Eucla Basin tenements granted to Image Resources

Image Resources has announced that the Serpentine Lake tenements E69/2033....

  Image Resources has announced that the Serpentine Lake tenements E69/2033, 2034, 2035 covering some 466sqkm on the WA side of the Eucla Basin have recently been granted, paving the way forward for heritage clearances and then ground magnetic surveys and exploration drilling to commence.These tenements have been previously highlighted following the zirconenriched heavy mineral grades encountered nearby by Diatreme Resources Limited. 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 6 separate targets.This verifies the interpretation that 3 palaeo coastlines pass into the Image tenement and gives Image 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 of this year.In addition, Image has increased its land holdings to 2,047sqkm in the North Perth Basin following application for 4 new tenements. Several of these tenements have aeromagnetic targets identified by a recent survey and highlight their prospectivity. Image is now preparing ground magnetic programmes similar to those carried out over its existing tenements. This will prioritize targets for follow up drilling when the new tenements are granted.