AI assistant
IMAGE RESOURCES NL — Capital/Financing Update 2020
Jan 29, 2020
65117_rns_2020-01-29_dae48457-ac0a-45ca-94a3-0a8f047d4c0c.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
30 January 2020
==> picture [123 x 83] intentionally omitted <==
________________
RECENT DRILLING ENHANCES POTENTIAL FOR ADDITIONAL ORE RESERVES AT BOONANARRING
_________________
Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to provide an update on drilling results from its prioritised program focused on adding new Ore Reserves at its 100%-owned, high-grade, zircon-rich Boonanarring mineral sands project located 80km north of Perth in the infrastructure-rich North Perth Basin in Western Australia. The program was launched in July 2019 with an expanded exploration budget following the achievement of positive cashflow in Q2 2019.
The focus of the program is to identify new Mineral Resources and Ore Reserves in the area that is within 10km from the current location of the Boonanarring wet concentration plant. Specific focus areas include the northern and southern extensions of the current Ore Reserve, as well as adjacent areas to the west associated with a recently announced 50mRL Strandline. See 11 Dec 2019 ASX announcement ‘NEW POTENTIALLY 40KM LONG MINERALISED SHORELINE IDENTIFIED ADJACENT TO BOONANARRING’.
This update involves new drilling results from the northwestern extension of Boonanarring (see Figure 1), which is in the western portion of the larger Boonanarring Northern Extension Area (NEA) and is at the northern end of the previously identified 50mRL Strandline. The exploration results have been prepared and reported in accordance with the JORC Code (2012 Edition).
Exploration Highlights
-
An initial 108-hole totaling 2,952m programme (averaging 27m per hole) at a newly defined area in the northwestern portion of the Boonanarring NEA has been completed with 70% of the assays received to date. The results are very promising and have outlined two shallow high-grade strands of 1.2km in length, which are being followed up promptly with an infill and extension drill programme of 73holes for 1881m, followed by composites for evaluation of the mineral assemblage to be used in a new Mineral Resources study. Due to the promising results within both the Northwestern and Northern Extensions, Image has exercised its land purchase option for Lot 503 owned by Central Stockcare. The purchase will be finalized in early February.
-
An initial programme has also been completed over a 1.3km length of the Boonanarring NEA with 82 holes totaling 3,129m (averaging 38m per hole). This programme has shown that the high-grade core within the eastern strand extends under the Brand Highway. Additional drilling is being planned to determine the exact position of the deposit relative to the Brand Highway and will require drilling along and to the east of the highway. A program of work has been issued for approval by DMIRS along the highway.
-
Under the program to identify new Mineral Resources and Ore Reserves within 10km
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 Page 1 of 29 www.imageres.com.au
of the current Boonanarring wet concentration plant, a total of 12,920m of drilling has been completed and a further 20,777m is planned in the next 5 months (Table 1).
Boonanarring Northwestern Extension
The latest drilling aimed at extending the mine life at Boonanarring has identified two strongly mineralised parallel strands at the Boonanarring Northwestern extension, which are each 1.2km long. A 108-hole 2,952m programme has been completed at the Boonanarring Northwestern Extension (Central Stockcare) and due to the promising shallow results a further 73 holes for 1,881m are planned (Figures 1, 2 and 3).
The two main strands that are each 1.2km in length have been outlined by recent drilling. The western strand has some excellent intersections including 4m @ 14.5% HM from 15m in IM01074, 3m @ 14.3% HM from 17m in IM01078, 5m at 12.2% HM from 13m in IM01076, 4m at 10.9% HM from 11m in IM01000, 2m at 17.1% HM from 16m in IM01003 and 2m at 23.0% HM from 14m in IM1036. The eastern strand has some extremely good shallow intersections including 4m at 23.8% HM from 10m in IM01015, 4m at 27.1% HM from 8m in IM01010, 3m at 14.8% HM from 9m in IM1020 and 2m at 27.1% HM from 9m in IM1084 (Tables 2 and 3). The eastern strand has grades similar to the currently mined Boonanarring Eastern strand and augers well for the follow up drilling programme commencing shortly.
Preliminary microscope work has shown some elevated zircon and some finer grained mineral sands, which are to be checked with quantitative Qemscan analyses of the relevant HM sachets, prior to a new Mineral Resources Estimate for these two strands. A detailed 100m-spaced ground magnetic survey over the Central Stockcare property has mainly been used to help target the two main strands prior to the drilling programmes being carried out.
