UPDATE 3.20pm: Shares in Atlas Iron were higher after the iron ore miner doubled the resource estimate at its Corunna Downs project to 51 million tonnes at 57.3 per cent iron.
The company said the latest results highlight the significance of Corunna Downs, which was discovered less than a year ago and was already emerging as a potential production centre.
Atlas managing director Ken Brinsden said the latest resource upgrade put Corunna Downs well on track to achieve its Exploration Target of 100-150 million tonnes at 55-58 per cent iron by June next year.
Corunna Downs is situated between Atlas' newest mine, Mt Webber, and its McPhee Creek project.
Atlas shares closed up 1.5 cents, or 1.81 per cent, at 84.5 cents.