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i-minerals inc (IMA) Snapshot

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i-minerals inc (IMA) Details

I-Minerals Inc. is engaged in the development and exploration of resource properties in the United States. The company explores for halloysite, quartz, potassium feldspar, and kaolin deposits. It principally holds interests in the Helmer-Bovill industrial minerals property that comprise 11 mineral leases located in Latah County, Idaho. The company was founded in 1984 and is headquartered in Vancouver, Canada.

Founded in 1984

i-minerals inc (IMA) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$150.5K
Chief Financial Officer
Total Annual Compensation: C$18.3K
Compensation as of Fiscal Year 2013.

i-minerals inc (IMA) Key Developments

I-Minerals Inc. Receives Quartz Results from Cerium Laboratories from Sample Excavated from the Kelly's Hump Portion of the Bovill Kaolin Deposit

I-Minerals Inc. received high purity quartz results from Cerium Laboratories of Austin Texas from a sample excavated from the Kelly's Hump portion of the Bovill Kaolin Deposit, part of the Company's Helmer Bovill property. The sample was first shipped to Ginn Mineral Technologies where the halloysite-kaolinite fraction was removed and the remaining quartz-potassium feldspar (K-spar) sand fraction was sent to North Carolina State University's Minerals Research Laboratory (MRL), where after tertiary grinding, the quartz and K-spar in the sand fraction are separated using standard wet flotation and dry rare earth magnetic separation techniques. High purity products with less than 189 PPM of total impurities or 99.981% SiO(2) were achieved. A total of 162 lbs (74 kg) of feldspathic sand was processed on the bench scale. The primary float was to separate the K-spar and the quartz. The quartz tails from this primary float were then subjected to a series of additional floats to remove residual K-spar, mica and other impurities from the quartz products. Three grades of the quartz product were produced. A Quartz 1 or First Quarter product being the standard one float product, a Quartz 2 or Second Quarter product where the quartz sand is floated a second time to remove additional impurities and a Quartz 3 or Third Quarter product where the Second Quarter product is floated a third time to further remove impurities. The majority of the impurities are Al, K and Na and are likely the result of trace amounts of feldspar reporting to the quartz concentrate. This bench scale flotation work has resulted in the production of 27 lbs. (12 kg) of K-spar, 17 lbs. (8 kg) of First Quarter product; 16lbs. (7 kg) of Second Quarter product and 16lbs. (7 kg) of Third Quarter product. Approximately half of the volume of each of the three quartz products will now be sent for melt testing to confirm the high purity quartz products perform acceptably when melted. As noted on June 26, 2014 a 35 ton bulk sample has been extracted from 6 locations within the Kelly's Hump area and has been sent to Ginn /MRL for pilot plant scale processing. The objective of this statistically representative sample is to confirm these very encouraging bench scale results from Kelly's Hump.

I-Minerals Inc. Updates Status of U.S. Court Actions

I-Minerals Inc. announced, further to its March 20, 2014 news release, that the complaint filed in U.S. Federal Court by Hoodoo Resources, LLC and Brent Thomson Family Trust has been voluntarily dismissed by the plaintiffs pursuant to Rule 41(a)(1)(A)(i) of the U.S. Federal Rules of Civil Procedure. (The complaint related to the plaintiffs' assertion of derivative rights on behalf of Idaho Industrial Minerals, LLC to reject consideration paid to IIM in January 2013 by I-Minerals in respect of the Helmer-Bovill property pursuant to an August 10, 2002 agreement, as amended, between I-Minerals and IIM, and to enforce an alleged right of reverter of the Helmer-Bovill property to IIM.) I-Minerals also announced that, in an action commenced in January 2014 in the District Court of the Fourth Judicial District of the State of Idaho by BV Natural Resources, LLC ("BV", a private company controlled by Allen Ball, a Director of I-Minerals) against Hoodoo Resources, LLC and Brent Thomson, as trustee for the Brent Thomson Family Trust (collectively, the "defendants"), BV is seeking a declaratory judgment that, inter alia, IIM has accepted the consideration paid to it by I-Minerals in January 2013 in respect of the Helmer-Bovill property; BV is also seeking a judicial dissolution of IIM on the grounds that it is unable to carry on its business in a reasonably practicable manner. In response to the State action commenced by BV, the defendants have filed a counterclaim against BV, and a third party complaint against I-Minerals, its U.S. subsidiary and certain of its Directors, as well as a former director, as third-party defendants, essentially re-stating the allegations made in the now-dismissed Federal Court action. I-Minerals, together with each of the other third-party defendants, intend to vigorously defend this third party complaint as they believe the claim to be completely and wholly without merit.

I-Minerals Commences Feasibility and Permitting Work

I-Minerals Inc. announced that the company announced the results of a pre-feasibility study on its Bovill Kaolin project by SRK Consultants of Denver Colorado, I-Minerals has now started feasibility level work and the associated permitting. I-Minerals has commenced a bulk sample program that will result in a total of approximately 35 tons to 40 tons of material being extracted from six to eight sample sites on the Kelly's Hump and Middle Ridge portions of the Bovill Kaolin deposit. The sample sites were reviewed and confirmed by SRK based on their statistical modeling and will result in the most representative bulk samples of the Kelly's Hump and Middle Ridge deposits to date for the purposes of the feasibility study. Once completed the sample will first be shipped to Ginn Mineral Technology to perform wet screw classification and screen separation of the halloysite-kaolinite clay fraction from the quartz-K-spar sand fraction. The clay fraction is then separated into kaolinite and halloysite using hydrocylone, centrifuge, and differential flotation techniques to yield both standard and high purity halloysite products. This large scale pilot plant run will aid in the optimization of the plant processing. The sand fraction is then sent from GMT to North Carolina State University's Minerals Research Laboratory. After tertiary grinding, the quartz and K-spar in the sand fraction are separated using standard wet flotation and dry rare earth magnetic separation techniques. The K-spar product has yielded results greater than 13% K(2) O. Employing up to three stage flotation, quartz purities with less than 200 PPM of total impurities have been produced without the use of any acid leaching techniques. Based on an initial sample of 35 tons, I-Minerals expects to create about 10.5 tons of quartz, 4.5 tons of K-spar, 3.0 tons of halloysite and 3.25 tons of Kaolin. Beyond confirming the flow sheet and equipment required, the bulk sample will be indicative of the recoverable amounts of minerals contained in the Kelly's Hump area and provide representative product samples to prospective customers for testing as a means of firming up customer interest to the required feasibility levels.

 

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