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 29
==> picture [407 x 586] intentionally omitted <==
Figure 1 – Central Stockcare Lot 503 Boonanarring Northern (completed) and Northwestern Extension (70% of the drilling completed) and Proposed Roadside and Deaken 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 3 of 29
==> picture [407 x 256] intentionally omitted <==
Figure 2 – Central Stockcare Cross Section
==> picture [414 x 261] intentionally omitted <==
Figure 3 – Central Stockcare Cross Section
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 29
Boonanarring Northern Extension
An initial programme has also been completed over a 1.3km long area in the direct northern extension of the Boonanarring deposit in the NEA with 82 holes totaling 3,129m. 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 (Figure 1 and Tables 1 & 2) similar to the high-grade zones in Boonanarring deposit. This programme has shown that the high-grade core within the current Boonanarring Eastern strand likely extends into this area and appears to extend under the Brand Highway and potentially to the east of the Brand Highway. Mineralised intercepts indicate a likely lower strip ratio if Ore Reserves are defined in this area. Due to the promising results within both the Northwestern and Northern Extension drilling outlined above, Image exercised its purchase option for Lot 503 owned by Central Stockcare and the purchase will be finalized in early February.
In addition, a roadside drilling programme of 129 holes totaling 5,160m (subject to Main Roads and POW approval) and a 172-hole 6,880m programme just east of the Brand Highway (subject to access approval) is planned and will help outline 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. 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 1 – Latest Drilling Programmes Completed and Planned in next 5 months.
| Project | # Holes Complete |
Metres Complete |
# Holes Remaining |
Metres Remaining |
Holes Total |
Metres Total |
|
|---|---|---|---|---|---|---|---|
| E70/3720, E703100 | Quinns Hill/Blue Lake | 108 | 2,952 | 73 | 1,881 | 181 | 4,833 |
| E70/3041 | Regans Ford South BlueLake |
140 | 2,800 | 140 | 2,800 | ||
| E70/3041 & E70/4689 | Boonanarring West | 13 | 455 | 13 | 455 | ||
| E70/1131 | Boonanarring Blocks A, B & C |
100 | 4,256 | 100 | 4,256 | ||
| M70/1194 | Boonanarring Block D | 49 | 1,657 | 49 | 1,657 | ||
| E70/3041 | Boonanarring South Blocks E & F |
125 | 5,196 | 125 | 5,196 | ||
| E70/3041 | Gingin North | 56 | 1,551 | 56 | 1,551 | ||
| E70/3298, 2844, 4794, 4779 |
Bidaminna | 28 | 1,564 | 78 | 3,794 | 106 | 5,358 |
| E70/4244 | Woolka | 94 | 3,760 | 94 | 3,760 | ||
| E7O/2898, 3997, P70/1516 |
Atlas | 65 | 631 | 65 | 631 | ||
| E70/3997 | Munbinia | 160 | 3,200 | 160 | 3,200 | ||
| Total: | 366 | 12,920 | 723 | 20,777 | 1,089 | 33,697 |
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 29
Table 2 – Drillhole Locations Boonanarring Northwestern Extension.
| Hole ID | Easting MGAz50 |
Northing MGAz50 |
Depth metres |
Dip degrees |
Azimuth degrees |
Tenement | |
|---|---|---|---|---|---|---|---|
| IM00987 | 382792 | 6556671 | 33 | -90 | 0 | E70/3100 | |
| IM00988 | 382772 | 6556669 | 30 | -90 | 0 | E70/3100 | |
| IM00989 | 382795 | 6556595 | 24 | -90 | 0 | E70/3100 | |
| IM00990 | 382776 | 6556597 | 24 | -90 | 0 | E70/3100 | |
| IM00991 | 382805 | 6556470 | 24 | -90 | 0 | E70/3100 | |
| IM00992 | 382747 | 6556673 | 24 | -90 | 0 | E70/3100 | |
| IM00993 | 382756 | 6556596 | 24 | -90 | 0 | E70/3100 | |
| IM00994 | 382788 | 6556476 | 24 | -90 | 0 | E70/3100 | |
| IM00995 | 382767 | 6556476 | 30 | -90 | 0 | E70/3100 | |
| IM00996 | 382745 | 6556470 | 30 | -90 | 0 | E70/3100 | |
