FIRST drill results from Polaris Metal's Carina prospect in Western Australia have indicated the area could potentially support a standalone direct shipping ore mining operation.
Drilling so far has intersected hematite-goethite mineralisation over a strike length of 1500m with a true width of between 80-90m and a vertical depth of up to 90m.
Mineralisation is open along strike and at depth.
Results from the first 12 reverse circulation drill holes include 112m at 58.13 iron from surface including 106m at 58.71% iron from 2m, 88m at 59.73% iron from 14m and 36m at 60.4% iron from 36m.
Silica levels reached up to 3.71%, aluminium oxide levels peaked at 1.63%, phosphorous touched a high of 0.07% and loss on ignition was recorded at 10.2%.
Managing director Jonathan Lea said the results confirmed the Polaris' confidence in the potential for a significant new discovery in the area.
"Polaris has been working towards the definition of this project for a number of months and we're most encouraged that the first assay results appear to support what we believe could be a major new iron ore project," Lea said.
Remaining assays are expected later this month. Carina is part of the company's Yilgarn iron ore project.
The initial 8000m drill program re-started last month is aiming to upgrade the 150-200 million tonne target of the Yilgarn project to JORC compliant status.
Polaris, along with spin-off company Southern Cross Goldfields, has secured the services of an RC rig from Lane Drilling for the rest of the calendar year.
Shares in Polaris climbed 1c to 66c at lunchtime today.
POL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)