Drilling has returned high grade, high zircon content mineralisation in the deposit, said the company, adding that a feasibility study is currently underway.
Image will immediately begin technical and environmental studies at Boonanarring to evaluate the possibility of fast tracking development in line with the planned development of the Atlas deposit.
Fast tracking the development of Boonanarring would generate positive cash flow earlier than indicated by the scoping study.
Drilling is continuing at Boonanarring, with indications of extensions to the identified high grade zones.
Subject to environmental approvals and land access agreements, Image could begin producing heavy minerals concentrate for sale by mid-2014.