| IM00997 | 382726 | 6556470 | 30 | -90 | 0 | E70/3100 | |
| IM00998 | 382250 | 6556401 | 30 | -90 | 0 | E70/3720 | |
| IM00999 | 382228 | 6556396 | 30 | -90 | 0 | E70/3720 | |
| IM01000 | 382209 | 6556395 | 30 | -90 | 0 | E70/3720 | |
| IM01001 | 382187 | 6556392 | 30 | -90 | 0 | E70/3720 | |
| IM01002 | 382169 | 6556402 | 30 | -90 | 0 | E70/3720 | |
| IM01003 | 382250 | 6556197 | 30 | -90 | 0 | E70/3720 | |
| IM01004 | 382270 | 6556200 | 30 | -90 | 0 | E70/3720 | |
| IM01005 | 382289 | 6556200 | 30 | -90 | 0 | E70/3720 | |
| IM01006 | 382444 | 6556144 | 30 | -90 | 0 | E70/3100 | |
| IM01007 | 382459 | 6556145 | 30 | -90 | 0 | E70/3100 | |
| IM01008 | 382478 | 6556152 | 30 | -90 | 0 | E70/3100 | |
| IM01009 | 382498 | 6556159 | 30 | -90 | 0 | E70/3100 | |
| IM01010 | 382519 | 6556163 | 30 | -90 | 0 | E70/3100 | |
| IM01011 | 382538 | 6556164 | 30 | -90 | 0 | E70/3100 | |
| IM01012 | 382330 | 6556455 | 30 | -90 | 0 | E70/3720 | |
| IM01013 | 382348 | 6556461 | 30 | -90 | 0 | E70/3720 | |
| IM01014 | 382369 | 6556465 | 24 | -90 | 0 | E70/3720 | |
| IM01015 | 382393 | 6556467 | 24 | -90 | 0 | E70/3720 | |
| IM01016 | 382410 | 6556469 | 24 | -90 | 0 | E70/3100 | |
| IM01017 | 382516 | 6556004 | 30 | -90 | 0 | E70/3100 | |
| IM01018 | 382534 | 6555999 | 24 | -90 | 0 | E70/3100 | |
| IM01019 | 382557 | 6556000 | 24 | -90 | 0 | E70/3100 | |
| IM01020 | 382573 | 6556002 | 24 | -90 | 0 | E70/3100 | |
| IM01021 | 382594 | 6556002 | 24 | -90 | 0 | E70/3100 | |
| IM01022 | 382614 | 6556000 | 24 | -90 | 0 | E70/3100 | |
| IM01023 | 382638 | 6556002 | 27 | -90 | 0 | E70/3100 | |
| IM01024 | 382559 | 6555897 | 24 | -90 | 0 | E70/3100 | |
| IM01025 | 382576 | 6555898 | 24 | -90 | 0 | E70/3100 | |
| IM01031 | 382592 | 6555901 | 24 | -90 | 0 | E70/3100 | |
| IM01032 | 382616 | 6555902 | 24 | -90 | 0 | E70/3100 | |
| IM01033 | 382633 | 6555902 | 24 | -90 | 0 | E70/3100 | |
| IM01034 | 382410 | 6555801 | 24 | -90 | 0 | E70/3100 | |
| IM01035 | 382435 | 6555798 | 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 6 of 29
| Hole ID IM01036 |
Easting MGAz50 382447 |
Northing MGAz50 6555803 |
Depth metres 24 |
Dip degrees -90 |
Azimuth degrees 0 |
Tenement E70/3100 |
* |
|---|---|---|---|---|---|---|---|
| IM01037 | 382474 | 6555802 | 24 | -90 | 0 | E70/3100 | |
| IM01038 | 382496 | 6555800 | 24 | -90 | 0 | E70/3100 | |
| IM01039 | 382601 | 6555801 | 24 | -90 | 0 | E70/3100 | |
| IM01040 | 382625 | 6555799 | 24 | -90 | 0 | E70/3100 | |
| IM01041 | 382644 | 6555801 | 24 | -90 | 0 | E70/3100 | |
| IM01042 | 382665 | 6555803 | 24 | -90 | 0 | E70/3100 | |
| IM01043 | 382458 | 6555683 | 30 | -90 | 0 | E70/3100 | |
| IM01044 | 382479 | 6555682 | 27 | -90 | 0 | E70/3100 | |
| IM01045 | 382497 | 6555684 | 27 | -90 | 0 | E70/3100 | |
| IM01046 | 382520 | 6555686 | 27 | -90 | 0 | E70/3100 | |
| IM01047 | 382550 | 6555688 | 27 | -90 | 0 | E70/3100 | |
| IM01048 | 382628 | 6555699 | 27 | -90 | 0 | E70/3100 | |
| IM01049 | 382648 | 6555700 | 27 | -90 | 0 | E70/3100 | |
| IM01050 | 382668 | 6555701 | 24 | -90 | 0 | E70/3100 | |
| IM01051 | 382689 | 6555703 | 24 | -90 | 0 | E70/3100 | |
| IM01052 | 382517 | 6555587 | 30 | -90 | 0 | E70/3100 | |
| IM01053 | 382536 | 6555587 | 30 | -90 | 0 | E70/3100 | |
| IM01054 | 382555 | 6555584 | 27 | -90 | 0 | E70/3100 | |
| IM01055 | 382576 | 6555581 | 27 | -90 | 0 | E70/3100 | |
| IM01056 | 382591 | 6555581 | 27 | -90 | 0 | E70/3100 | |
| IM01057 | 382679 | 6555577 | 24 | -90 | 0 | E70/3100 | |
| IM01058 | 382696 | 6555575 | 27 | -90 | 0 | E70/3100 | |
| IM01059 | 382718 | 6555572 | 27 | -90 | 0 | E70/3100 | |
| IM01060 | 382737 | 6555581 | 30 | -90 | 0 | E70/3100 | |
| IM01061 | 382457 | 6555800 | 30 | -90 | 0 | E70/3100 | |
| IM01062 | 382425 | 6555796 | 30 | -90 | 0 | E70/3100 | |
