Announcement Date: 2022-03-14
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Image Resources NL
Project name: Boonanarring
Location: Australia
Commodities: Heavy Minerals
Highlight: Updated Reserve Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Image Resources NL (ASX: IMA) (“Image” or “the Company”) 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. 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.
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