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I think you hit the nail on the head there. It was definitly a major factor.
So did CFE and MMX (as usual)
POL - Polaris Metals
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I think you hit the nail on the head there. It was definitly a major factor.
So did CFE and MMX (as usual)
I often take this as being a very bullish sign heading into the weekend. Solid buying together with a higher share price, looks very positive. Mick, you certainly have the magic touch at present. Thanks very much for your research.
DYOR
here's an interest article i found on google:
http://www.busrep.co.za/index.php?fSectionId=566&fArticleId=3892288
if wat they said is gonna happen, we will see a restricted supply of Iron around the world, pushing the price even further. Especially with Japan picking itself up after the big fall. Iron is definately the next U3O8
http://www.busrep.co.za/index.php?fSectionId=566&fArticleId=3892288
if wat they said is gonna happen, we will see a restricted supply of Iron around the world, pushing the price even further. Especially with Japan picking itself up after the big fall. Iron is definately the next U3O8
I've spoken to someone who knows a bit about the Lion Group. Apparently they are heavily invested in China. the current Chairman William Cheng is Chinese, also has close links with companies in China. looks like its investment on resources are mainly targetted at China, Iron Ore mined here might be shipped straight to China for processing, so we'll see more investment by the group in Aust in near future. 
judging by the volume already going through today looks like the market is finally waking up to POL, very strong considering the largely down day for the rest of the market.
Now all that is needed is the drill results from Goldsworthy iron ore project and we may smash the resistance left at 52c.
Now all that is needed is the drill results from Goldsworthy iron ore project and we may smash the resistance left at 52c.
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announcement came out this morning reporting on their results on Poondano
anyone here worked out a price for the sp based on this announcement?
anyone here worked out a price for the sp based on this announcement?
I'm quite bullish on this stock.
Provided we dont see too much profit taking this week being the new fin. year, I suspect POL will move back in the 50's quickly and then creep up into the 60's prior to the quarterly report at the end of the month.
cheers.
Provided we dont see too much profit taking this week being the new fin. year, I suspect POL will move back in the 50's quickly and then creep up into the 60's prior to the quarterly report at the end of the month.
cheers.
Dont post these things without back up please.
I hold this stock and am very happy with it because the uptrend is looking quite strong on the technicals.
On track.
POLO the way to go if you can gets some, tightly held thin market depth.
Ian Buchhorn pegged out Polaris's iron ore tenements way back before the rush, this was when they were included with Herron resources tenements. Polaris took these tenements over and Ian Buchhorn joined Polaris as a director.
cheers.
I have pinched this from the other site as a i feel it is a good summary of Polaris and points out the great potential, especially with favourable views on iron ore in coming years.
"Hey guys I have spent the best part of the last two weeks (when I haven’t been reporting on FNT) trying to find the next big thing in the iron ore segment. And I think that POL might be the next one to take off. The criteria that I was using to test this was a simple business plan that has been executed beautifully by MMX/MIS, that is start with a smaller direct shipping ore (DSO) project to provide cash flow and earnings to help fund a major iron ore expansion project.
With targets like the Massive Ashburton Project (1200mt of iron ore)
Near Term Cashflow from Poondano (Late 2008)
Plenty of Drilling News Upcoming
Major Shareholder Lion Group (very deep pockets, will fund projects and sign offtake agreements)
Royalty agreement with Portman
Upcoming spinoff of non iron ore assets (in-specie distribution of shares to existing holders, rumoured to 1 for 5)
There is the potential for POL to run hard on release of news due to tight capital structure and current sentiment in the Iron Ore segment.
First a look at the share structure
Ordinary Shares 81,305,625
Options 20c Dec 08 20,749,977
Shares Held in escrow 29,729,730
Fully dilluted market cap approx $52mill.