| IM01063 | 382588 | 6555799 | 27 | -90 | 0 | E70/3100 | |
| IM01064 | 382615 | 6555800 | 27 | -90 | 0 | E70/3100 | |
| IM01065 | 382652 | 6555803 | 27 | -90 | 0 | E70/3100 | |
| IM01066 | 382541 | 6555894 | 30 | -90 | 0 | E70/3100 | |
| IM01067 | 382602 | 6555901 | 30 | -90 | 0 | E70/3100 | |
| IM01068 | 382496 | 6556000 | 30 | -90 | 0 | E70/3100 | |
| IM01069 | 382524 | 6555999 | 30 | -90 | 0 | E70/3100 | |
| IM01070 | 382626 | 6556000 | 27 | -90 | 0 | E70/3100 | |
| IM01071 | 382436 | 6556141 | 27 | -90 | 0 | E70/3100 | |
| IM01072 | 382507 | 6556164 | 24 | -90 | 0 | E70/3100 | |
| IM01073 | 382529 | 6556166 | 27 | -90 | 0 | E70/3100 | |
| IM01074 | 382260 | 6556201 | 27 | -90 | 0 | E70/3720 | |
| IM01075 | 382306 | 6556198 | 27 | -90 | 0 | E70/3720 | |
| IM01076 | 382241 | 6556199 | 27 | -90 | 0 | E70/3720 | |
| IM01077 | 382155 | 6556395 | 30 | -90 | 0 | E70/3720 | |
| IM01078 | 382179 | 6556397 | 30 | -90 | 0 | E70/3720 | |
| IM01079 | 382199 | 6556393 | 30 | -90 | 0 | E70/3720 | |
| IM01080 | 382310 | 6556450 | 27 | -90 | 0 | E70/3720 |
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 29
| Hole ID IM01081 |
Easting MGAz50 382320 |
Northing MGAz50 6556448 |
Depth metres 24 |
Dip degrees -90 |
Azimuth degrees 0 |
Tenement E70/3720 |
* |
|---|---|---|---|---|---|---|---|
| IM01082 | 382337 | 6556455 | 24 | -90 | 0 | E70/3720 | |
| IM01083 | 382379 | 6556470 | 24 | -90 | 0 | E70/3720 | |
| IM01084 | 382400 | 6556473 | 24 | -90 | 0 | E70/3720 | |
| IM01142 | 382226 | 6556303 | 30 | -90 | 0 | E70/3720 | |
| IM01143 | 382241 | 6556303 | 30 | -90 | 0 | E70/3720 | |
| IM01144 | 382250 | 6556303 | 30 | -90 | 0 | E70/3720 | |
| IM01145 | 382259 | 6556304 | 30 | -90 | 0 | E70/3720 | |
| IM01146 | 382274 | 6556308 | 30 | -90 | 0 | E70/3720 | |
| IM01147 | 382215 | 6556303 | 30 | -90 | 0 | E70/3720 | |
| IM01148 | 382302 | 6556140 | 30 | -90 | 0 | E70/3720 | |
| IM01149 | 382325 | 6556139 | 30 | -90 | 0 | E70/3720 | |
| IM01150 | 382343 | 6556144 | 30 | -90 | 0 | E70/3720 | |
| IM01151 | 382365 | 6556138 | 30 | -90 | 0 | E70/3720 | |
| IM01152 | 382383 | 6556138 | 30 | -90 | 0 | E70/3720 | |
| IM01153 | 382470 | 6555928 | 30 | -90 | 0 | E70/3100 | |
| IM01154 | 382515 | 6555800 | 27 | -90 | 0 | E70/3041 | |
| IM01155 | 382564 | 6555689 | 27 | -90 | 0 | E70/3041 | |
| IM01156 | 382612 | 6555581 | 27 | -90 | 0 | E70/3041 | |
| 108AC drillholesfor 2,952m | *assays pending |
Table 3 – Boonanarring Northwestern Extension Significant Assays > 10% HM
| Hole ID | Sample ID | From metres |
To metres |
Width metres |
HM % |
|---|---|---|---|---|---|
| IM01000 | IM24956 | 12 | 13 | 1 | 13.74 |
| IM01000 | IM24957 | 13 | 14 | 1 | 15.39 |
| IM01001 | IM24991 | 17 | 18 | 1 | 15.11 |
| IM01002 | IM25023 | 19 | 20 | 1 | 13.80 |
| IM01003 | IM25050 | 16 | 17 | 1 | 17.67 |
| IM01003 | IM25051 | 17 | 18 | 1 | 17.46 |
| IM01004 | IM25079 | 15 | 16 | 1 | 15.27 |
| IM01004 | IM25080 | 16 | 17 | 1 | 14.86 |
| IM01004 | IM25081 | 17 | 18 | 1 | 11.92 |
| IM01005 | IM25109 | 15 | 16 | 1 | 12.77 |
| IM01005 | IM25110 | 16 | 17 | 1 | 13.08 |
| IM01006 | IM25135 | 11 | 12 | 1 | 12.50 |
| IM01006 | IM25136 | 12 | 13 | 1 | 14.80 |
| IM01009 | IM25224 | 10 | 11 | 1 | 13.96 |
| IM01009 | IM25225 | 11 | 12 | 1 | 11.41 |
| IM01010 | IM25252 | 8 | 9 | 1 | 21.91 |
| IM01010 | IM25253 | 9 | 10 | 1 | 31.85 |
| IM01010 | IM25254 | 10 | 11 | 1 | 39.54 |
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 29
| Hole ID IM01010 |
Sample ID IM25255 |
From metres 11 |
To metres 12 |
Width metres 1 |
HM % 15.25 |
|---|---|---|---|---|---|
| IM01012 | IM25315 | 11 | 12 | 1 | 15.18 |
| IM01015 | IM25398 | 10 | 11 | 1 | 39.96 |
| IM01015 | IM25399 | 11 | 12 | 1 | 26.35 |
