Weelumurra Iron Ore Project

The Weelumurra Project is comprised of the Weelumurra and Caliwinga Prospects, and is 170-185km south-east of Dampier and in proximity to Fortescue Metals Group’s Solomon East prospect (stated to have an inferred resource of 0.7 billion tonnes of iron ore at 56% Fe) and the Serenity Prospect (stated to be a 1.0 billion tonne deposit at 56% Fe).

A helicopter-supported geological reconnaissance of the two Polaris tenement applications in 2007 located channel iron (CID), detrital iron and canga deposits up to 25m thick. CID at Caliwinga was visually estimated to be up to 25m thick, with grab sample assays up to 58.8% Fe, low in silica, alumina and phosphorus, and the identification of canga and detrital iron deposits at Weelumurra with grab sample assays up to 64% Fe.

An independent Landsat imagery interpretation study was commissioned and reported a CID target potential of 200–250Mt with additional Canga iron target potential of 50–60Mt on both prospects. These are based on interpreted volume estimates, and no reliable grade estimates are as yet available.

Granting of the Caliwinga Creek and Weelumurra Creek tenements to Polaris is now in progress with heritage access agreements being negotiated. When granted, Polaris will commence active exploration leading to drill testing.