Boonanarring Annual Ore Reserve Update
Perth, Mar 11, 2022 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) provides an annual update of Ore Reserves at its 100%-owned, high-grade, zircon-rich Boonanarring and 100%-owned, high-grade Atlas mineral sands projects located in the infrastructure-rich North Perth Basin in Western Australia. This update is presented as at 31 December 2021 to align with the Company's calendar year reporting period.
- Boonanarring Ore Reserves of 3.9Mt at 7.1% THM and 19% zircon in the HM
- Atlas Ore Reserves unchanged at 9.5Mt at 8.1% THM and 11% zircon in the HM
- Total Ore Reserves at Boonanarring and Atlas stand at 13.4Mt at 7.8% THM and 13% zircon in the HM
The Ore Reserves update for Boonanarring was prepared and reported by Entech Pty Ltd in accordance with the guidelines of the JORC Code (2012). See Schedule 1* for additional details.
Ore Reserves and Mine Life
Image's 2017 Bankable Feasibility Study (see 30 May 2017 ASX announcement - Strong Bankable Feasibility Study Results Boonanarring / Atlas Project) outlined the planned mining of the Boonanarring deposit followed by a relocation of the wet concentration plant (WCP) to the Atlas deposit area, after exhaustion of Ore Reserves at Boonanarring, and continuation of mining of Atlas on its Ore Reserves.
Based on the updated Ore Reserves estimate above, as at 31 December 2021, current remaining Ore Reserves at Boonanarring is scheduled to be depleted in Q1 2023, following which, the WCP will be relocated to the Atlas Project, where it will be operated on current Atlas Ore Reserves and any newly identified Ore Reserves in the Atlas area.
Atlas Ore Reserves
The high-grade Atlas deposit has current Ore Reserves of 9.5Mt at 8.1% THM. This remains unchanged from 31 December 2020.
Total Ore Reserves
The total combined Ore Reserves for Boonanarring and Atlas are 13.4Mt at 7.8% THM (see Table 3*). Therefore, total remaining mine-life based on current Boonanarring and Atlas Ore Reserves is approximately 3.8 years at a processing rate of 3.5Mt per annum.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/06SLCLX1
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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