| IM01015 | IM25400 | 12 | 13 | 1 | 18.81 |
| IM01020 | IM25524 | 10 | 11 | 1 | 14.73 |
| IM01020 | IM25525 | 11 | 12 | 1 | 19.55 |
| IM01025 | IM25647 | 10 | 11 | 1 | 12.34 |
| IM01031 | IM25825 | 8 | 9 | 1 | 12.98 |
| IM01031 | IM25826 | 9 | 10 | 1 | 20.48 |
| IM01036 | IM25951 | 14 | 15 | 1 | 27.99 |
| IM01036 | IM25952 | 15 | 16 | 1 | 18.05 |
| IM01039 | IM26018 | 9 | 10 | 1 | 13.20 |
| IM01039 | IM26019 | 10 | 11 | 1 | 14.27 |
| IM01039 | IM26020 | 11 | 12 | 1 | 11.18 |
| IM01064 | IM26689 | 8 | 9 | 1 | 17.84 |
| IM01067 | IM26773 | 8 | 9 | 1 | 14.02 |
| IM01071 | IM26895 | 13 | 14 | 1 | 15.84 |
| IM01072 | IM26919 | 10 | 11 | 1 | 15.31 |
| IM01074 | IM26977 | 17 | 18 | 1 | 29.73 |
| IM01076 | IM27030 | 16 | 17 | 1 | 26.12 |
| IM01076 | IM27031 | 17 | 18 | 1 | 11.98 |
| IM01078 | IM27088 | 17 | 18 | 1 | 16.32 |
| IM01078 | IM27089 | 18 | 19 | 1 | 12.58 |
| IM01078 | IM27090 | 19 | 20 | 1 | 13.95 |
| IM01079 | IM27115 | 14 | 15 | 1 | 11.62 |
| IM01079 | IM27116 | 15 | 16 | 1 | 15.36 |
| IM01079 | IM27117 | 16 | 17 | 1 | 15.80 |
| IM01084 | IM27239 | 9 | 10 | 1 | 16.23 |
| IM01084 | IM27240 | 10 | 11 | 1 | 38.02 |
Boonanarring Southern Extension
The direct southern continuation of mineralisation of the current Boonanarring Ore Reserve into Block E and F is being evaluated over a 3.5km distance. In addition, the Piggery Strand, which is located just west of the Boonanarring deposit, is being assessed over a 5km length and both strands have just been recently drill tested with laboratory results pending (Fig. 4).
The most eastern strand of the Boonanarring deposit at the 75mRL is open to the south and has been now drill tested over a 3.5km length. The parallel piggery strand is 250m west of the Boonanarring deposit and has its mineralised base at a similar 65mRL, it was infilled as the drill density is too coarse at 20m and sometimes 40m spacings and has now been tested over a 5km length. In total there were 174 holes for 6,853m drilled after all access and POWs were approved, testing both the eastern and the piggery strands, with laboratory results pending.
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 29
==> picture [412 x 593] intentionally omitted <==
Figure 4 – Boonanarring Southern Extension Infill Drilling Blocks D and E within Image, Panara Farms and Bosco Mai landholdings.
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 29
Boonanarring 50mRL Strandline
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 40km (see 11 December 2019 ASX announcement). 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 labelled 50mRL Strandline , as the mineralised base of mineralisation ranges from 4855m RL.
The 50mRL Strandline has been interpreted to extend up to 40km from south of the town of Gingin to north of the Boonanarring Northern Extension area as shown in Figure 5. 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 and the Boonanarring Northwestern Extension with promising shallow high-grade results announced recently referred to in this report.
An extensive drilling programme of a total 416 holes for 11,210m is now being planned over the most promising areas identified along this 40km 50mRL Strandline. Access for drilling is available for 50% of the planned holes and the Company is seeking to complete the remaining access with three landholders. Already drilling has started at Boonanarring West, Gingin North and a new access agreement has been completed with Boonanarring Blue Lake. 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 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 29
==> picture [390 x 569] intentionally omitted <==
Figure 5 – Boonanarring Northern and Southern Extension drilling and new 40km-long 50mRL shoreline.