Share Price 09/07/07 52.0cents
Top Shareholders
Herron Resources 29,729,730
Lion Group 16,558,330
Reasons To Buy Into the POL Story
- Well funded, tight stable capital structure (2 top shareholders control almost 50% of the company)
- Cash $5.5 million
- Investments 10 million shares in NTU worth 15 million
- Upcoming drilling results from Goldsworthy iron ore prospect
- Release of Poondano Pre_Feasability Study
- Enormous Prospective landholding (near major RIO,BHP mines)- Near term cash flow from Poondano late 2008
- Recent history of major iron ore discoveries
- Close to excellent infrastructure
- Massive Ashburton tennement (scoping study complete target 1200mt)
- Already signed royalty agreement with Portman involving tennements close to existing Portman mines.
- Listing of non iron ore projects into new company ( creating greater shareholder wealth)
Summary of tenements held
As a result of the acquisition of iron ore assets from Heron Resources Ltd (ASX: HRR, “Heron”)
in 2006, and the intended acquisition of a tenement package from International Goldfields Ltd
(ASX: IGC, “IGL”) as announced by IGL on 28 February 2007, Polaris will hold or have a
beneficial interest in 104 granted tenements and 34 tenement applications covering a total area of
6,400km² within the prime Pilbara and Yilgarn iron and gold provinces of Western Australia.
The specific projects and their mineral potential are listed in the attached table and include
advanced iron ore projects with near term development potential, iron ore exploration projects,
advanced gold projects and other gold, nickel and base metals exploration projects. Some of the
IGL tenements have measured and indicated gold resources and some Polaris advanced gold
tenements have gold mineralisation ready to be drilled out to establish resources complying with
the JORC Code.
Current focus
Poondano
Undergoing pre_feasibility study for the development of a 1 million tonnes per annum DSO project (low cost high margin)
Current resource 10-15 million tonnes
Carina and Chamaeleon Deposits
SIGNIFICANT NEW IRON ORE DISCOVERY WITH UP TO 65.5% FE
60KM NORTH OF KOOLYANOBBING, WESTERN AUSTRALIA
POLARIS BELIEVES 50MT DSO TARGET NOW ACHIEVABLE
• Carina Deposit, 60km NNW of Koolyanobbing, 1.6km long and up to 150m wide
outcropping mineralisation, has target potential of 35-50Mt iron ore, with:
− microplaty hematite and sub-crops of specular hematite;
− average 61.6% Fe, 2.57% SiO2, 0.73% Al2O3 and 0.078% P (direct
shipping grades) in rock chip samples from northern 1.1km of the deposit;
− best grade 65.5% Fe, 1.74% SiO2, 0.67% Al2O3 and 0.04% P;
• Chamaeleon Deposit comprising goethite-hematite outcrops with microplaty
hematite, has target potential estimated from surface sampling to be 5-10Mt;
• Other targets, including extension of Portman J4 Deposit into Polaris tenements;
Goldsworthy Deposit
Goldsworthy Project (Polaris earning 70% Leviathan Resources Limited 30%) Target 65 MT
The Goldsworthy Iron Ore Project comprises exploration licence E45/2358 covering 120km² and contiguous with BHP Billiton’s Mt Goldsworthy mining leases.
The area is favourably located near existing transport infrastructure. Although mining at Mt Goldsworthy ceased in 1982, the rail link to Port Hedland has been maintained, and is currently used by BHP Billiton for transporting ore from the Goldsworthy Extension Project in the Shay Gap area 50-100km further to the east. In addition the area is easily accessible from Port Hedland via the sealed Great Northern Highway.
E45/2358 is held by Leviathan Resources Limited, a wholly owned subsidiary of Perseverance Corporation Limited. Under an agreement with Leviathan, Polaris can earn a 70% interest by funding $2.5 million in exploration activities over four years.
The 3,000m RC drilling program is planned principally to test concealed iron ore targets identified through reconnaissance gravity surveys, geological mapping and regional structural interpretation. High priority iron ore targets have been identified where interpreted iron formations exhibit gravity highs and magnetic lows along favourable regional scale faults.
