Image Resources (ASX: IMA) has boosted the company’s heavy mineral inventory, due to the Gingin South resource upgrade, to 9.5 million tonnes - with over 1 million tonnes of zircon.
With zircon prices approaching US$2,200 per tonne the in ground value for the company is climbing.
The North Perth Basin hosts 7.9 million tonnes of heavy minerals for Image, with the remainder from the Cyclone Extended mineral inventory.
The Gingin South resource upgrade earlier in the week recorded a 240% jump to 8.1 million tonnes at 6.1% heavy minerals, for 492,000 tonnes of heavy minerals.
This result provides the first drilling evidence of the significant potential to further upgrade and increase the Gingin shoreline deposits.
Image now expects that the company's next drill program will further enhance the prospective shoreline.
Testwork conducted by previous owner Iluka Resources (ASX: ILU) on Gingin South shows the ilmenite to be of mainly chloride/SR quality, with potential to attract a price premium.