Image Resources Confirms Gold Continuity with Multiple High-Grade Intercepts
Key Takeaways
- Image Resources completed a 50-hole, 5,450-metre 2026 drilling campaign at Erayinia-King, confirming gold mineralisation continuity to approximately 140 m vertical depth across the main deposit.
- Standout intercepts include 4.5 m at 22.4 g/t Au (including 1.0 m at 98.55 g/t Au) and 14 m at 2.84 g/t Au, with high-grade results structurally controlled by north-dipping quartz veins.
- Mineralogical scanning confirmed coarse, free-milling gold with recoveries exceeding 90% in earlier test work — supporting simpler, lower-cost conventional processing.
- The current MRE stands at 2 Mt at 2.1 g/t Au for 139 koz; an updated estimate is now being prepared, with a key focus on upgrading classification from Inferred to Indicated.
- Image Resources is an operating mineral sands producer at its Atlas Project near Perth, meaning Erayinia-King represents exploration optionality layered on top of an existing cash-generating business.
Major 2026 drilling campaign confirms gold continuity at Erayinia-King
Image Resources NL (ASX: IMA) has completed a major 2026 drilling campaign at its 100%-owned Erayinia-King Gold Project, located approximately 135 km southeast of Kalgoorlie, Western Australia. Results confirm continuity of gold mineralisation through the main part of the deposit and deliver multiple high-grade intercepts, feeding directly into an updated geological interpretation and Mineral Resource Estimate (MRE). The current MRE stands at 2 Mt at 2.1 g/t Au for 139 koz of contained gold, established in the maiden estimate released on 7 January 2026.
The campaign comprised 42 RC holes (4,300 m), 7 PQ diamond core holes (690 m), and 1 HQ/NQ deep diamond core hole (459.7 m). RC drilling confirmed mineralisation to approximately 140 m vertical depth, while the deep diamond hole confirmed low-grade mineralisation at approximately 260 m vertical depth.
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Standout intercepts from the 2026 drill program
The program delivered a strong set of individual results across both RC and diamond core drilling. All intercepts below are reported as downhole lengths; true widths have not yet been determined.
- 14 m at 2.84 g/t Au from 45 m, including 4 m at 7.95 g/t Au from 53 m (EYRC164)
- 16 m at 2.51 g/t Au from 76 m, including 4 m at 4.81 g/t Au from 77 m (EYRC177)
- 10 m at 2.71 g/t Au from 100 m, including 6 m at 4.35 g/t Au from 100 m (EYRC167)
- 10 m at 2.39 g/t Au from 66 m, including 4 m at 5.29 g/t Au from 66 m (EYRC174)
- 3 m at 7.63 g/t Au from 39 m (EYRC194)
- 4.5 m at 22.4 g/t Au from 128 m, including 1.0 m at 98.55 g/t Au (EYDD010, excluding 0.48 m of core loss)
- 1.49 m at 17.4 g/t Au from 54.25 m, including 0.35 m at 65.51 g/t Au (EYDD012, excluding 0.26 m of core loss)
Summary table of select 2026 intercepts
| Hole ID | From (m) | Width (m) | Grade (g/t Au) | Notable high-grade sub-interval |
|---|---|---|---|---|
| EYRC164 | 45 | 14 | 2.84 | 4 m at 7.95 g/t Au from 53 m |
| EYRC177 | 76 | 16 | 2.51 | 4 m at 4.81 g/t Au from 77 m |
| EYRC167 | 100 | 10 | 2.71 | 6 m at 4.35 g/t Au from 100 m |
| EYRC174 | 66 | 10 | 2.39 | 4 m at 5.29 g/t Au from 66 m |
| EYDD010 | 128 | 4.5 | 22.4 | 1.0 m at 98.55 g/t Au (excl. 0.48 m core loss) |
| EYDD012 | 54.25 | 1.49 | 17.4 | 0.35 m at 65.51 g/t Au (excl. 0.26 m core loss) |
What the geology is telling us
The core drilling has given geologists a much clearer picture of how high-grade gold is distributed within the deposit, and the findings carry meaningful implications for how the resource could ultimately be defined and extracted.
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Structural control on high-grade gold. A set of discordant quartz veins dipping at approximately 40 degrees north has been identified across the deposit, with all high-grade intercepts associated with these veins. This gives geologists a predictive framework for where high-grade gold sits within the system.
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Broader lower-grade envelope. Lower-grade mineralisation is predominantly associated with disseminated pyrite within sericite-altered metasediments. The deposit therefore has both a high-grade core hosted in the quartz veins and a wider, lower-grade surrounding zone.
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Ultra-high-grade samples confirm coarse gold. Two very high-grade samples (98.55 g/t Au and 65.51 g/t Au) were submitted for mineralogical scanning. The scans confirmed coarse gold strongly associated with pyrite, occurring as blebs within and around pyrite crystals.
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Free-milling and non-refractory gold. The mineralogical results support earlier metallurgical test work confirming the gold is free-milling and non-refractory. Free-milling gold is gold that can be recovered using conventional processing methods without complex chemical treatment, which means simpler processing, lower costs, and better economics. Earlier test work showed recoveries exceeding 90%, with approximately 40% recoverable by gravity separation alone.
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Potential grade upside. Image is investigating the possibility that the presence of coarse gold may be causing a conditional bias, resulting in an underestimation of gold grades in the current MRE. This is a potential upside factor, though it remains under investigation and no revised estimate has yet been released.
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What comes next — the path to an updated resource
The new drilling data feeds a clear sequence of next steps, each of which incrementally reduces risk and builds project credibility.
- The new drilling data will be incorporated into an updated geological interpretation.
- An updated Mineral Resource Estimate will follow, subject to completion of the updated geological model.
- The additional data will be assessed to determine whether it supports changes to resource classification, tonnes, or contained ounces.
- A key focus is whether results support an upgrade from Inferred to Indicated resource classification. This distinction matters to investors: Inferred resources carry lower geological confidence, while Indicated resources can support Ore Reserve declarations and feasibility studies, representing a meaningful de-risking milestone.
- Further exploration activity will be guided by economic assessment of the updated model.
Company context — more than just gold
Image Resources is not a speculative gold explorer operating on a single project. The company is an established, cash-generating Australian mineral sands miner, currently operating open-cut mining and ore processing at its 100%-owned Atlas Mineral Sands Project, located 180 km north of Perth in the infrastructure-rich North Perth Basin. The Erayinia-King Gold Project represents optionality layered on top of an existing operational business, not a pure-play exploration bet.
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