VANCOUVER, Nov. 16, 2011 /CNW/ - i-minerals inc. (TSX.V: IMA) (Pink Sheets: IMAHF) (the "Company") announces that further to its press release of September 29, 2011 the
drill program designed to upgrade portions of the Bovill Kaolin Project
from an inferred resource to an indicated resource is complete. A
total of 21 holes at WBL Pt Area ("WBL") and 45 holes at Middle Ridge
have been completed on 200-foot centers and the drill demobilized. WBL
and Middle Ridge were selected to be the focus of resource quality
upgrades based upon prior exploration success and excellent access.
Core is currently being logged and sampled. One quarter of the
core will be subjected to metallurgical separation techniques
undertaken at the University of Idaho to determine the total clay
content as well as the individual halloysite and kaolinite contents.
Material balances, including the quartz + K-feldspar fraction, are then
calculated and the kaolinite and halloysite samples photographed using
a high powered Scanning Electromagnetic Microscope to confirm the
success of the separation. This process will allow the identification
of halloysite-rich sections given the halloysite content may vary both
from hole-to-hole as well as within a given hole. Metallurgical work
to date has yielded halloysite concentrations from trace levels to as
much as 13%.
As noted in the December 1, 2010 press release, previous drilling had
resulted in an inferred resource contained of 38.4 million tons of
primary clay in four areas: WBL, Middle Ridge, Kelly's Hump and
Scablands. The associated Preliminary Economic Analysis ("PEA")
contemplated the primary clays would be mined at a rate of about 900
ton per day. This mining rate, if applied to the inferred resource of
8.9 million tons as estimated by SRK for the WBL and the Middle Ridge
areas only, would support a minimum of 28 years of mining activity. It
should be noted that this preliminary assessment is preliminary in
nature and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to
them that would enable such resources to be categorized as mineral
reserves, and there is no certainty that the preliminary assessment
will be realized. Once all of the analytical and metallurgical work is
completed the Company intends to engage SRK to complete a
pre-feasibility study on the WBL and Middle Ridge sections of the
Bovill Kaolin Project. Successful completion of a pre-feasibility
study would result in the resources defined in the study being
classified as "Probable Reserves."
Given the time required to receive complete assays and undertake all of
the metallurgical work, it is expected the prefeasibility study will be
completed in late Q2 or early Q3 2012
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 inc.
i-minerals' Helmer-Bovill property, located in northwestern Idaho,
hosts multiple high value industrial mineral deposits including high
purity quartz (>99.95% SiO2) that can be produced through a standard flotation process, halloysite
that has an industry leading combination of aspect ratio and lowest
levels of trace elements and potassium feldspar that has some of the
highest alkalis of k-spar products currently available. Halloysite is
a unique tubular shaped alumina-silicate mineral often referred to as a
halloysite nanotube - HNT, which is being increasingly used in
nanotechnology applications. Economic assessments of both the Kelly's
Basin feldspar-quartz deposit and the Bovill Kaolin Deposits are
ongoing. While additional assessment work is required to fully assess
the economic viability of the Bovill Kaolin Deposits, a January 2011
Preliminary Economic Assessment (the "PEA") based upon limited, widely
spaced drilling over large areas demonstrated robust economic metrics
and indicated the Bovill Kaolin Deposits may represent the largest
deposit of halloysite in North America.
Per: "Thomas M. Conway"
Thomas M. Conway,
President & CEO
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SOURCE i-minerals inc.
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