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 12 of 29
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 ontime 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 now completed its inaugural full year of successful operations, meeting market guidance for CY2019 which was raised twice during the year. The Company published an updated Ore Reserve in December 2019 which resulted in significantly higher heavy mineral and in-situ zircon grades, allowing for an increase in production guidance for 2020 and 2021. In 2020, Image is focused on maintaining profitable operations at Boonanarring and has prioritised a program to rapidly and efficiently identify of new Mineral Resources and Ore Reserves within 10km of the current location of the Boonanarring wet concentration plant, with the goal of extending the mine life at Boonanarring.
This announcement has been authorised for release by Managing Director Patrick Mutz.
For further information, please contact:
George Sakalidis
Exploration Director M: +61 411 640 337 [email protected]
Patrick Mutz
Managing Director +61 8 9485 2410 [email protected] www.imageres.com.au
The Information in this report that relates to:
New Potentially 40km Long Mineralised Shoreline Identified Adjacent to Boonanarring IMA ASX Release 11 December 2019.
Quarterly Activities and Cashflow Report IMA ASX Release 31October 2019
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 29
COMPETENT PERSON’S STATEMENTS – EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES
Information in this report that relates to Exploration Results is based on, and fairly reflects, information and supporting documentation prepared by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. Mr Sakalidis is a full-time executive 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 has given his prior written consent 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 14 of 29
Table 4 – Mineral Resources and Ore Reserves as at 01 October 2019
| High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) | High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) |
|---|---|---|---|---|---|---|---|---|---|---|
| Project/Deposit | Category | Tonnes | % HM | % Slimes | HM Tonnes | VHM |
**Ilmenit ** | Leucoxen | Rutile | Zircon |
| (million) | (million) | (%) | (%) | (%) | (%) | (%) | ||||
| Boonanarring1 | Proved | 3.5 | 13.9 | 16.0 | 0.5 | 82.7 | 44 | 4.6 | 2.2 | 31.9 |
| Boonanarring1 | Probable | 7.1 | 6.4 | 16.0 | 0.5 | 76.6 | 49 | 1.7 | 2.8 | 23.1 |
| Total Boonanarring | 10.7 | 8.9 | 16.0 | 0.9 | 79.6 | 46 | 3.2 | 2.5 | 27.5 | |
| Atlas2 | Probable | 9.5 | 8.1 | 15.5 | 0.8 | 73.3 | 50.7 | 4.5 | 7.5 | 10.6 |
| Total Atlas | 9.5 | 8.1 | 15.5 | 0.8 | 73.3 | 50.7 | 4.5 | 7.5 | 10.6 | |
| Total Ore Reserves | 20.2 | 8.5 | 15.8 | 1.7 | 76.8 | 48.3 | 3.8 | 4.7 | 19.9 |
1 Refer to Boonanarring Ore Reserves Release 20 December 2019 - http://www.imageres.com.au/images/joomd/157680627920191220OreReserveUpdateHigherOreGradeandIn SituZircon.pdf
2 Atlas Reserves refer to the 30 May 2017 release “Ore Reserves Update for 100% Owned Atlas Project” http://www.imageres.com.au/images/joomd/149611340720170530ORERESERVESUPDATEFOR100OWNEDAT LASPROJECT.pdf
- COMPLIANCE STATEMENT - Boonanarring Ore Reserves The information in this report that relates to the estimation of Ore Reserves for the Boonanarring Project is extracted from the Company’s ASX announcement dated 20 December 2019 and is available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement.
2. COMPLIANCE STATEMENT - Atlas Ore Reserves
The information in this report that relates to the estimation of Ore Reserves for the Atlas Project is extracted from the Company’s ASX announcement dated 30 May 2017 and is available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement.
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 29
| High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off | High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off |
