IMA - Image Resources
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Sean K
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Sydney - Thursday - September 28: (RWE Aust Business News) -
Image Resources (ASX:IMA) has reported "spectacular" thicknesses of heavy
minerals (HM) have been intersected in a number of holes in recent
drilling at Cooljarloo in the North Perth Basin, Western Australia.
Results includ 22m at 6.1pc HM from 18m, 14m at 5.3pc from 18m,
30m at 4.6pc from 18m, 40m at 4.4pc from 18m, 16m at 4pc from 16m and 8m
at 4.6pc from 16m.
Modal analysis of a composite sample from the northernmost
section indicates the valuable heavy mineral content to be a "remarkable"
85pc, comprised of 68pc ilmenite, 11pc zircon, 3.3pc rutile and 2.6pc
leucoxene, the company said.
These channel sediments are unusual features and occur down to
40m below the base of the main strandlines.
Image said the Cooljarloo channels appear to have excellent
physical dredging characteristics with a high proportion of free running
sand, low slimes/clay content and little induration.
Image Resources (ASX:IMA) has reported "spectacular" thicknesses of heavy
minerals (HM) have been intersected in a number of holes in recent
drilling at Cooljarloo in the North Perth Basin, Western Australia.
Results includ 22m at 6.1pc HM from 18m, 14m at 5.3pc from 18m,
30m at 4.6pc from 18m, 40m at 4.4pc from 18m, 16m at 4pc from 16m and 8m
at 4.6pc from 16m.
Modal analysis of a composite sample from the northernmost
section indicates the valuable heavy mineral content to be a "remarkable"
85pc, comprised of 68pc ilmenite, 11pc zircon, 3.3pc rutile and 2.6pc
leucoxene, the company said.
These channel sediments are unusual features and occur down to
40m below the base of the main strandlines.
Image said the Cooljarloo channels appear to have excellent
physical dredging characteristics with a high proportion of free running
sand, low slimes/clay content and little induration.
Singin' in the grain - Bulletins Specular report
05/09/2006
A mineral sands prospect in Western Australia is coming up trumps and investors are sniffing around. David Haselhurst got there first.
My spies in Western Australia tell me that hungry opportunists have been tapping on the door of mineral sands prospector Image Resources. This could result in profitable gains for readers who followed The Speculator into the stock early this year ahead of a drilling program that began in March and has so far turned up encouraging results.
We visited the site on the sand plain scrublands north of Perth (B, Feb 28), where geophysicist George Sakalidis and his field crews were undertaking an extensive ground survey, to identify buried beach strandlines hiding potentially valuable deposits of zircon, the titanium ores rutile and ilmenite, and other heavy mineral fractions such as leucoxene and monazite.
Drilling continues to confirm those expectations. At its Cooljarloo North project, Image earlier this year established an inferred resource of 80 million tonnes of 3% heavy minerals within three strandlines. Then, in early August, the company cheered its backers with positive results from 58 holes sunk on a 20m-by-100m grid to delineate two new shallow high-grade zones over a strike length of 1.7km. Better holes included 8m of 13.4% heavy minerals (HM) from a depth of 2m; 10m of 8% HM from 2m; 10m of 12% HM from 2m. Continued drilling should further extend and enhance this resource.
Cooljarloo North lies along strike from TiWest’s Cooljarloo mine, which is expected to be exhausted within four years. Quite clearly, acquisition of the Image asset could significantly extend TiWest’s mine life at marginal cost in relocating its plant. TiWest’s present alternative is to shift the plant to ground north of Dongara. Image now holds 520sq km of tenements on the north Perth basin, which hosts the world-class Eneabba mine and produces 50% of the world’s chloride ilmenite and close to 25% of its zircon.
Further south at the Bidaminna project, Image also holds 110sq km where mineral-rich strandlines extending 36km in widths up to 800m have been identified from ground magnetic surveys. Drilling is underway to confirm these indications. Importantly, the Bidaminna project appears to be a strike extension of the Gingin mine operated by Iluka Resources. Iluka’s reserves are also being depleted, with expectations that they will last only another two to three years.