Other drilling targets in the area are considered to have potential for nickel-copper deposits similar to the nearby Highway deposit (recorded 37Mt with 115,000t nickel, 44,000t copper). Some targets are also considered to have potential for gold and/or platinum deposits.
And finally the massive potential of Ashburton, potential for 1200mt
Ashburton Project
The Ashburton Project consists of four granted exploration licences that cover 532km² located
between 10km and 40km directly south of the Rio Tinto Paraburdoo iron ore mine in the
southern Pilbara region of Western Australia. The area is considered prospective for transported
iron ore deposits such as buried Robe pisolitic channel iron deposits (“CID”) or surficial ironrich
gravels in palaeodrainages which extend in a southwesterly direction away from the ranges
hosting the Paraburdoo iron deposits (Figure 2).
Heron previously investigated areas of raised iron-rich palaeodrainage material and submitted
samples from five shallow pits for gravity separation test work. For the +4.075mm fraction, the
3.3SG sink product averaged 60.6% Fe, 6.3% SiO2, 2.25% Al2O3 and 0.09% P. The sink product
for the -4.075mm +1.00mm fraction had similar Fe (59.77%), lower SiO2 (4.86%); but higher
Al2O3 (4.20%). The mass recovery of +1.00mm material was in the order of 20%.
As previously reported, consulting engineers Project Development and Management Services
Pty Ltd (“Prodemas”) were engaged by Polaris in January 2007 to conduct a scoping study of the
project, based on available data, and to recommend future work programs. Prodemas has now
completed a report on the study, with favourable conclusions.
The scoping study assumption was a detrital iron target potential in the range 600Mt to 1200Mt,
based on an estimate of the area of surficial gravel beds mapped within the Company’s
exploration licences, and the reasonable expectation that the depth of the gravel beds ranges from
3m to 6m. At the 20% recovery indicated by Heron’s earlier test work, the +1.00mm iron ore
target potential could be inferred to be in the range 120Mt to 240Mt.
After incorporating likely capital and operating costs in their scoping study, Prodemas concluded
that the area has the potential to be a viable iron ore mining operation, and recommended further
geological and metallurgical investigations. Among the key strengths of the project noted by
Prodemas were its location close to existing plant and infrastructure, its large scale target
potential (potential to support 10MTPA operation over 20 years) and the low phosphorus content
of the +1.00mm beneficiated material making an attractive blending product.
The Prodemas study also identified the potential for possible hidden Robe pisolite type CIDs in
the project area.
The Ashburton Project has the potential to feature prominently in Polaris’ iron ore strategic planning.
Bungalbin Iron Ore Project (Portman operator, Polaris 2% royalty)
The Bungalbin Iron Ore project is situated near the Mt Jackson iron ore mining operations of Portman Limited, about 50km north of Koolyanobbing.
The project is currently being explored by Portman in accordance with an agreement wherein Portman has the right to explore for, and if and when mining leases are granted, mine iron ore.
If Portman delineates iron ore deposits and commences mining on tenements the subject of the agreement, it is required to pay a royalty to Polaris at the rate of 2% of the FOB value it receives for all iron ore transported from the tenements and sold.
Would be interested to hear peoples thoughts on POL, there is so much more news that I could of included just mentioned a couple of their 138 tenements (all in prime Iron Ore elephant country)
POL reminds me very much of MMX/MIS about 12-18 months ago and we have all seen how they have developed.
POL is just at the beginning with plenty of cash and very prospective land holdings could be plenty of upside from here.
Good management including the MD Kevin Schultz who is the man responsible for the discovery of the Carr Boyd Nickel Copper/Mine (which is well known by all YML holders)."
well worth a look at ;-)
"Hey guys I have spent the best part of the last two weeks (when I haven’t been reporting on FNT) trying to find the next big thing in the iron ore segment. And I think that POL might be the next one to take off. The criteria that I was using to test this was a simple business plan that has been executed beautifully by MMX/MIS, that is start with a smaller direct shipping ore (DSO) project to provide cash flow and earnings to help fund a major iron ore expansion project.
