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Image Resources NL
Summary
| Project: | Boonanarring | |
|---|---|---|
| Deposit: | Boonanarring | |
| Location: | Australia | |
| Commodities: | Zircon-Rutile-Leucoxene-Ilmenite | |
| Date: | 12/20/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 20-12-2019: Image Resources NL announces a Resource Estimation report for its Boonanarring deposit at the Boonanarring project. Updated ore reserve at project, 24% higher ore grade. Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to ad | |
| Resources: | (Reserve, P+P): 10.7Mt @ 8.9% THM at Boonanarring | |
| CP/QP: | [Resources]: Christine Standing (Optiro Pty Ltd.) | |
| ABSTRACT: | Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to advise the update of the Ore Reserves at its 100%-owned, high-grade, zircon-rich Boonanarring mineral sands project located 80 km north of Perth in the infrastructure-rich North Perth Basin in Western Australia has resulted in a 24% increase in the total heavy minerals (THM) ore grade and a 50% increase in the in-situ zircon grade. Higher THM ore grade and significantly higher in-situ zircon grades in the Ore Reserve provides for increased total HMC production for 2020, 2021 and 2022. Total forecast production for the three calendar years ended 31 December 2022 is now estimated at 830,000 tonnes HMC compared to the 2017 Bankable Feasibility Study updated in July 2018, of 740,000 tonnes HMC over the same period. Additional details regarding updated project financial forecast and updated guidance for 2020 will be published separately in January 2020. Excluding 2.7M tonnes ore as depletion of the Ore Reserve from production through September 2019, the ore tonnes decreased by 33% (13.4Mt, down from 19.9Mt). Total ore in the Ore Reserve after depletion is 10.7M tonnes. The reduction in tonnes of ore in the Ore Reserve (other than from depletion) was due principally to changes to the Mineral Resources with the elimination of low grade, low-zircon ore in the overlying layer found to contain a significant proportion of iron-rich laterite which assays as heavy mineral, and the elimination of laterite-rich zones in the main ore strands. | |
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