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Winmar Resources shares placed in pre open, resource upgrade pending

Published: 10:30 20 Aug 2012 AEST

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Winmar Resources (ASX: WFE) is preparing to announce a Resource Upgrade, with the ASX granting the company a trading halt and placing it's shares in pre-open.

Winmar did not elaborate which project the halt referred to, but the company is focused on developing a major iron ore project in Pilbara region of Western Australia.

The company though in a recent presentation said that a reverse circulation drilling campaign at the Hamersley project was targeting a significant Resource upgrade - which is due in the September 2012 quarter.

Recent high grade results at the project include; 74 metres at 59.15% iron (60.47% Calcined Fe) from 28 metres in PLRC0162, within a CID zone of 102 metres thickness; and 28 metres at 57.03% iron (60.63% Calcined Fe) in PLRC0145 and mineralised Channel Iron Deposit (CID) zones of up to 90 metres at 51.63% iron (55.98% Calcined Fe) in PLRC0154.

Another plus for the company is a fully-funded $2.2 million exploration and development budget committed for 2012.

The halt will last until the earlier of an announcement being made to the market or the open of trade on Wednesday 22nd August.

 

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