i-minerals inc.'s (TSX.V:IMA OTCBB:IMAHF.pk) primary focus is the development of the deposits of the Helmer - Bovill project in north-central Idaho.
Three types of deposits have been identified on the Helmer – Bovill property:
(i) feldspar / quartz deposits within the unweathered Thatuna granodiorite (“TG”);
(ii) residual deposits of feldspar / kaolin / halloysite / quartz within the weathered TG;
(iii) sedimentary deposits (transported residual deposits) of kaolin.
Currently a feasibility study is expected to be completed on the quartz feldspar deposit by end of 2007 and contains an inferred resource of 5.4 million tons of feldspar and 2.2 million tons of quartz
A NI 43-101 independent reserves audit of the property shows a massive halloysite deposit 100 feet deep by 1,000 acres, this transposes to approximately 100 million tons of halloysite with a nano-tubular cell structure. The feasibility study will be completed by the end of Summer 2008. This is an open pit mine situation with 30 feet of overburden
The primary focus of the company is first the feldspar/quartz deposit to provide a money stream then the halloysite deposit will be open pit mined.
A rail line spur runs near the property and the property is in close proximity to barge traffic along the Snake River to an international seaport
Shares Issued and Outstanding 16,453,765
Fully Diluted 27,983,785
• Latest financial statement http://www.imineralsinc.com/resources/fs073107.pdf
i-minerals inc. is developing its Helmer-Bovill property in Latah County, Idaho and holds its land tenure through state of Idaho mineral leases. The property is underlain mostly by the Thatuna granodiorite, the primary source of feldspar and quartz, and the Latah formation, a sedimentary sequence of sands and clays. Where the granodiorite has weathered, residual deposits of kaolin occur in place, and sedimentary deposits of kaolin occur contiguous to the Thatuna. Within the Thatuna granodirorite the Kelly’s Basin Feldspar Resource contains an inferred resource of 5.4 million tons of feldspar and 2.2 million tons of quartz. Work completed to date indicates very good Feldspar Quality. The Helmer-Bovill area has a long History of Clay Mining. Beyond the unexploited clay deposits additional resources such as Washington Brick and Lime (WBL) Tailings Resource provide ready access to quartz and feldspar resources.
i-minerals inc. has rights to 10 mineral leases (“the Property”) from the state of Idaho comprising 4,649 acres (1,881 ha), all located near the town of Bovill in Latah County, Idaho. The state mineral leases are 10- year renewable leases held by i-minerals Helmer-Bovill, LLP a limited liability partnership in which the company’s wholly owned subsidiary i-minerals USA inc. is the managing general partner. The property is held through an agreement with Idaho Industrial Minerals (IIM) LLC of Lewiston, Idaho. Under the terms of the agreement, i-minerals can earn a 100% interest in the Property by issuing IIM a total of 1,750,000 common shares of the Company subject to completion of a staged work program directed toward progressive development of the Property. To date 450,000 shares have been delivered to IIM with the next due on the completion of a feasibility study.
Thatuna Granodiorite Feldspar Deposits
The leases are underlain mainly by granitoid intrusive rocks of the Thatuna batholith, along with Latah formation sediments and Columbia River basalts. The Thatuna granodiorite is a source of feldspar with a significant sodium (Na2O) component. Unweathered portions of the granodiorite near the ground surface are the sources of the feldspar and quartz resources reported to date.
Residual Clay Deposits
Across time this granodiorite has been subjected to strong weathering. The sodium feldspars (plagioclase) within the granodiorite weather much faster than the potassium feldspar or the quartz and are the source material of the kaolinitic clays. Localized deep weathering of the granitoid bodies formed residual deposits of kaolin, potassium feldspar (K-feldspar) and quartz. These deposits are referred to as “residual” as they have weathered in place without being transported.
Sedimentary Clay Deposits
“Sedimentary” clay deposits are also present on the property. Here, the material created by the erosion of the granodiorite is transported. These sediments, composed of sand and clay, were deposted into a series of lakes that were created as a result of damming of ancient rivers by the extruding Columbia River basalts. Sediment deposited in lakes such as in the Helmer-Bovill area are called lacustrine. As a result of the transport of these sediments by water, clays and sands are naturally sorted by size and weight. Both the residual and the sedimentary clay deposits reportedly contain kaolinite, halloysite, or both kaolinite and halloysite, defining these clays as “kaolin”.
i-minerals inc. conducted preliminary research into the recovery and processing of feldspar from the Helmer-Bovill area deposits. This work has shown that the Helmer-Bovill area has excellent prospects for the future production of high- grade feldspar from both primary granitoid rocks and tailings deposits. As a consequence of this work, i-minerals will focus most of their efforts on achieving economic success from the production of commercial- grade feldspar and quartz.
Historic Clay Mining
The Helmer-Bovill area, as well as other areas in Latah County, has a long history of exploitation for clays contained in the weathered Thatuna granodiorite and the Latah formation. The products from these clays have included structural clay products, refractories, ceramics, paper fillers, etc. More than a million tons of clay products have been produced. Hubbard (1956) estimated that the area contains a resource of 50 million tons, based on rough calculations. This resource can be considered uncategorized and unconfirmed in terms of NI 43-101.
A detailed review of the Helmer Bovill property and resources in accordance with National Policy 43-101 is available
Report On the HELMER-BOVILL FELDSPAR, QUARTZ, AND KAOLIN MINERAL LEASES, LATAH COUNTY, IDAHO by James L. Browne, PG March 13, 2006)
(* this file is large 6.75MB, 93 pages)
2007 Annual Report