PropertiesI-Minerals' Helmer-Bovill property is primarily underlain by the Thatuna granodiorite, and the Latah formation, a sedimentary sequence of sands and clays. Within this environment, i-minerals has identified two types of industrial mineral deposits:
- Unweathered Thatuna granodiorite: feldspar - quartz deposits
- Weathered Thatuna granodiorite: kaolinite, halloysite, potassium feldspar and quartz deposits (also known as "primary clay")
I-Minerals current focus is on the further assessment of the Bovill Kaolin Project (formerly known as the WBL Pit Area) given its greater concentrations of higher value minerals. A recently completed Preliminary Economic Analysis by SRK Consultants (USA) Inc, of Denver estimated the Bovill Kaolin Deposits would generate a Net Present Value of $155 million with an Internal Rate of Return of 29% and about 3 year payback based upon initial capital cost estimates of $55 million. Tailings from the previous mining of primary clay are rich in potassium feldspar and quartz provide several years of additional resources. Development of the Kelly's Basin Deposit, an unweathered Thatuna granodiorite deposit has been postponed given the stronger economics associated with the Bovill Kaolin Deposit.
A detailed review of the Helmer Bovill property and resources in accordance with National Policy 43-101 is available: