Image Resources NL: Zircon Enrichment at 5.6KM High Grade Extension of Boonanarring

Perth - Image Resources NL (Image or the Company) (ASX:IMA) (OTCMKTS:IMREF) is pleased to announce that assay results confirm enriched zircon grades in recently collected composite samples taken over a previously announced 5.6 km northern extension of high-grade mineralisation associated with the Boonanarring mineral sands deposit (ASX release 13/03/2017).

Highlights

- Assay results of drilling composite samples confirm enriched zircon grades across the previously announced 5.6km high-grade northern extension of the Boonanarring mineral sands deposit.

- Results indicate the zircon grades range from 16.4% to 22.2% of the heavy mineral (HM) content which included outstanding high-grade intersections of 8m @ 23.8% HM in drillhole IX00245, 8m @ 21.1% HM in IX00244 and 8m @ 16.3% HM in IX00250.

The Boonanarring deposit is located 80km north of Perth and is 100%-owned by Image. The deposit is arguably the highest HM grade, high-zircon undeveloped mineral sand deposit in Australia and is the subject of recently announced strong bankable feasibility study results (ASX release 30/05/2017).

Managing Director, Patrick Mutz commented "These latest results are very significant given the Company's mandate to fast-track development of the Boonanarring project and move the Company to first production in early 2018. Confirmation of enriched zircon in the high-grade extension area which is within economic pumping distance of the planned location of the wet concentrator plant at Boonanarring should add significantly to the upside potential of the project."

Boonanarring has estimated Mineral Resources of 43.8M tonnes at 5.6% heavy minerals (HM) (ASX release 13/01/2017) and Ore Reserves of 20.0M tonnes at 7.2% HM with 22.4% of the HM as high-value zircon and with 77% of the HM as VHM (ASX release 10/04/2017). The area containing the Ore Reserves stretches 13.2km to the south of the above mentioned 5.6km extension area, on the opposite (east) side of Brand highway.

The location of drill holes from two separate drill programmes (ASX release 13/6/2015 and 13/05/2017) are shown in Figure 1 (see the link below).

Executive Exploration Director, George Sakalidis commented, "The high-zircon results of the composite test work confirms that the 5.6km northern extension has the same enriched zircon mineral assemblage as the Boonanarring deposit and will add to the mine life of the Boonanarring project and also adds to the Company's inventory of high-grade mineral sand deposits in the North Perth Basin."

85 HM sink samples were submitted to the SGS analytical laboratory in Malaga, WA for splitting and compositing into 4 HM composites over a 5.6km Boonanarring potential northern extension. The 4 composites were designed to provide a representation of heavy mineral assemblage from the limited drilling results available to-date. SGS assayed the 4 HM composites using QEMSCAN and providing the results presented in Table 1 (see the link below).

Even though the limited drilling programmes have confirmed that the high-grade, high -zircon extension of the Boonanarring mineralisation is present over 5.6km to the north of the current Ore Reserves, further drilling is required to outline additional Mineral Resources and Ore Reserves. Further infill and extension drilling is being planned and is subject to access which is currently being sought.

It is not possible with the limited information available at this time to determine the feasibility or potential economics of mining in this extended area due to the location of the Brand highway and gas pipelines. However, there are precedents regarding approvals to allow mining in areas near transportation and other infrastructure.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/0L5H5499

About Image Resources NL:

Image Resources NL (ASX:IMA) is an emerging Mineral Sands producer focused on the development of its high-grade Boonanarring Project in the North Perth Basin while continuing to expand its resources and reserves base.



Contact:

Patrick Mutz Managing Director
M: +61-4-2822-2095
E: Patrick@imageres.com.au

George Sakalidis Exploration Director
M: +61-411-640-337
E: george@imageres.com.au