With targets like the Massive Ashburton Project (1200mt of iron ore)
Near Term Cashflow from Poondano (Late 2008)
Plenty of Drilling News Upcoming
Major Shareholder Lion Group (very deep pockets, will fund projects and sign offtake agreements)
Royalty agreement with Portman
Upcoming spinoff of non iron ore assets (in-specie distribution of shares to existing holders, rumoured to 1 for 5)
There is the potential for POL to run hard on release of news due to tight capital structure and current sentiment in the Iron Ore segment.
First a look at the share structure
Ordinary Shares 81,305,625
Options 20c Dec 08 20,749,977
Shares Held in escrow 29,729,730
Fully dilluted market cap approx $52mill.
Share Price 09/07/07 52.0cents
Top Shareholders
Herron Resources 29,729,730
Lion Group 16,558,330
Reasons To Buy Into the POL Story
- Well funded, tight stable capital structure (2 top shareholders control almost 50% of the company)
- Cash $5.5 million
- Investments 10 million shares in NTU worth 15 million
- Upcoming drilling results from Goldsworthy iron ore prospect
- Release of Poondano Pre_Feasability Study
- Enormous Prospective landholding (near major RIO,BHP mines)- Near term cash flow from Poondano late 2008
- Recent history of major iron ore discoveries
- Close to excellent infrastructure
- Massive Ashburton tennement (scoping study complete target 1200mt)
- Already signed royalty agreement with Portman involving tennements close to existing Portman mines.
- Listing of non iron ore projects into new company ( creating greater shareholder wealth)
Summary of tenements held
As a result of the acquisition of iron ore assets from Heron Resources Ltd (ASX: HRR, “Heron”)
in 2006, and the intended acquisition of a tenement package from International Goldfields Ltd
(ASX: IGC, “IGL”) as announced by IGL on 28 February 2007, Polaris will hold or have a
beneficial interest in 104 granted tenements and 34 tenement applications covering a total area of
6,400km² within the prime Pilbara and Yilgarn iron and gold provinces of Western Australia.
The specific projects and their mineral potential are listed in the attached table and include
advanced iron ore projects with near term development potential, iron ore exploration projects,
advanced gold projects and other gold, nickel and base metals exploration projects. Some of the
IGL tenements have measured and indicated gold resources and some Polaris advanced gold
tenements have gold mineralisation ready to be drilled out to establish resources complying with
the JORC Code.
Current focus
Poondano
Undergoing pre_feasibility study for the development of a 1 million tonnes per annum DSO project (low cost high margin)
Current resource 10-15 million tonnes
Carina and Chamaeleon Deposits
SIGNIFICANT NEW IRON ORE DISCOVERY WITH UP TO 65.5% FE
60KM NORTH OF KOOLYANOBBING, WESTERN AUSTRALIA
POLARIS BELIEVES 50MT DSO TARGET NOW ACHIEVABLE
• Carina Deposit, 60km NNW of Koolyanobbing, 1.6km long and up to 150m wide
outcropping mineralisation, has target potential of 35-50Mt iron ore, with:
− microplaty hematite and sub-crops of specular hematite;
− average 61.6% Fe, 2.57% SiO2, 0.73% Al2O3 and 0.078% P (direct
shipping grades) in rock chip samples from northern 1.1km of the deposit;
− best grade 65.5% Fe, 1.74% SiO2, 0.67% Al2O3 and 0.04% P;
• Chamaeleon Deposit comprising goethite-hematite outcrops with microplaty
hematite, has target potential estimated from surface sampling to be 5-10Mt;
• Other targets, including extension of Portman J4 Deposit into Polaris tenements;
Goldsworthy Deposit
Goldsworthy Project (Polaris earning 70% Leviathan Resources Limited 30%) Target 65 MT
The Goldsworthy Iron Ore Project comprises exploration licence E45/2358 covering 120km² and contiguous with BHP Billiton’s Mt Goldsworthy mining leases.
