POL 0.00% 71.0¢ polaris metals nl

looking back at carina

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    Looking back at what was said 9 months ago.
    So far, on the money!!

    Minebox Article dated 29th May 2007.

    Significant discovery for Polaris

    Polaris Metals NL has discovered important new iron ore deposits during exploration of the company’s 100%-owned projects in the Central Yilgarn region of Western Australia.

    Commenting on the results, Managing Director Kevin Schultz said: “we firmly believe our target of at least 50 million tonnes of direct shipping iron ore, close to established infrastructure, is now in sight, justifying the company’s dedicated iron ore focus.”

    “During the course of our scoping study of the Mayfield magnetite deposit in 2005 we established that exporting 2.5Mt per annum of direct shipping ore, using the Australian Railroad Group’s line to Fremantle, and Kwinana bulk jetty shipping facilities, is a viable proposition. Locating the necessary 50Mt for a 20 years project has been our target since then, and it is extremely gratifying to have success in sight.”

    Polaris has been actively exploring its Johnston Range, Evanston and Perrinvale projects in the Central Yilgarn region over the past several months; but the most significant discoveries to date were recently made in the Bungalbin-Aurora project 60km north-northwest of Koolyanobbing.

    The largest discovery, which has been named Carina Deposit, comprises outcrops of massive hematite-goethite mineralisation extending over 1.6km and reaching widths of up to 150m. A feature of the Carina Deposit is the presence of microplaty hematite and sub-crops of specular hematite, mineral species known to be present in the Koolyanobbing and Windarling iron ore deposits.

    Five rock chip samples from the northern 1.1km of the deposit averaged 61.6% Fe, 2.57% SiO2, 0.73% Al2O3 and 0.078% P with the best grade being 65.5% Fe, 1.74% SiO2, 0.67% Al2O3 and 0.04% P.

    Reverse Circulation (RC) drilling programs are required to more effectively sample and explore the new iron ore discoveries, and to quantify mineral resources for scoping and feasibility studies.

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