|---|---|---|---|---|---|---|---|---|---|---|
| Project/Deposit | Category | Tonnes | % HM | % | HM | VHM | **Ilmenit ** | Leucoxen | Rutile | Zircon |
| (million) | (million) | (%) | (%) | (%) | (%) | (%) | ||||
| Boonanarring3 | Measured | 8.8 | 10.3 | 14 | 0.9 | 78.1 | 46 | 3.8 | 2.3 | 26.0 |
| Boonanarring3 | Indicated | 14.6 | 4.6 | 17 | 0.7 | 71.2 | 48 | 2.6 | 2.7 | 17.9 |
| Boonanarring3 | Inferred | 6.9 | 3.5 | 20 | 0.2 | 59.4 | 45 | 4.9 | 3.9 | 5.6 |
| Boonanarring Total | 30.3 | 6.0 | 17.0 | 1.8 | 72.7 | 46 | 3.6 | 2.7 | 20.4 | |
| Atlas3 | Measured | 9.9 | 7.9 | 16.1 | 0.8 | 71.0 | 49.1 | 4.2 | 7.2 | 10.5 |
| Atlas3 | Indicated | 6.4 | 3.7 | 17.3 | 0.2 | 56.5 | 41.6 | 3.4 | 4.7 | 6.8 |
| Atlas3 | Inferred | 1.8 | 4.0 | 19.9 | 0.1 | 41.5 | 29.0 | 3.3 | 4.4 | 4.8 |
| Atlas Total | 18.1 | 6.0 | 16.9 | 1.1 | 65.9 | 46.1 | 4.0 | 6.5 | 9.3 | |
| Sub-Total Atlas/Boonanarring | 48.4 | 6.0 | 17.0 | 2.9 | 70.1 | 46.1 | 3.7 | 4.1 | 16.2 |
| Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off | Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Project/Deposit | Category | Volume | Tonnes | % HM | **% Slimes ** | HM Tonnes | VHM | **Ilmenite ** | Leucoxene | Rutile | Zircon |
| (million) | (million) | (million) | (%) | (%) | (%) | (%) | (%) | ||||
| Helene4 | Indicated | 6.4 | 13.2 | 4.3 | 18.6 | 0.57 | 88.7 | 74.6 | 0.0 | 3.6 | 10.5 |
| Hyperion4 | Indicated | 2.4 | 5.0 | 6.3 | 19.0 | 0.32 | 69.4 | 55.8 | 0.0 | 6.3 | 7.3 |
| Cooljarloo Nth Total | 8.8 | 18.2 | 4.8 | 18.7 | 0.88 | 81.8 | 67.9 | 0.0 | 4.6 | 9.4 | |
| Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off | |||||||||||
| Project/Deposit | Category | Volume | Tonnes | % HM | **% Slimes ** | HM Tonnes | VHM | **Ilmenite ** | Leucoxene | Rutile | Zircon |
| (million) | (million) | (million) | (%) | (%) | (%) | (%) | (%) | ||||
| Gingin Nth4 | Indicated | 0.7 | 1.3 | 5.7 | 15.7 | 0.1 | 75.4 | 57.4 | 9.3 | 3.2 | 5.5 |
| Gingin Nth4 | Inferred | 0.6 | 1.1 | 5.2 | 14.0 | 0.1 | 78.4 | 57.3 | 11.3 | 3.7 | 6.0 |
| Gingin Nth Total | 1.3 | 2.4 | 5.5 | 15.0 | 0.1 | 76.7 | 57.3 | 10.2 | 3.4 | 5.7 | |
| Gingin Sth4 | Measured | 0.9 | 1.5 | 4.4 | 7.2 | 0.1 | 79.4 | 50.7 | 15.3 | 5.6 | 7.8 |
| Gingin Sth4 | Indicated | 3.2 | 5.8 | 6.5 | 7.1 | 0.4 | 90.6 | 67.6 | 9.8 | 5.1 | 8.1 |
| Gingin Sth4 | Inferred | 0.4 | 0.7 | 6.5 | 8.4 | 0.0 | 91.6 | 67.4 | 7.5 | 5.8 | 10.9 |
| Gingin Sth Total | 4.5 | 8.1 | 6.1 | 7.3 | 0.5 | 89.2 | 65.3 | 10.3 | 5.2 | 8.3 | |
| Red Gully4 | Indicated | 1.9 | 3.4 | 7.8 | 11.5 | 0.3 | 89.7 | 66.0 | 8.3 | 3.1 | 12.4 |
| Red Gully4 | Inferred | 1.5 | 2.6 | 7.5 | 10.7 | 0.2 | 89.0 | 65.4 | 8.2 | 3.0 | 12.3 |
| Red Gully Total | 3.4 | 6.0 | 7.7 | 11.2 | 0.5 | 89.4 | 65.7 | 8.2 | 3.1 | 12.4 | |
| Sub-Total Gingin & Red Gully | 9.2 | 16.5 | 6.6 | 9.8 | 1.1 | 87.8 | 64.5 | 9.4 | 4.1 | 9.7 | |
| Historic Deposit Mineral Resources - Strand deposit; in accordance with JORC Code (2004) @ 2.5% HM Cut-off | |||||||||||
| Project/Deposit | Category | Volume | Tonnes | % HM | **% Slimes ** | HM Tonnes | VHM | **Ilmenite ** | Leucoxene | Rutile | Zircon |
| (million) | (million) | (million) | (%) | (%) | (%) | (%) | (%) | ||||
| Regans Ford5 | Indicated | 4.5 | 9.0 | 9.9 | 16.8 | 0.9 | 94.3 | 70.0 | 10.0 | 4.3 | 10.0 |
| Regans Ford5 | Inferred | 0.5 | 0.9 | 6.5 | 18.5 | 0.1 | 90.5 | 68.3 | 7.7 | 4.4 | 10.1 |
| Regans Ford Total | 5.0 | 9.9 | 9.6 | 17.0 | 1.0 | 94.1 | 69.9 | 9.9 | 4.3 | 10.0 | |
| Grand Totals | 55.6 | 106.2 | 6.1 | 6.5 | 78.3 | 56.8 | 4.6 | 4.0 | 12.9 |
3. COMPLIANCE STATEMENT - Boonanarring/Atlas Mineral Resources
The information in this report which relates to the estimation of Mineral Resources at Boonanarring is extracted from the Company’s ASX announcement dated 20 December 2019 and is available to view on 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 16 of 29
Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement.
