of the replicate samples is later collected and analysed to quantify field sampling precision, or as samples contributing to potential future metallurgical composites. • Image considers the nature, quality and size of the sub samples collected are consistentwithbestindustry |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 20 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Whether sample sizes are appropriate to the grain size of the material being sampled. |
practices of mineral sands explorers in the Perth Basin region. |
|
| Quality of assay data and laboratory tests |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
• The laboratory despatch samples are prepared by Western Geolabs (in Bellevue Western Australia) by drying the sample for 5 to 8 hrs in an oven at 110C. The dry weight is recorded using a laboratory digital scale. • The dried sample is then crushed (using manual pummelling) until all clay and sand materials in the sample pass through a 3.3 mm screen. In samples where (>3.3 mm) rock fragments are found after pummelling and screening, the mass of the fragments is recorded, and the material discarded. • The <3.3 mm sample is then hand mixed prior to splitting through a single tier riffle splitter (16 chutes each with 8 mm aperture), as many times as required to prepare a 100 g ± 5 g sub sample. The actual mass retained is recorded using a laboratory digital scale. • The riffle splitter sub sample is then wetted, undergoes further manual attrition to break up clays, before the <63m clays (slimes) are washed from the sample (de- sliming) using a jetwashand |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 21 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 63m screen. • The <63m slimes (clays) are discarded and the >63 m sub sample is placed in a metal tray and oven dried. When dry, the >63m sub sample is put through a 1 mm sieve and the mass of the screen oversize (>1 mm) is recorded on a digital balance. The oversize is then discarded. • The de-slimed sand fraction (>63m & < 1mm) sub sample is then weighed on a digital scale before being separated into two fractions by mixing the sample in a glass separation funnel with a heavy liquid (TBE) of density 2.95 g/cm3. • Once sufficient time has passed to allow the sample to separate and settle, the <2.95 g/cm3, ‘floats’ fraction is collected and discarded. • The <2.95 g/cm3, ‘sinks’ fraction is collected from the funnel into a filter paper, then washed with acetone to remove the TBE. The sinks are then dried, and the mass recorded on a digital scale. • From the process above the laboratory reports the wet mass received, dry received mass, the mass of (>3.3 mm) rock fragments or coarse oversize (ifany), themass of |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 22 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| the 100 g± 5 g, sub sample, and the mass of the (HM) sink fraction. • The procedure can be considered a total analysis for mass concentration of heavy minerals in each sample. The method is also consistent with best industry practices employed by mineral sands explorers in the Perth Basin region. • For quality control the laboratory: • Uses certified masses to verify daily the accuracy of all laboratory mass scales. • Prepares a replicate sample at a frequency of 2 for every 25 routine samples analysed. • Uses a hydrometer to test daily the density of the TBE used for HM separation • For each laboratory dispatch (ranging from150 to350 samples) Image includes blind standard reference samples (SRMs) that contain known (to Image) concentrations of heavy and valuable heavy minerals. Image inserts the SRMs, at a frequency of 1 in 30 sample submitted to the laboratory for resource style drilling. Image submitted 3 SRM’s for the resource style drilling subject to this release. |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
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JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Image selected and submitted for analysis 7 field- replicate samples from field- sample replicates collected to quantify field sampling precision. • Blanks samples for testing of cross contamination are not deemed necessary for the style of mineralisation under consideration |
||
| Verification of sampling and assaying |
• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
• The logging of significant intersections reported in this release has been verified by alternative company personnel. • No twin holes have been drilled in the current programme. • Logging is captured at the rig using a data recorder, downloaded daily and emailed to head office data services for incorporation into the main database. • Assay results from the laboratory are received by in standard spreadsheet templates and merged with logging results in-house. • There are no adjustments to original laboratory results. |
| Location of data points |
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations usedin Mineral |
• The drill hole collar locations are captured by one of Image’s rig team following the completion of each drill hole, using ahandheld GPSwith |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
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JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
nominal accuracy of±15 m. Elevations have also been determined with hand-held GPS and this adjusted post drilling using DEM data. More accurate locations will be determined in future by a registered surveyor using DGPS equipment where necessary. • The grid system for reporting results is the MGA Zone 50 projection and the GDA94 elevation datum. • No topographic control has been considered at this time. |
|
| Data spacing and distribution |
• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. |
• The drill holes reported in this release are located at several prospects on varied spaced drill lines (between 50 m and 100 m) along the strike of mineralised strands. • No sample compositing has been applied – all results are from 1 m long down hole sample intervals. |
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structuresis considered tohave |
• All drill holes are vertical and intersect sub-horizontal strata. As such Image considers that it is highly unlikely that the orientation of drilling relative to the well understood structure of minerals sands strands, would result in a sampling bias. |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 25 of 32
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| introduced a sampling bias, this should be assessed and reported if material. |
||
| Sample security |
