IRON ore hopeful Polaris Metals has announced a 79% increase in the inferred mineral resource estimate for the Carina deposit, part of the Yilgarn iron ore project, near Koolyanobbing in Western Australia.
The updated inferred mineral resource estimate for Carina is 27.8 million tonnes grading 58.6% iron, 3.7% silica, 1.3% alumina, 0.09% phosphorous, 0.08% sulphur and 10.1% loss-on-ignition.
The new resource represents a 79% increase in tonnage, an increase in iron grade from 57.7% iron and a decrease in the grades of impurities alumina, silica and phosphorous.
Polaris completed 182 holes for 22,400m of drilling at Carina, with assays for only 72 holes received to date.
The company expects to upgrade the resource to indicated or measured once the rest of the results are received.
A prefeasibility study was recently completed at Carina and also the Chamaeleon deposit, but was based on a resource of 20Mt.
The company said it will now move to a bankable feasibility study on the increased resource base.
Polaris is also carrying out studies into port and rail options and, after signing memorandums of understanding with Fremantle Port and the Esperance Port Authority, the company will make a final decision on the preferred port in January 2009.
Field work at Carina has been completed until 2009.
The Perth-based company said it is in discussions with funding partners over the project, which it plans to bring into production in late 2010.
POL Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
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