As most well researched FDL fans would know, POL have a...

As most well researched FDL fans would know, POL have a discovery alongside FDL/FMG.

Today more details were release with an independent estimate at 250-310mt.

All bodes well for FDL/FMG and POL, as the more deposits are indentified, the more feasible infrastructure/JV's become.

ASX RELEASE
PIPELINE OF PILBARA PROJECTS TAKES SHAPE

o Prefeasibility for Poondano project continuing, with engineering studiescommencing and drilling to recommence to define the resource;

o Poondano assays to date indicate shipping grades achievable with simplescreening and washing;

o Statutory approvals to be finalised immediately for the grant of Weelumurraand Caliwinga tenements to permit drill testing of 250Mt–310Mt CID and DID target potential indicated by specialist interpretation of Landsat imagery.


The Directors of Polaris Metals NL (ASX: POL) are pleased to provide an update on the latest developments regarding the Company’s pipeline of active projects in the Pilbara Iron OreProvince, Western Australia. Polaris holds 1,962km2 of granted and ungranted mining tenements in the
Pilbara.

As part of its corporate strategy for the Pilbara, the Company is now concurrently working to bring its key Poondano Project (30km from Port Hedland) to production while also identifying key exploration targets at Weelumurra and Caliwinga Creek, in order to develop a sustainable pipeline of viable projects.

Weelumurra and Caliwinga Prospects

The Company wishes to inform the market that it has received an independent specialist interpretation of Landsat imagery suggesting large-scale Channel Iron Deposit (CID) target potential (200–250Mt) and additional Canga iron target potential (50–60Mt) at the Weelumurra
and Caliwinga Prospects.

The two prospects are 170-185km south-east of Dampier and in close proximity to Fortescue Metals Group’s Solomon East prospect (stated to have an inferred resource of 700Mt of iron ore at 56% Fe) and Serenity Prospect (stated to be a billion tonne deposit at 56% Fe). The Landsat imagery interpretation follows the announcement by Polaris in November 2007 of the location of a 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, and the identification of canga and detrital iron deposits at Weelumurra with assays up to 64% Fe.

The interpretation and assessment of target potential was undertaken by Dr Richard Russell, who was engaged by Polaris following the highly encouraging helicopter reconnaissance and sampling results referred to in the November 2007 announcement, and in light of the proximity of the prospects to large inferred resources.

Dr Russell has carried out field assignments in the region over the last three years and is familiar with the geology and geomorphology of the area. Using a method of estimating the area likely to be occupied by CID and Canga in each of the Polaris tenements, possible thicknesses based on FMG’s drilling results and the shape of similar valleys in the Polaris tenements, he calculated the
potential ore volumes. Target tonnage potential for the areas was then assessed by multiplying the volume estimates by a range of specific gravities (SG) for the expected sub-surface materials, 2.6 providing a ‘lower’ estimate and 3.2 providing an ‘upper’ estimate.

Granting of the Caliwinga Creek and Weelumurra Creek tenements to Polaris is now being finalised. When granted, the Company, having established the potential of the areas for iron ore, will then obtain Ministerial approval to explore for iron ore, and commence a more thorough assessment of potential deposits in the tenements.


About Polaris Metals NL
Polaris Metals NL (ASX: POL) is an aspiring Australian iron ore producer with a portfolio of quality assets
on track for production, targeting 5-10 million tonnes (Mt) per annum.

The Company holds tenements spanning over 4,700km2 in highly prospective iron ore provinces in Western Australia (WA). These include the flagship Yilgarn Iron Ore and Poondano Projects in the Southern Yilgarn and Pilbara regions respectively.

Following an aggressive exploration program and a recent spin out of its nickel and gold assets to maximise focus on its promising iron ore projects, Polaris is now poised to make the transition from strategic explorer to significant iron ore producer by 2009.



Source:http://www.polarismetals.com.au/upload/documents/investor/asx/20080123230108PilbaraProjects_Update.pdf


cheers.