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    IMA   AU000000IMA1

IMAGE RESOURCES NL

(IMA)
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Image Resources NL Receives Assay Results from Initial Drilling on Erayinia Gold Tenement and the King Gold Farmin Prospect

07/25/2021 | 06:18pm EST

Image Resources NL received encouraging assay results from initial drilling on both Image's 100%-owned Erayinia Gold tenement and the King Gold Farmin Prospect. 10m at 8.40g/t from 40m including 3m at 25.17g/t from 47m in EYRC58. 18m at 1.85g/t from 82m including 2m at 4.11g/t from 88m and 7m at 2.29g/t from 93m in EYRC54.10m at 1.48g/t from 96m including 3m at 3.3g/t from 103m in EYRC37. 4m at 1.51g/t from 41m in EYRC39. 4m at 1.58g/t from 33m in EYRC47. A number of sections are open down-dip and may potentially continue at depth, e.g., cross section 3 in Figure 4 with hole EYRC58 and cross section 5 in Figure 6 with hole EYRC54. These areas are planned to be followed up in future drilling programs. In addition, the mineralised supergene zone is open to the south and an extensive aircore (AC) drilling program is planned here to ascertain the potential strike-length of this prospective gold zone (Figure 1). The recently completed RC drilling program includes 26 holes (EYRC28-49,52-55 & 58) for 2,765m and are presented in Table 2, and involved 714, 2-4m composites and 642, 1m splits. Promising intersections greater than 1g/t are summarised in Table 1 and planned AC drilling in Table 3. This initial RC program was aimed at evaluating a promising supergene layer as well as testing formultiple stacked shallow lodes that are indicated down to a depth of 150m or greater. · 71m at 1.03g/t Au from 36m in RC hole ROE0782. · 29m at 1.12g/t Au from 64m in RC hole KNRC012 · 43m at 0.72g/t Au from 36m In RC hole ROE0704 · 35m at 0.66g/t Au from 76m in RC hole KNRC015 · 20m at 1.66g/t Au from 39m in RC hole EYRC01 · 13m at 1.77g/t Au from 41m in RC hole KNRC011 · 17m at 2.0g/t Au from 132m in RC hole ROE0899 A planned AC drilling programme of 40 holes for 2,505m is scheduled for Third Quarter 2021. The majority of holes are planned in the southern part of the King Prospect (Figure 1). This drilling is designed to potentially enlarge the prospective supergene zone southwards in areas that have not been previously drilled and potentially into Erayinia and separately to the northeast within Image's 100%- owned Madoonia Downs tenements (Figure 8). Some individual holes are also directed at testing the down-dip extension of high-grade intersections within the multiple westerly dipping lodes. These multiple stacked lodes may continue at depth and could potentially be similar to some of the larger deposits in the Kalgoorlie districts that have bulk tonnage. The King Prospect mineralisation augments the previous RC drilling activities completed by Image at Erayinia and forms a key part of a strongly mineralised zone covering a large 1.5km x 300m area. Detailed 50m spaced caesium vapor ground magnetic surveys are also planned to help map the detailed structure within the King Prospect.


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Financials
Sales 2020 176 M 127 M 127 M
Net income 2020 24,8 M 17,8 M 17,8 M
Net cash 2020 33,6 M 24,1 M 24,1 M
P/E ratio 2020 7,58x
Yield 2020 10,8%
Capitalization 243 M 176 M 174 M
EV / Sales 2019 1,72x
EV / Sales 2020 0,85x
Nbr of Employees 2
Free-Float 40,5%
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Managers and Directors
Patrick Roy Mutz Chief Executive Officer, MD & Director
John McEvoy Chief Financial Officer & Joint Secretary
Robert Ellis Besley Director
Todd Colton Chief Operating Officer
Peter Sisley Thomas Non-Executive Director
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