IRON ore hopeful Polaris Metals says the Carina deposit in the Yilgarn region is shaping up nicely with two new mineral zones identified that could extend the project’s 15 million tonne iron ore resource.
The company said recent geological mapping and sampling in the Carina-Chameleon corridor had revealed two main new zones of mineralisation.
Both zones contain a number of mineralised exposures – low ridges or subcrop – and include the Carina Extended prospect, which has a 2-kilometre strike length, and Carina North, which covers a 1km strike.
Both prospects returned iron ore grades of 58.9-63.0% iron from non-selective rock chip samples.
The company said the project area was being covered by aero-magnetic and gravity surveys, with an electro-magnetic survey scheduled for September.
The deposit has a current resource of 15.6 million tonnes grading 57.7% iron at a 55% iron cut-off grade.
As part of its Yilgarn ore project stage one development, Polaris hopes to begin mining at the Carina deposit in 2010.
The company said the deposit has “relatively simple ore geometry” and is close to infrastructure and thus should be relatively straightforward to develop.
Shares in Polaris were last trading at 28.5c, up 2.5c or almost 9% on the news.
Polaris Metals will be presenting at the 2008 Excellence in Mining & Exploration investment conference in Sydney from September 14-16 at the Hilton.
POL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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