Polaris Metals and Mineral Resources Limited have entered into an agreement which grants Mineral Resources an exclusive option to acquire the rights to mine, process, transport and ship all of the iron ore deposited on Polaris' Poondano tenements located approximately 30 km southeast of Port Hedland.
Under the agreement, Mineral Resources will complete a feasibility study and if successful, build, own and operate the site facilities and pay Polaris Metals for each tonne of iron ore removed from the site.
The project will potentially generate several million dollars per annum revenue for Polaris.
Mineral Resources has committed to spend at least $400,000 to complete an operational feasibility review to establish the quantum and grade of the ore reserve and detail the scope and timing of the site operations.
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