So far, two potential suitors have been identified for either Image or its assets. I understand that a third party, Bemax Resources, has made tentative overtures to Image. It has two plants between Augusta and Margaret River in the south-western corner of WA, where production is also declining.
A recent research report from RM Capital of Perth came up with a value of $40m-$60m for Image’s minerals sand assets. That’s 62 ¢-87 ¢ a share after the expected exercise last week of 13.5 million options due at 20 ¢. That will boost total issued capital to 73.9 million shares.
UBS Stockbroking had been soaking up the options with an eye to participating in the forthcoming spin-off of Image’s gold, nickel and base metals interests. Image shareholders will get a free in specie distribution of shares.
05/09/2006
A mineral sands prospect in Western Australia is coming up trumps and investors are sniffing around. David Haselhurst got there first.
My spies in Western Australia tell me that hungry opportunists have been tapping on the door of mineral sands prospector Image Resources. This could result in profitable gains for readers who followed The Speculator into the stock early this year ahead of a drilling program that began in March and has so far turned up encouraging results.
We visited the site on the sand plain scrublands north of Perth (B, Feb 28), where geophysicist George Sakalidis and his field crews were undertaking an extensive ground survey, to identify buried beach strandlines hiding potentially valuable deposits of zircon, the titanium ores rutile and ilmenite, and other heavy mineral fractions such as leucoxene and monazite.
Drilling continues to confirm those expectations. At its Cooljarloo North project, Image earlier this year established an inferred resource of 80 million tonnes of 3% heavy minerals within three strandlines. Then, in early August, the company cheered its backers with positive results from 58 holes sunk on a 20m-by-100m grid to delineate two new shallow high-grade zones over a strike length of 1.7km. Better holes included 8m of 13.4% heavy minerals (HM) from a depth of 2m; 10m of 8% HM from 2m; 10m of 12% HM from 2m. Continued drilling should further extend and enhance this resource.
Cooljarloo North lies along strike from TiWest’s Cooljarloo mine, which is expected to be exhausted within four years. Quite clearly, acquisition of the Image asset could significantly extend TiWest’s mine life at marginal cost in relocating its plant. TiWest’s present alternative is to shift the plant to ground north of Dongara. Image now holds 520sq km of tenements on the north Perth basin, which hosts the world-class Eneabba mine and produces 50% of the world’s chloride ilmenite and close to 25% of its zircon.
Further south at the Bidaminna project, Image also holds 110sq km where mineral-rich strandlines extending 36km in widths up to 800m have been identified from ground magnetic surveys. Drilling is underway to confirm these indications. Importantly, the Bidaminna project appears to be a strike extension of the Gingin mine operated by Iluka Resources. Iluka’s reserves are also being depleted, with expectations that they will last only another two to three years.
So far, two potential suitors have been identified for either Image or its assets. I understand that a third party, Bemax Resources, has made tentative overtures to Image. It has two plants between Augusta and Margaret River in the south-western corner of WA, where production is also declining.
A recent research report from RM Capital of Perth came up with a value of $40m-$60m for Image’s minerals sand assets. That’s 62 ¢-87 ¢ a share after the expected exercise last week of 13.5 million options due at 20 ¢. That will boost total issued capital to 73.9 million shares.
UBS Stockbroking had been soaking up the options with an eye to participating in the forthcoming spin-off of Image’s gold, nickel and base metals interests. Image shareholders will get a free in specie distribution of shares.
the market is beginning to wake up !!!
they have hit the motherload with 40m intersections of rich mineral sands
this is the equivalent of a massive base metals hit
worth hundreds of millions
the reason why it is taking so long for the market to warm to this one is because not many investors understand mineral sands (its appliaction and value) and hence is not as appealing as say a big uranium or copper hit.
the Image train is ready to depart, all aboard
they have hit the motherload with 40m intersections of rich mineral sands
this is the equivalent of a massive base metals hit
worth hundreds of millions
the reason why it is taking so long for the market to warm to this one is because not many investors understand mineral sands (its appliaction and value) and hence is not as appealing as say a big uranium or copper hit.
the Image train is ready to depart, all aboard
a little info about the resource
Fat Prophets value the "35AHD strand" (Cooljarloo) at 100 mill, which is where IMA have completed extensive drilling and have a resource of 30,860,000 t @ 4% HM.
