Wonmunna prospect, Weeli Wolli Creek Area, East Pilbara Shire, Western Australia, Australiai

Regional Level Types
Wonmunna prospect	Prospect
Weeli Wolli Creek Area	Area
East Pilbara Shire	Shire
Western Australia	State
Australia	Country

80 kilometres north-west of Newman. Series of east-west trending tenements between the Hope Downs and West Angelas mines. Four ore deposits named being Marra Mamba North, Marra Mamba South, Marra Mamba Central, and Marra Mamba East. Leases 230 square kilometres. Ore is found in the Mount Newman Member of the Marra Mamba Formation.

In 2009, Talisman Resources was exploring the area. In February 2011, Rico Resources purchased the leases for 41.5 million (Australian). 1200 drill holes were sunk across this period, and a scoping study completed. Ochre Group Holdings then take over.

Early 2014, Ascot Resources purchase the leases for 31 million and 2% royalties to the prior company should any mine get off the ground. Ascot swing into action with a drilling campaign, feasibility studies, and Mines Department approval to open a mine. 84.3 million tonnes of iron ore is confirmed averaging 56.5% Fe. A maiden resource is announced of 31.6 Mt iron ore mineable at 58% Fe, with a seven year mine life span.

Local news outlets targeted at shareholders gush about how great an investment the company is. Large finance firms sink in millions of dollars during a share capital raising exercise, at 25% premium above the listed price. Company cash reserves are 7.6 million, with the share issue raising 10 million dollars. One source states it had timed its run perfectly. In truth it bought the deposit with iron ore prices at record highs, then they plummeted.

Less than eighteen months later, Ascot is requesting to be de-listed off the stock exchange, citing poor iron prices as the reason. It states it will continue exploring the leases, but when next looked at one year later, their website had closed down.

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