Dragon Energy Ltd announce three iron ore projects have been acquired from Polaris Metals N.L.. The projects comprise 7 tenements totalling 596 km˛ in size and have potential to host large scale hematite and magnetite iron ore deposits. They include the Pilbara Ashburton project, the Midwest Milly Milly project, and the Lee Steere Range project. The major acquisition terms for the three projects include, an aggregate cash payment of A$450K, and Dragon is to sole fund the first $1M of iron ore exploration expenditure on Lee Steere. Dragon is acquiring 100% of Ashburton and 100% of Milly Milly and acquiring 75% of iron ore rights and 100% other mineral rights for Lee Steere.
Polaris Metals announced that as part of a divestment program of non-core tenements, three projects located in Western Australia have been sold to Dragon Energy Ltd. Ashburton and Milly Milly projects were divested for cash and retained royalty while Lee Steere Range project was sold to Dragon with Polaris retaining a 25% interest.
An independent scoping study has concluded that the Ashburton Project has the potential to
be a viable iron ore mining operation able to support a 10Mtpa operation over 20years.
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