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Image Resources NL (ASX:IMA) has been granted a trading halt by the ASX, pending details of a capital raising.
Image Resources NL (ASX:IMA) has reported a 39% increase in total ore reserves at its Boonanarring Mineral Sands Project located in the North Perth Basin.
Image Resources NL (ASX:IMA) has confirmed a 5.6 kilometre extension of high-grade mineralisation from drilling at the Boonanarring mineral sands deposit located in the North Perth Basin.
The resource has been upgraded as part of the bankable feasibility study (BFS) for the company’s high-grade Boonanarring and Atlas mineral sand projects. When compared to the 2013 feasibility study, the total mineral resource has increased by 103% from 21.5 million to 43.7 million tonnes, albeit at a lower grade. The resource currently stands at 43.7 million tonnes at 5.6% total heavy minerals, at a cut-off grade of 2%.
The rights issue will be offered to eligible shareholders on the basis of five new shares for every 12 shares held on the record date. The funds raised will be used to: - Update the bankable feasibility study for the development of the Boonanarring and Atlas projects; - Purchase land critical to the development of Boonanarring; - Undertake additional exploration activities and for working capital purposes.