I-Minerals Completes Core Evaluations; Data Sent to SRK to Begin Resource Calculation
March 27 2014 - 8:00AM
Marketwired
I-Minerals Completes Core Evaluations; Data Sent to SRK to Begin
Resource Calculation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 27, 2014) -
I-Minerals Inc. (TSX-VENTURE:IMA)(OTCQX:IMAHF) (the "Company")
announces that it has now completed the evaluation of the pertinent
drill core from the 2013 drilling program and has submitted the
resulting data to SRK for resource modelling, mine planning, and
reserve calculations. Results from approximately 1700 samples
derived from the 167 holes from the two principle resource areas,
Middle Ridge and Kelly's Hump, have been submitted to SRK. The
program to drill these two principle areas at close-spaced centers
was designed in collaboration with SRK to have the resource defined
in sufficient detail that a measured resource may be
calculated.
The drill hole lithologic data, the hole coordinates, all the
material balances information and Scanning Electron Microscopy
("SEM") photographs were sent to SRK for the resource modelling. A
mine engineer for SRK will take the resource model and put together
a mine plan in which reserves of quartz, K-spar, kaolinite and
halloysite are calculated. Completion of the mine plan and the
Technical Economic Model (the "TEM") is expected to take about 30
to 45 days with the full NI43-101 compliant prefeasibility report
filed within 45 days of the release of the TEM results.
In determining resources and reserves for the Bovill Kaolin
Project, tonnages for quartz, K-feldspar, kaolinite, and halloysite
must be calculated, the first step of which is screening to
determine the weight of the material that is retained on a 325 mesh
screen and the weight of that which passes through the screen.
Quartz and K-spar are part of the oversized material that is
retained on the screen, while the kaolinite and halloysite bearing
clay fraction passes through the screen. In the laboratory, a
series of decants of the clay fraction are performed in order to
determine weights of the two resulting fractions: one that contains
mostly kaolinite and one that contains mostly halloysite. These
fractions are dried, weighed and mounted for evaluation using SEM
photomicrographs to verify the occurrence of halloysite.
Approximately 1700 core intervals have been tested in the
laboratory with about 20,000 SEM being taken.
The basic separation process undertaken on the bench scale for
the purpose of mineral estimation is similar to that which will be
utilized in a commercial production environment. The coarse K-spar-
quartz fraction remaining on top of the screen will go to the
flotation circuit to separate the quartz and K-spar. The clay
material that passes through the screen will go to the clay circuit
that will concentrate a kaolinite product and a halloysite product
through hydrocyclone and differential flotation processing.
"The work of preparing a sample for SEM photography of every
drill core interval to be included in the PFS has been a very
tedious and time consuming process that has resulted in the
continuous employment of up to 20 University of Idaho students,"
stated Thomas Conway, President and CEO of I-Minerals Inc. "Thanks
to the hard work and dedication of the staff this phase is now
completed to fit the parameters for pit design and we look forward
to the estimation of the resource which we believe will represent
one of the largest high purity quartz, K-spar, halloysite and
kaolin deposits known. Having four high value paying minerals
provides a unique and diversified opportunity."
As noted in the Company's August 15, 2013 press release, the
January 2013 Prefeasibility study assumed that defined halloysite
reserves were only sufficient to support about 10 years of
halloysite production. Expectations are that the recent drilling in
the Kelly's Hump area which has been the subject of the above noted
SEM work is expected to increase halloysite reserves up to about 20
years when the Prefeasibility study is updated and therefore
improve upon the project's already robust economics.
A. Lamar Long, CPG, is a qualified person ("QP") for I-Minerals
Inc. and has reviewed and approved the contents of this
release.
About I-Minerals
I-Minerals is developing multiple deposits of high purity-high
value halloysite, quartz, potassium feldspar and kaolin at its
strategically located Helmer-Bovill property in western Idaho. A
2013 Prefeasibility Study completed by SRK Consulting (USA) Inc.
highlights the potential of the Helmer-Bovill property: after tax
NPV6 of $150 million; 28% IRR; 3 year payback and $67 million
initial CAPEX; $84 million CAPEX including life of mine sustaining
capital over the 26 year mine life. Ongoing development work is
focused on upgrading the probable reserve to a proven reserve as
the Company moves through the feasibility process towards
production.
I-Minerals Inc.
Thomas M. Conway, President & CEO
This News Release includes certain "forward looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. Without limitation, statements
regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward
looking statements that involve various risks. Actual results could
differ materially from those projected as a result of the following
factors, among others: changes in the world wide price of mineral
market conditions, risks inherent in mineral exploration, risk
associated with development, construction and mining operations,
the uncertainty of future profitability and uncertainty of access
to additional capital.
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
I-Minerals Inc.Barry Girling877-303-6573 or
604-303-6573info@imineralsinc.comwww.imineralsinc.com
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