Image Resources NL provided a Mineral Resource update on the West Mine North project associated with the Company's recent strategic acquisition of a package of tenements located in the historic Eneabba mineral sands mining district in Western Australia ("Eneabba Tenements"), located 275km north of Perth. Highlights: 12 million tonnes total Mineral Resource at 6.6% total heavy minerals - 10.2 million tonnes (85%) in JORC Indicated category - Eneabba Tenements total Mineral Resources increases to 211 million tonnes - 0.8 million tonnes contained heavy minerals 6.0% zircon in total heavy minerals - Mineralisation ranges from 5m to 35m in thickness and is covered by a thin layer of overburden ranging from 5m to 20m in thickness for low overall average strip ratio. In January 2022, the Company completed the strategic acquisition of seven of eight mineral sands projects across eight exploration licences ("ELs") and one retention lease ("RL")
acquired from Sheffield Resources Ltd. West Mine North is the eighth project in the package and is located on three granted mining leases ("MLs") and required Foreign Investment Review Board (FIRB) approval before the acquisition could be finalised. FIRB approval was granted in April 2022 and the transfer of holder forms for the remaining three MLs that make up the Eneabba Tenements were lodged with DMIRS in May 2022. The total Mineral Resource reported for West Mine North (as presented in Table 1) is 12 million tonnes at 6.6% total heavy minerals ("THM") containing 0.8 million tonnes of heavy minerals. The Mineral Resource estimate has been prepared and reported in accordance with the JORC Code 2012 by the Company's JORC Competent Person, Mrs
Christine Standing of Optiro Pty Ltd. (Snowden Optiro). The West Mine North project is located west of the Brand Highway and is south of the Ellengail and Corridor projects. West Mine North and Ellengail are the highest-grade deposits within the Eneabba Tenements and have a combined mineral resource of 24 million tonnes at 5.7% THM. The Eneabba mineral sands mining district is renowned historically for heavy mineral sands mining with several major mining companies operating in the area since the 1970s. Geology and Mineralisation Interpretation:
The Eneabba Tenements are located within the North Perth Basin (NPB), which is a deep linear trough of sediments, extending from the south coast to north of the Murchison River, adjacent to and west of the Darling Fault. The NPB contains a number of high-grade beach,
dune and swale heavy mineral deposits extending from Capel in the south to Eneabba in the north. Within the Eneabba Tenements area, a series of paleo-shorelines were formed in a north-facing bay ranging from 85m to 128m above the present sea level (Eneabba Shoreline). Each paleo-shoreline represents a stand-still event during regression of the sea. The stand-still events have resulted in well-developed platforms cut into the underlying sediments and in some instances accumulation/concentration of heavy minerals to form strandline deposits. The Eneabba Shoreline has been correlated with the Yoganup Shoreline in the south of the Perth Basin. Following the strandline deposition of heavy minerals, several dune deposits have also been formed. At Eneabba, these dunes occur to the northeast of the paleo-shorelines that they derive their heavy mineral from. Typically, dunal mineralisation is lower in grade but more extensive in volume than strandline mineralisation. The Eneabba Tenements contain both strandline and dunal deposits. A combination of geology and grade were used to interpret the mineralisation and geological domains. Mineralised domains were defined using a nominal cut-off grade of 0.8% HM for
background and dunal mineralisation and 2.5% THM for higher grade strand mineralisation. Geological interpretation included modelling of rock domains (including laterite, intervals with high induration or sediments with high oversize contents). Drilling Techniques: All of the drilling data used in the Mineral Resource estimation are based on an aircore system using a blade (face sampling) drill bit. There are three distinct generations of data: drilling undertaken by Renison Goldfields Consolidated in the 1980s and 1990s (First Generation), drilling undertaken by Iluka Resources Limited during the late 1990s and 2000s (Second Generation) and drilling undertaken by Sheffield Resources Limited between 2010 and 2021 (Third Generation). 64% of the data used was First Generation, 22% was Second Generation and 14% Third Generation. Sampling Techniques: All of the Third Generation drill samples are from 1.5m down hole intervals collected from an NQ diameter aircore hole (70mm). Samples of 1kg to 3kg were collected from a rotary splitter at the drill site at the time of drilling. First Generation and Second Generation drill data contains a mixture of sample intervals ranging from 1m to 3m down hole. Sampling Analysis Method: Assay methods and laboratory procedures used across the three different generations of data are industry standard although method specifics and heavy liquid compositions vary slightly. For THM determination, Third Generation samples were analysed using a heavy liquid TBE 2.96 g/ml, Second Generation samples used a heavy liquid TBE ranging from 2.85 to 2.95 g/ml and First Generation samples used a heavy liquid TBE 2.84 g/ml. For slimes determination, First Generation samples were analysed using a screen size of 75 µm, Second Generation using a screen size of 53µm and Third Generation using a screen size ranging from 45 µm to 53µm. For the determination of oversize material for First and Second Generation data, a screen size of 2mm was used. For Third Generation data a screen size of 1mm was used. The West Mine North mineral assemblage was characterised using Iluka internal "Method 4 Eneabba Grouping" of First and Second Generation data (103 samples) and QEMSCAN of Third Generation data (12 samples). For Method 4, the heavy mineral concentrate (HMC) is separated into magnetic and non-magnetic fractions. The breakpoints for mineral assemblage data determined using Method 4 were calibrated with QEMSCAN data. The application of breakpoints to distinguish between rutile (>95% TiO 2), leucoxene (70-95% TiO2) and ilmenite (<55-70% TiO2) were found to equate to the TiO2 mineral distributions determined by Method 4.