Image gains Eucla Basin tenements
Sunday, January 13, 2008; Posted: 07:18 PM
Sydney, Jan 14, 2008 (RWE via COMTEX) -- IMREF | news | PowerRating | PR Charts -- (RWE Australian Business News) Image Resources NL (ASX:IMA) reports the Serpentine Lake tenements E69/2033, 2034 and 2035, covering some 466 sq km on the WA side of the Eucla Basin, have recently been granted, paving the way for heritage clearances and then ground magnetic surveys and exploration drilling.
These tenements have been previously highlighted following the zircon-enriched heavy mineral grades encountered nearby by Diatreme Resources Ltd (ASX:DRX) and announced in previous Image ASX releases.
An 80 line-km ground magnetic survey has been completed over the southern part of the adjacent Diatreme tenement and revealed a correlation of high-amplitude linear NW ground magnetic targets with the higher-grade mineralisation intersected by Diatreme in at least six separate targets.
This verifies the interpretation that three palaeo-coastlines pass into the Image tenement and gives it the confidence to carry out ground magnetic surveys to search for the continuation of the mineralisation strands intersected by Diatreme.
The target zone is very large, being up to 9km wide by 28km in length, and Image is planning to begin heritage clearances, ground magnetic surveys and drilling at the end of the first quarter this year.
Also, Image has increased its land holdings to 2047 sq km in the North Perth Basin following application for four new tenements.
Several of these tenements have aeromagnetic targets identified by a recent survey and highlight their prospectivity.
Image is now preparing ground magnetic programs similar to those carried out over its existing tenements.
This will prioritise targets for follow-up drilling when the new tenements are granted
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