Image Resources (ASX:IMA) has signed an agreement to sell its Mullering mineral sands tenements in Western Australia’s North Perth Basin to Tronox (NYSE:TROX) for $50,000 in cash and a sliding royalty.
Tenements E70/4129 and E70/4130 are adjacent to Tronox’s dredging operation.
The sliding royalty will be based on quarterly production figures on minerals which may be found.
In addition, Image has outlined a new exploration zone located just 3 kilometres west of a proposed Tronox dredge development area.
The target areas that have been selected have similar properties to the proposed Tronox dredging areas east of Image’s Woolka EL (E70/4244).
This interpretation infers an extension of the Tronox proposed dredge area within our Woolka ground has not been previously drilled.
Separately, Tronox have also previously reviewed and analysed samples from Atlas, Hyperion, Helene and Gingin South Deposits.
These deposits are near their existing mining and processing centres and are believed to be of interest for their dry mining potential.
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Image Resources (ASX:IMA) has signed an agreement to sell its...
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