The area is favourably located near existing transport infrastructure. Although mining at Mt Goldsworthy ceased in 1982, the rail link to Port Hedland has been maintained, and is currently used by BHP Billiton for transporting ore from the Goldsworthy Extension Project in the Shay Gap area 50-100km further to the east. In addition the area is easily accessible from Port Hedland via the sealed Great Northern Highway.
E45/2358 is held by Leviathan Resources Limited, a wholly owned subsidiary of Perseverance Corporation Limited. Under an agreement with Leviathan, Polaris can earn a 70% interest by funding $2.5 million in exploration activities over four years.
The 3,000m RC drilling program is planned principally to test concealed iron ore targets identified through reconnaissance gravity surveys, geological mapping and regional structural interpretation. High priority iron ore targets have been identified where interpreted iron formations exhibit gravity highs and magnetic lows along favourable regional scale faults.
Other drilling targets in the area are considered to have potential for nickel-copper deposits similar to the nearby Highway deposit (recorded 37Mt with 115,000t nickel, 44,000t copper). Some targets are also considered to have potential for gold and/or platinum deposits.
And finally the massive potential of Ashburton, potential for 1200mt
Ashburton Project
The Ashburton Project consists of four granted exploration licences that cover 532km² located
between 10km and 40km directly south of the Rio Tinto Paraburdoo iron ore mine in the
southern Pilbara region of Western Australia. The area is considered prospective for transported
iron ore deposits such as buried Robe pisolitic channel iron deposits (“CID”) or surficial ironrich
gravels in palaeodrainages which extend in a southwesterly direction away from the ranges
hosting the Paraburdoo iron deposits (Figure 2).
Heron previously investigated areas of raised iron-rich palaeodrainage material and submitted
samples from five shallow pits for gravity separation test work. For the +4.075mm fraction, the
3.3SG sink product averaged 60.6% Fe, 6.3% SiO2, 2.25% Al2O3 and 0.09% P. The sink product
for the -4.075mm +1.00mm fraction had similar Fe (59.77%), lower SiO2 (4.86%); but higher
Al2O3 (4.20%). The mass recovery of +1.00mm material was in the order of 20%.
As previously reported, consulting engineers Project Development and Management Services
Pty Ltd (“Prodemas”) were engaged by Polaris in January 2007 to conduct a scoping study of the
project, based on available data, and to recommend future work programs. Prodemas has now
completed a report on the study, with favourable conclusions.
The scoping study assumption was a detrital iron target potential in the range 600Mt to 1200Mt,
based on an estimate of the area of surficial gravel beds mapped within the Company’s
exploration licences, and the reasonable expectation that the depth of the gravel beds ranges from
3m to 6m. At the 20% recovery indicated by Heron’s earlier test work, the +1.00mm iron ore
target potential could be inferred to be in the range 120Mt to 240Mt.
After incorporating likely capital and operating costs in their scoping study, Prodemas concluded
that the area has the potential to be a viable iron ore mining operation, and recommended further
geological and metallurgical investigations. Among the key strengths of the project noted by
Prodemas were its location close to existing plant and infrastructure, its large scale target
potential (potential to support 10MTPA operation over 20 years) and the low phosphorus content
of the +1.00mm beneficiated material making an attractive blending product.
The Prodemas study also identified the potential for possible hidden Robe pisolite type CIDs in
the project area.
The Ashburton Project has the potential to feature prominently in Polaris’ iron ore strategic planning.
Bungalbin Iron Ore Project (Portman operator, Polaris 2% royalty)
The Bungalbin Iron Ore project is situated near the Mt Jackson iron ore mining operations of Portman Limited, about 50km north of Koolyanobbing.
