Emerging gold producer Integra Mining Limited ("Integra") (
Terms of the Farm-In and Joint Venture Agreements include:
- Integra has the right to earn a 70% interests in the tenements by exploration expenditure of A$750,000 over a five-year period with a minimum expenditure of A$250,000 in the first year. Integra will manage field activities.
- Once Integra has earned a 70% interest in the tenements, Image may elect to contribute pro-rata to further expenditure to maintain a 30% interest or may elect to dilute Image's interest by an agreed formula.
- Should either Party's interest in the tenements reduce below 5%, they will automatically be reverted to an NSR royalty of 2%.
A location map of the tenements subject to the Farm-In and Joint Venture Agreements is included in Figure 2 (see link at the bottom of the release).
Integra has some 500,000 ounces of Mineral Resources (460,000 ounces in the Indicated Resources category and 40,000 ounces in the Inferred Resources category) in several gold deposits in the Aldiss Gold Project. The Company intends to accellerate exploration in the Aldiss Gold Project and is of the opinion that, given the already substantial gold endowment of the project, a relatively modest additional discovery of economic gold mineralisation could be sufficient to justify the establishment of a stand-alone mining / milling operation in this area.
Investors are cautioned that there is no guarantee that exploration will be successful in identifying economic gold mineralisation, however, Integra has a demonstrated track record of discovery.
For the complete announcement including location maps, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63661-Integra-ASX-release-3-Sept-10---Erayinia.pdf
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022.
Image completed critical construction of the Atlas project in January 2025 and started commissioning and achieved first HMC production in February 2025 and will be ramping up production and revenue from Atlas in Q2 CY2025.
Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner in CY2018, operating a single mine and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) will focus on the Company's growth and sustainability ambitions which includes the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market.
The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstrate the technical and economic feasibility of this novel process in CY2025-26.
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