April 3 2008ASX RELEASEOutstanding Results Confirm Carina DSO...

April 3 2008
ASX RELEASE
Outstanding Results Confirm Carina DSO Potential
Yilgarn Iron Ore Project
•
Outstanding results from remaining assays at Carina prospect within the key Yilgarn Iron Ore Project
•
Prospect unencumbered by proposed extension of the Mt Manning Nature Reserve
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Expedited focus on Carina as near term production target close to available infrastructure.
The Directors of Polaris Metals NL (ASX: POL) are pleased to announce the receipt of the remaining drill hole assays from the Carina prospect, part of the Yilgarn Iron Ore Project (YIOP), 60km north of Koolyanobbing in Western Australia.
Key results include:
Hole
Interval
Length (m)
Fe %
SiO2 %
Al2O3 %
P %
LOI %
CA0003
26-48
22
59.10
2.97
1.07
0.07
9.86
CA0004
76-132
56
59.48
2.50
0.45
0.12
10.93
CA0006
8-84
76
59.67
2.69
1.59
0.16
9.42
CA0008
2-28
26
55.98
3.42
3.48
0.16
11.09
CA0011
0-112m
112
58.13
3.71
1.63
0.07
10.20
CA0012
60-96
36
58.33
2.88
1.91
0.06
10.10
CA0012
102-144
42
59.59
2.51
0.88
0.19
10.47
CA0013
6-18
16
58.50
2.74
1.72
0.10
10.82
Reverse circulation drill hole inclined -60° - true width approximately 50% of intersection length
Collar coordinates given in Table 1 below, Assays for all holes included in Table 2 below.
55% Fe cut-off used, no more than 4m internal waste included. LOI – loss on ignition POLARIS METALS NL ABN 18 085 223 570 ASX Code: POL Website: http:// www.polarismetals.com.au
PO Box 670 West Perth WA 6872 Tel: 08 94813030 Fax: 08 94813031 Email: [email protected]
Reverse circulation (RC) drilling commenced at Carina in December 2007, with 13 RC holes completed for a total of 1,510m. Results from the first hole assayed, CA011, were released in February and assaying of the other 12 holes has now been completed by ALS Laboratories in Perth.
The drilling intersected massive hematite-goethite mineralisation over a strike length of up to 1,500m, true widths of 20-90m, and vertical depths to 140m. The mineralisation remains open at depth and is surrounded largely by mafic and ultramafic volcanics. A number of holes failed to penetrate a faulted contact and reach the mineralisation.
The significance of the Carina mineralisation can be summarised as follows:
��
The indicated continuity, grade and extent of the mineralisation are sufficiently large to potentially support a standalone DSO mining operation;
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The intercept confirms the potential of the YIOP region for new and significant DSO discoveries;
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Carina lies outside the proposed Mt Manning A-Class Nature Reserve extension and hence mining approvals should not be subject to excessive environmental delay.
A 12,000m RC infill drilling programme aimed at testing the mineralisation is expected to commence in late April 2008, subject to environmental approvals, aimed at establishing an Indicated Mineral Resource classification. A gravity survey will also commence in April 2008 aimed at characterising the mineralisation for use in future regional target generation.
The pre-feasibility study on a number of potential resources in the YIOP is expected to be completed by mid 2008. Given these results, Polaris now intended to focus on initially bringing Carina into production, while the other resources in the area are further assessed.
Polaris believes that the relatively simple geological setting, the proximity to infrastructure and the prospect’s location outside the proposed Mount Manning Class A Reserve extension should allow for relatively rapid development to production.
For and on behalf of
POLARIS METALS NL
Jonathan Lea
Managing Director
Competent Person Declaration
The information in this report accurately reflects information prepared by competent persons (as defined by the Australasian Code for Reporting of Mineral Resources and Ore Reserves). It is compiled by Mr Jonathan Lea, an employee of the Company who is a Member of The Australasian Institute of Mining and Metallurgy with the requisite experience in the field of activity in which he is reporting. Mr Lea has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Lea consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The potential quantity and grade of iron deposits reported is conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
Table 1: Drill Holes Coordinates:
Hole Number
Hole Length
Easting
(GDA94)
Northing
(GDA94)
Dip/Azimuth
CA0001
60
788118
6626636
-60/055
CA0002
72
788083
6626623
-60/055
CA0003
114
788054
6626590
-60/055
CA0004
156
788020
6626568
-60/055
CA0005
138
787991
6626548
-60/055
CA0006
120
788205
6626303
-60/055
CA0007
102
788162
6626282
-60/055
CA0008
60
788383
6626140
-60/055
CA0009
142
788346
6626116
-60/055
CA0010
132
788529
6625948
-60/055
CA0011
126
787896
6626874
-60/055
CA0012
162
787872
6626860
-60/055
CA0013
126
787706
6627120
-60/055
Table 2: Drill Holes Assays:
Hole
Interval (m)
Length (m)
Fe %
SiO2 %
Al2O3 %
P %
LOI %
Comment
CA0001
Collared east of mineralisation
CA0002
Low grade mineralisation intersected near surface
CA0003
26-48
22
59.10
2.97
1.07
0.07
9.86
CA0003
94 - 102
8
55.05
5.60
3.68
0.16
10.37
CA0004
76-132
56
59.48
2.50
0.45
0.12
10.93
CA0005
Hole abandoned in fault at mineralized contact
CA0006
8-84
76
59.67
2.69
1.59
0.16
9.42
CA0007
Hole abandoned in fault at mineralized contact
CA0008
2-28
26
55.98
3.42
3.48
0.16
11.09
CA0009
Hole abandoned in fault
CA010
Mafic volcanics and minor BIF intercepted, mineralisation potentially closed off to south
CA0011
0-112
112
58.13
3.71
1.63
0.07
10.20
CA0012
60-96
36
58.33
2.88
1.91
0.06
10.10
CA0012
102-144
42
59.59
2.51
0.88
0.19
10.47
CA0013
6-18
16
58.50
2.74
1.72
0.10
10.82
CA0013
72-84
12
54.88
4.64
1.55
0.15
11.66
Reverse circulation drill hole inclined -60° - true width approximately 50% of intersection length
Collar coordinates given in Table 1 below, Assays for all holes included in Table 2 below.
55% Fe cut-off used, no more than 4m internal waste included. LOI – loss on ignition
Fig 1: Yilgarn Iron Ore Project (YIOP) in Western Australia
Fig 2: Carina Prospect
Fig 3: Drill Hole Location