The project is currently being explored by Portman in accordance with an agreement wherein Portman has the right to explore for, and if and when mining leases are granted, mine iron ore.
If Portman delineates iron ore deposits and commences mining on tenements the subject of the agreement, it is required to pay a royalty to Polaris at the rate of 2% of the FOB value it receives for all iron ore transported from the tenements and sold.
Would be interested to hear peoples thoughts on POL, there is so much more news that I could of included just mentioned a couple of their 138 tenements (all in prime Iron Ore elephant country)
POL reminds me very much of MMX/MIS about 12-18 months ago and we have all seen how they have developed.
POL is just at the beginning with plenty of cash and very prospective land holdings could be plenty of upside from here.
Good management including the MD Kevin Schultz who is the man responsible for the discovery of the Carr Boyd Nickel Copper/Mine (which is well known by all YML holders)."
well worth a look at ;-)
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geez thats a bit rough having my research pinched and re-posted exactly where I posted it in the first place
That's hilarious Mick
. Well at least Fisho hasn't claimed it as his own research. Got to give him/her some credit for that!well its good research
deserves to "do the rounds"
I've been in polaris from late last year, its now beginning to be recognised.
You still bullish on it Mick? i see it being a steady performer as resources are proved up, feasibilty studies completed, contracts signed, etc.
cheers
deserves to "do the rounds"
I've been in polaris from late last year, its now beginning to be recognised.
You still bullish on it Mick? i see it being a steady performer as resources are proved up, feasibilty studies completed, contracts signed, etc.
cheers
yeah still bullish, took a few profits when it hit 55c last time, but still holding a nice little stash.
What usually happens when a sector starts to heat up is that the big boys surge first and then people explore a little deeper to find the hidden gems, companies like YML,POL,CUL,IRM will continue to do well as long as the iron ore sector remains in play and the supply/demand factor remains heavily in favour of the suppliers.
What usually happens when a sector starts to heat up is that the big boys surge first and then people explore a little deeper to find the hidden gems, companies like YML,POL,CUL,IRM will continue to do well as long as the iron ore sector remains in play and the supply/demand factor remains heavily in favour of the suppliers.
Yep. Looks like some fun and games. After a pullback, looks like it's holding part of the gain from yesterday.
If anything I see this as a positive move with Polaris protecting it's interests, after Portman hasn't undertaken mining by agreed date. This allows Polaris (if successful) to either mine the area themselves, or to sell rights for a greater price given current environment.
Hopefully the legal process doesn't drag out too long.. would not be good there.
If anything I see this as a positive move with Polaris protecting it's interests, after Portman hasn't undertaken mining by agreed date. This allows Polaris (if successful) to either mine the area themselves, or to sell rights for a greater price given current environment.
Hopefully the legal process doesn't drag out too long.. would not be good there.
the following article is taken from miningnews.com
Legal spat brewing between Portman, Polaris
Kate Haycock
Tuesday, 10 July 2007
IRON ore junior Polaris Metals has threatened joint venture partner Portman with legal action if it refuses to hand over the transfer rights to two mining leases covering the Bungalbin tenements in the Pilbara.
Polaris said today that it had received legal advice stating that Portman no longer had the right to access the Bungalbin tenements for either exploration or mining.
According to Polaris, Portman has rejected the claims.
In its announcement, Polaris said that Portman had failed to meet the original terms of the heads of agreement over the Bungalbin project, which was originally made between Portman and Heron Resources in 1999.
Polaris said Portman was required to begin mining operations at the tenements before July 2005, an arrangement that was extended for another two years to July 3, 2007.
Polaris said this arrangement could be extended for a further two years, however, it had advised Portman there would be no further extension.
Advice from Polaris' lawyers Hunt & Humphrey was that Portman failed to meet the mining requirement and subsequently had no right to the tenements.
