SHARES in iron-focused Polaris Metals lifted over 16% or 8c to 57.5c in early morning trade on a maiden resource estimate at its flagship iron deposit Carina, within the Yilgarn Iron Ore project in Western Australia.
The initial inferred resource for Carina is some 20.3 million tonnes grading 56.7% iron.
Carina lies outside of the proposed Mt Manning A Class reserve extension and has the added advantage of being situated 50 kilometres north of the main east-west railway line, Polaris managing director Jonathan Lea told MiningNews.net.
“We are confident that we can get access to infrastructure through both the rail and the Kwinana port,” Lea added.
“Polaris is very encouraged by the resource and it adds to our confidence that we can get Carina into production within the next couple of years as we now have the start of the resource base,” he said.
“The resource is another link in the chain in the project coming together and getting into production in a couple of years time.”
Lea told MNn that further drilling at Carina would resume later this month with a resource upgrade expected in July this year.
“The aim is to convert the inferred resource into indicated and measured status, and following that, produce a reserve.”
After Carina, Lea said Chamaeleon, Vela, J4, J5 and Bungalbin East were the company’s next targets.
“They are all viable targets, and we will be reviewing results from recent drilling there, and moving forward with new programs as necessary,” he added.
Polaris shares cooled 4.5c to 53c by late morning trade."
POL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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