At long last, POLARIS with its Yilgarn projects moving to production in 2011, can now move to also drilling in the Pilbara region.
Caliwinga Tenement Granted
• Caliwinga tenement granted. • Field reconnaissance commencing immediately and drilling scheduled for later in 2009. • Potential for significant tonnages of channel iron deposit.
The tenement is the western one of two that comprise Polaris’ 100% owned Weelumurra Project covering 170 square kilometres in the Pilbara region. The project is located adjacent to several billion tonnes of iron ore deposits owned by other companies with the Weelumurra tenement immediately along strike of FMG’s Solomon resource.
Background
The Weelumurra Project is comprised of two tenements – Caliwinga and Weelumurra, respectively 170km and 185km south-southeast of the iron ore port of Dampier. Helicopter reconnaissance confirmed the presence of CID at Caliwinga visually estimated to be up to 25m thick, with assays up to 58.8%Fe, and low in silica, alumina and phosphorus. At Weelumurra, canga and detrital iron deposits were identified with assays up to 64%Fe.
An independent specialist interpretation of Landsat imagery in 2008 suggested significant channel iron deposit target potential (of 200–250Mt) and additional canga iron target potential (50–60Mt) for the project area. The two prospects are in close proximity to Fortescue Metals Group’s Solomon Project (with a stated resource of 2.2Bt of iron ore) and Flinders Mines’ Hamersley Project (with a stated resource of 476Mt of iron ore). The second tenement (Weelumurra) is expected to be granted in the second half of 2009.
POL Price at posting:
27.0¢ Sentiment: Hold Disclosure: Held
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