- Image Resources has uncovered ultra-high-grade Zircon north of Perth
- 70 per cent grade zircon was shown, compared to historical peaks of only 30 per cent
- The company has already mined and stockpiled 500 tonnes, expecting more in the coming weeks
Image Resources has announced discovery of ultra-high-grade Zircon near Perth. Early sampling results reveals 70 per cent zircon grades and 95 per cent heavy mineral grades.
A 1-6m wide by thick zone of ore extending roughly 60m is currently being mined. The company is celebrating the discovery, in comparison to previously produced zircon grades at a much lower 30 per cent.
The results come from the company’s wholly owned Boonanarring project 80km north of Perth. Already 500 tonnes of ore have been mined and stockpiled. Further tonnage is expected in weeks.
Managing Director Patrick Mutz says the high-quality results follow an already consistent mining season on site.
“[W,e have been] ramping up to full-scale production in only the second month of operation,”
“The next step is to determine the extent of this type of ultra-high-grade ore along strike, and its connection to the potential high-grade Core currently being delineated,” said Mutz.
Image Resources is currently conducting further drilling on the announced discovery, expecting an increase in their ore reserve.
Production on the Boonanarring site has been ongoing since December 2018 and exceeding all expectations. In March, the company produced 68,700 tonnes of heavy mineral concentrates for an average grade of 11.1 per cent.
These results were 67 per cent higher in expected tonnage and 76 per cent higher in grade.
The company sold 47,900 tonnes of the March minerals to reap $24.8 million at an operating cost of $15.4 million.
The company climbed 8.11 per cent in the market today as a result of today’s announcement. Shares opened this morning at 19 cents each before increasing to 20 cents a piece.