Additionally, Polaris said Portman held registrable transfers to two mining leases over the tenements, which it has demanded Portman return.
"Polaris' lawyers have formally requested Portman's undertaking not to lodge those transfers or to withdraw them from lodgement (as the case requires). If Portman does not give that undertaking, it is Polaris' intention to commence legal proceedings immediately," the company said.
Portman's chief executive officer has advised Polaris that the company does not agree its rights have ceased or that Polaris had ownership of the granted mining leases.
MiningNews.net was unable to contact representatives of either Polaris or Portman for comment this afternoon.
Shares in Polaris closed down 2.5c to 49.5c, while shares in Portman took a 93c hit to close at $11, a fall of almost 8%.
Legal spat brewing between Portman, Polaris
Kate Haycock
Tuesday, 10 July 2007
IRON ore junior Polaris Metals has threatened joint venture partner Portman with legal action if it refuses to hand over the transfer rights to two mining leases covering the Bungalbin tenements in the Pilbara.
Polaris said today that it had received legal advice stating that Portman no longer had the right to access the Bungalbin tenements for either exploration or mining.
According to Polaris, Portman has rejected the claims.
In its announcement, Polaris said that Portman had failed to meet the original terms of the heads of agreement over the Bungalbin project, which was originally made between Portman and Heron Resources in 1999.
Polaris said Portman was required to begin mining operations at the tenements before July 2005, an arrangement that was extended for another two years to July 3, 2007.
Polaris said this arrangement could be extended for a further two years, however, it had advised Portman there would be no further extension.
Advice from Polaris' lawyers Hunt & Humphrey was that Portman failed to meet the mining requirement and subsequently had no right to the tenements.
Additionally, Polaris said Portman held registrable transfers to two mining leases over the tenements, which it has demanded Portman return.
"Polaris' lawyers have formally requested Portman's undertaking not to lodge those transfers or to withdraw them from lodgement (as the case requires). If Portman does not give that undertaking, it is Polaris' intention to commence legal proceedings immediately," the company said.
Portman's chief executive officer has advised Polaris that the company does not agree its rights have ceased or that Polaris had ownership of the granted mining leases.
MiningNews.net was unable to contact representatives of either Polaris or Portman for comment this afternoon.
Shares in Polaris closed down 2.5c to 49.5c, while shares in Portman took a 93c hit to close at $11, a fall of almost 8%.
Yeah this is all quite interesting isn't it.
Based on the drilling results by Portman to date on the tenements in question J4,J5. we are looking at a substantial DSO resource.
POL may have been quitely aware of the expiry of the agreement and have "bounced" now to claim it back. Considering the new Iron ore discovery (estimated up to 50mt at 60%+fe) announced by Polaris recently is right next door to these tennements, infact the J4 prospect extends into this new area. Additionally, POL mentioned more targets in this area with grades averaging over 60% fe (the details of these other targets are not know yet, to the public anyway, perhaps management do?) so they may be keen to secure the J4 and J5 tenements back, and in doing so create a very large DSO resource within a small area. They may have plans to develop it themselves, or perhaps re-negotiate a deal with Portman that includes these new discoveries.
any thoughts?
cheers.
Based on the drilling results by Portman to date on the tenements in question J4,J5. we are looking at a substantial DSO resource.
POL may have been quitely aware of the expiry of the agreement and have "bounced" now to claim it back. Considering the new Iron ore discovery (estimated up to 50mt at 60%+fe) announced by Polaris recently is right next door to these tennements, infact the J4 prospect extends into this new area. Additionally, POL mentioned more targets in this area with grades averaging over 60% fe (the details of these other targets are not know yet, to the public anyway, perhaps management do?) so they may be keen to secure the J4 and J5 tenements back, and in doing so create a very large DSO resource within a small area. They may have plans to develop it themselves, or perhaps re-negotiate a deal with Portman that includes these new discoveries.
any thoughts?
cheers.