Proactiveinvestors Australia

Peter Davies' Image Resources has increased the Boonanarring heavy mineral resource by 80%, marking a key step in the development of a high grade, low capital cost, rapid payback project. Enhancing the project, the average zircon grade has increased to 26% of heavy mineral, up from 11% previously.

With assays of Block C aircore drilling confirming that the high grade Heavy Mineral strand extends from Block B to Block D, Image Resource’s Boonanarring project is looking increasingly likely to meet its target mining inventory of a 12.5 kilometre strike length with 15Mt to 25Mt of high grade mineralisation.

Image Resources has proven that two high quality Ilmenite fractions can be produced from its Boonanarring mineral sands project from testwork. This has exceeded expectations of only making one Ilmenite grade suitable for sulphate plant feed, which broadens the potential customer base and potentially lifts the profitability profile for the project.

Image Resources has added A$6.7M to its cash reserves from a recent placement that received strong support from Singapore and Malaysia-based investors, as well as new investors. Importantly, the North Perth Basin Project Feasibility Study is now fully funded.

As part of the drive to production at North Perth Basin minerals sands project in 2014, the WA EPA has advised of confirmation of the level of assessment by the Authority.  A bulk sample has also been composited from drill samples to represent the mineralisation within the proposed mining outlines at Boonanarring.

The start of the second phase drilling at Mt Forrest iron project puts Mindax on the path to potentially expand both the iron base as well as life of the mine. Importantly, it also has promise for the proposed partnership with Hong Kong-based Perpetual Mining, that could see the company invest $52 million.

The $5.1 million received is part of a planned $10 million investment by Owen Hegarty's EMR Capital in Highfield Resources to develop its advanced potash projects in Spain.

Having made inroads to access the eastern area of the high grade silver Bonanza Zone at the New Departure project in Montana, Black Mountain is on the cusp of first cash generative silver production.  

Cougar Energy has started the Phase 1 drilling program at its Mackenzie PCI grade coal tenement that will unlock the value of the asset by helping define a maiden JORC Resource.

Besides securing offtake for iron ore produced at Nelson Bay River Iron Ore DSO Project, the agreement with Singapore’s Frost Global also provides Shree Minerals with a US$4 million advance to progress development of the project, which has low forecast OPEX of $58 per tonne for DSO product FOB Port Burnie.