The great results from last week (up to 40m thickness) came from the "2800 strand" deposit....which looks like being a monster. (another part of the tenement) - this deposit is many times larger than the "35AHD strand"
Lots more upside here....
Also the fact that George Sakalidis(managing director of Image) has come out and said that Iluka and Tico have been examining their results.......
Fat Prophets value the "35AHD strand" (Cooljarloo) at 100 mill, which is where IMA have completed extensive drilling and have a resource of 30,860,000 t @ 4% HM.
The great results from last week (up to 40m thickness) came from the "2800 strand" deposit....which looks like being a monster. (another part of the tenement) - this deposit is many times larger than the "35AHD strand"
Lots more upside here....
Also the fact that George Sakalidis(managing director of Image) has come out and said that Iluka and Tico have been examining their results.......
GreatPig
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Up around 10% at the moment, retracing practically the whole drop of this current month.
GP
GP
Kauri
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GreatPig said:
In the West Aussie Mon 20th..
High flying sands junior Image Resources is expected to unviel more results from its flagship Cooljarloo project north of Perth later this week, further confirming it as a potential world=class discovery....... et al
Sean K
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something is happening today,
lot of buyers stack up ...
hm.. what will happen... let's see
lot of buyers stack up ...
hm.. what will happen... let's see
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wow...
what a massize length of strike....?
did anybody read this?
what a massize length of strike....?
did anybody read this?
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powerkoala, sure did
I picked up a few this morning, I am no miner, but have read the ann and think this is going to be going up real quick
A few took profits, but buyers seem to be supporting it now
Gotta be worth a punt surely
I picked up a few this morning, I am no miner, but have read the ann and think this is going to be going up real quick
A few took profits, but buyers seem to be supporting it now
Gotta be worth a punt surely
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Is anyone on this?
I picked up low 1.90's
Looks like she's about to retest highs
I picked up low 1.90's
Looks like she's about to retest highs
speves said:
IMA got a big rap in this weeks Bulletin magazine with David "The Speculator" Haselhurst retain all of the Image stock in his 2007 portfolio:
Readers might be surprised to see that I've retained my entire holding in heavy mineral sands prospector Image Resources, worth $18,800 at the close of trade last year. That constitutes a grossly lopsided weighting in a portfolio with a net value of only $40,000 and will probably be reduced somewhat in coming weeks. There are several compelling reasons for hanging on, however:
Image at the time of writing was still "cum" entitlement to a free one-for-six bonus issue in the planned float of Magnetic Resources together with a one-for-nine issue of partly paid shares in the same company,
Image is about to launch a new 95km aircore drilling program on new and massive heavy minerals targets identified through ground aeromagnetic surveys on the North Perth Basin.
Image is emerging as a potential takeover target with a market capitalisation of $137m and indications of a world-class resource on its tenements north of Perth, where it is adjoined by larger producers such as Iluka Resources and Ti West.
Explains the buy up of sub $2.00 stock yesterday.
things are looking up :
David's been a fantastic supporter of IMA. It's only been recently that I've kept a close eye on this mineral exploration company. David will sell some of his IMA shares, but that's fair enough - otherwise the 40k portfolio will be too lopsided.speves said:IMA got a big rap in this weeks Bulletin magazine with David "The Speculator" Haselhurst retain all of the Image stock in his 2007 portfolio:
Explains the buy up of sub $2.00 stock yesterday.
things are looking up :
I'm very surprised that IMA doesn't get much airtime here... results from drilling that started in the last few days should change this.
Well, IMA's up over 12% on an announcement that it has tripled its North Perth Basin holdings.
(looking to buy)
