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iMinerals Inc.
All rights reserved.
iMinerals Inc.
All rights reserved.
March 27, 2014
Vancouver, B.C. March 27, 2014 - I-Minerals Inc. (TSX.V: 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.
Per: “Thomas M. Conway”
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.
Contact:
Barry Girling
877-303-6573 or 604-303-6573
Email: info@imineralsinc.com
Or visit our website at www.imineralsinc.com
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