Junior Australian mineral explorer Polaris Metals announced that Malaysian Lion Group will take a 9% stake at $4 million investment and that this move will help it to fast track iron ore exploration at several West Australian sites. Under the deal, Polaris will also have access to Lion's iron and expertise, logistics system and business network.

Lion will purchase 10 million shares at 40 cents each, a 12 cent premium over Polaris' closing share price on Friday.

Polaris has iron ore projects at Poondano and Goldsworthy in the Pilbara region and at Evanston, Johnston Range and Bungalbin-Aurora in the Yilgarn.

The Lion Group's main business interests are in the steel, motor, tire, computer, pulp and paper industries. The diversified group spans eight countries across North America and Asia.