The information in this report which relates to the estimation of Mineral Resources at Atlas is extracted from the Company’s ASX announcement dated 8 May 2017 and is available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement
4. COMPLIANCE STATEMENT – MINERAL RESOURCE ESTIMATES
The information in this table that relates to Mineral Resources is based on information compiled by Lynn Widenbar BSc, MSc, DIC MAusIMM MAIG employed by Widenbar & Associates who is a consultant to the Company. Lynn Widenbar 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Lynn Widenbar consents to the inclusion of this information in the form and context in which it appears.
- HISTORIC INFORMATION - REGANS FORD DEPOSIT
The information in this table that relates to tonnes, grades and mineral assemblage is based on historic information published by Iluka Resources Limited and indicating the mineral resources were compiled in accordance with the JORC Code (2004).
==> picture [519 x 183] intentionally omitted <==
----- Start of picture text -----
Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off
Project/Deposit Category Volume BCM Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Titan6 Indicated 10.3 21.2 1.8 22.1 0.38 86.0 71.9 1.5 3.1 9.5
Titan6 Inferred 58.5 115.4 1.9 18.9 2.2 85.9 71.8 1.5 3.1 9.5
Total Titan Total 68.8 136.6 1.9 19.4 2.6 85.9 71.8 1.5 3.1 9.5
Telesto6 Indicated 1.7 3.5 3.8 18.4 0.13 83.3 67.5 0.7 5.6 9.5
Calypso6 Inferred 27.1 51.5 1.7 13.7 0.85 85.6 68.1 1.6 5.1 10.8
Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off
Project/Deposit Category Volume BCM Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Bidaminna6 Inferred 26.3 44.6 3.0 3.6 1.3 96.8 83.1 7.2 1.0 5.5
Total Dredge 123.9 236.2 2.1 15.2 4.9 87.8 73.1 2.6 3.2 9.0
----- End of picture text -----
6. COMPETENT PERSON’S STATEMENT – MINERAL RESOURCES ESTIMATES
The information in this presentation that relates to Mineral Resources is based on information compiled by Lynn Widenbar BSc, MSc, DIC MAusIMM MAIG employed by Widenbar & Associates who is a consultant to the Company. Lynn Widenbar 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Lynn Widenbar consents to the inclusion of this information in the form and context in which it appears.
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 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques |
• Nature and quality of sampling (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 inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
• All drill holes reported in this release are vertically oriented, air-core (AC) drill holes. |
| Drilling techniques |
• Drill type (eg core, reverse 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.). |
• All AC drill holes are drilled 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. |
| Drill sample | • Nature and quality ofsampling (eg cut |
• At the drillsite,Image’s geologist |
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 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| recovery | 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 inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
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. |
| 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 ofseparationof |
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 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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 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 controlprocedures adoptedforall |
• 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 selectionofthereplicate samplesis |
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 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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. • Whether sample sizes are appropriate to the grain size of the material being sampled. |
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 consistent with best industry 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 fromthe sample (de-sliming) using a |
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 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| jet wash and 63m screen. • The <63m slimes (clays) are discarded and the >63m 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 (if any), the mass of 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 methodis also consistentwithbest |
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 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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 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. |
• The logging of significant intersections reported in this release has been verified by alternative company personnel. • No twin holeshave beendrilledinthe |
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 23 of 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
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 used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
• The drill hole collar locations are captured by one of Image’s rig team following the completion of each drill hole, using a handheld GPS with 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. |
• 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. |
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 24 of 29
JORC Code, 2012 Edition – Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Whether sample compositing has been applied. |
||
| 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 structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
• 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. |
| 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
Page 25 of 29
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, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. 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. |
• The Boonanarring Northern and Northwestern Extension is within exploration licenses E70/3720 (expiry 29/12/2020) and E70/3100 (expiry 03/05/2020). • The Boonanarring Southern Extension is within mining lease M70/1194 (expiry 15/12/2026) and exploration license E70/3041 (expiry 09/06/2020). • Image has a 100% interest in each of these licences. |
| 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 consists of unconsolidated poorly sorted sands and gravels,with local interstitialclay and |
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 26 of 29
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| 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 |
•o o o o o • |
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: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole 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. |
• Refer to table and Figures in the text of this release. |
| Data aggregation methods |
• |
In reporting Exploration Results, weighting averaging techniques, |
• No weighting or cutting of HM values, other than averaging of duplicate and repeat |
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 27 of 29
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
• • |
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. |
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 it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
• The geometry of the Boonanarring mineralisation is effectively horizontal and the vertical drillholes give the approximate true thicknesses of mineralisation. |
| 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 10% 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 |
• Feasibility Study results for the Boonanarring Deposit were announced on the 30thMay 2017 and a 60% increase in OreTonnesin “Proved”Category Ore |
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 29
| Criteria | JORC Code explanation | Commentary | |
|---|---|---|---|
| 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. |
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 extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
• Recent drilling for the North Western Boonanarring is summarised in this report with 70% of the assays received to date. • Future drilling for northern and southern extensions and the 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
Page 29 of 29