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Admiralty Resources Gains Substantial Shareholder

Admiralty Resources (ASX: ADY) has added Zhong Wang to its register as a substantial shareholder.

Wang holds around 36.6 million shares in Admiralty, giving him a 5.03% interest.

Admiralty Resources is moving closer to starting iron ore production at its Harper South project in Chile, recently doubling its iron ore Resource at Mariposa to 174.5 million tonnes, from an earlier estimate of 87.8 million tonnes at a 15% cut-off.

It has also defined a maiden Measured Resource of 43.4 million tonnes at Mariposa, which is one of the six targets identified in the Harper South District.

At a 10% cut-off, the Resource at Mariposa trebled to 513.4 million tonnes from 168.4 million tonnes.

The increase in Resource builds on the earlier success at Admiralty's Soberana target, where it defined a maiden Inferred Resource of 90.2 million tonnes, and puts the company closer to production.

The results confirm the potential of the Harper South District as hosting a consistent mineral base and to provide upside to Admiralty's Resource base.

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