Image Resources NL (ASX:IMA) (OTCMKTS:IMREF) ("Image" or "the Company") is pleased to announce a 60% increase in ore tonnes in the 'proved' category of Ore Reserves for its 100%-owned Boonanarring Minerals Sand Project located 120 km north of Perth in the North Perth Basin.
As part of the process of fast-tracking the development of the high-grade Boonanarring project, Image completed grade control drilling in March 2017 designed to increase the confidence level of the Boonanarring Mineral Resources and Ore Reserves. Results of the drilling programme were used by Optiro Pty Ltd (Optiro) to complete an update of the Boonanarring Mineral Resources and estimated Ore Reserves for Boonanarring in accordance with the guidelines of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code - 2012 edition).
When compared to the previously estimated Ore Reserves for Boonanarring ( as announced on 10 April 2017), the total tonnes of Proved Ore Reserves have increased by 60% from 5.8 million to 9.3 million tonnes, albeit at a lower heavy mineral (HM) grade, but importantly at a higher concentration of zircon in the HM as shown in Tables 1 and 2 (see the link below).
The significance of the updated Ore Reserves is that Proved Ore Reserves now represents nearly half (47%) of the total Ore Reserves at Boonanarring. It is important to point out that while the total tonnes in the Proved category increased, the overall tonnes of Ore Reserves is largely unchanged.
The updated Ore Reserves for Boonanarring are presented in Table 1 (see the link below). For comparison purposes, the estimated Ore Reserves as at March 2017 are presented in Table 2 (see the link below). Both are reported on Mineral Resources at a cut-off grade of 2.0% total heavy minerals (THM).
To view tables, please visit:
Patrick Mutz Managing Director T: +61-8-9485-2410 E: firstname.lastname@example.org www.imageres.com.au
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