• The measures taken to ensure sample security. |
• All samples are collected from site by Image’s staff as soon as practicable once drilling is completed and then delivered to Image’s locked storage sheds. • Image’s staff also deliver samples to the laboratory and collect heavy mineral floats from the laboratory, which are also stored in Images locked storage. • Image considers there is negligible risk of deliberate or accidental contamination of samples. Occasional sample mix-ups are usually corrected using Images checking and quality control procedures. |
| Audits or reviews |
• The results of any audits or reviews of sampling techniques and data. |
• The results and logging have been reviewed internally by Images senior exploration personnel including checking of masses dispatched and delivered, checking of SRM results, and verification logging of significant intercepts. |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
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Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| Mineral tenement and land tenure status |
• Type, refere nce name/ numbe r, locatio n and owner ship includi ng agree ments or materi al issues with third parties such as joint ventur es, partne rships, overrid ing royalti es, native title interes ts, histori cal sites, wilder ness or nation alpark |
• The Boonanarring Northern Extension is within exploration licenses E70/3720 (expiry 29/12/2020) and E70/3100 (expiry 03/005/2020). • The Boonanarring Southern Extension is within mining lease M70/1194 (expiry 15/12/2026) and exploration licenses E70/3041 (expiry 09/06/2020). • Image has a 100% interest in each of these licences. |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
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| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| and enviro nment al setting s. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
|||
| Exploration done by other parties |
• Acknowledgment and appraisal of exploration by other parties. |
• The Boonanarring deposit is within mining leases M70/1194 (expiry 15/12/2026) and M70/1311 (expiry 11/03/2034), and general-purpose licence G70/250 (expiry 7/05/2034). The southern 1km of the Boonanarring deposit (Block D) was discovered by Iluka, who drilled out this area to a Measured Resource status. The work is well documented in reports from Iluka, prior Mineral Resource estimators McDonald Speijers (2005) and Widenbar and Associates (2013), and Harlequin Consulting Pty Ltd (2014 and 2015). |
|
| Geology | • Deposit type, geological setting and style of mineralisation. |
• Boonanarring is hosted in the Perth Basin, in the Pleistocene Yoganup Formation on the eastern margin of the Swan Coastal Plain. • The Yoganup Formation is a buried pro-graded shoreline deposit, with dunes, beach ridge and deltaic facies. This formation lies unconformably over the Lower Cretaceous Leederville Formation and is overlain by the Pleistocene Guildford Formation and the Quaternary Bassendean Sand. • The Yoganup Formation |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 28 of 32
| Criteria | JORC Code explanation Commentary |
JORC Code explanation Commentary |
|
|---|---|---|---|
| consists of unconsolidated poorly sorted sands and gravels, with local interstitial clay and heavy minerals that occur sporadically along the Gingin Scarp, which is interpreted to be an ancient shoreline that was stable during a period of marine regression. • Boonanarring has two major strandlines of heavy minerals, which are interpreted to have been deposited during the Pleistocene in a notch in the local basement rock that may represent an ancient sea cliff. Lower grade mineralisation is present in the sands overlying the higher-grade strandlines. • The basement to the strandline mineralisation is identified by the increased slimes content of the Leederville Formation or at the base of the Yoganup Formation. • Mineralisation within this has high zircon concentrations. |
|||
| Drill hole Information |
• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: oeasting and northingof the drill hole collar oelevationor RL (Reduced Level – elevation above sea level in metres) of the drill hole collar odip and azimuth ofthe hole o down holelengthand |
• Refer to table and Figures in the text of this release. |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
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| Criteria | JORC Code explanation Commentary |
JORC Code explanation Commentary |
|
|---|---|---|---|
interception depthohole length.• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
|||
| Data aggregation methods |
• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low- grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. |
• No weighting or cutting of HM values, other than averaging of duplicate and repeat analyses. |
|
| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If itisnotknownand only |
• The geometry of the Boonanarring mineralisation is effectively horizontal and the vertical drillholes give the approximate true thicknesses of mineralisation. |
Image Resources NL ABN 57 063 977 579 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872
Page 30 of 32
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
|||
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
• Refer to text. |
|
| Balanced reporting |
• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced avoiding misleading reporting of Exploration Results. |
• Plus 5% HM intersections from the AC drilling have been reported in this release outlining the high-grade northern extensions of the Boonanarring Deposit. |
|
| Other substantive exploration data |
• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
• Feasibility Study results for the Boonanarring Deposit were announced on the 30thMay 2017 and a 60% increase in Ore Tonnes in “Proved” Category Ore Reserves at Boonanarring was announced on 21stAugust 2017. |
|
| Further work | • The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large- scale step-out drilling). • Diagrams clearly highlighting the areas of possible |
• Recent drilling for the Northern and Southern Extensions and Boonanarring west. This report summarises 1627 assays (51%) that have been received to date. • Future drilling for northern and southernextensions and the |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
Page 31 of 32
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
drilling within the newly identified 48-55m RL shoreline are summarised in this release. |
Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au
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