Sirius hits primary gold at Baloo

Monday April 13, 2015: Shares in Sirius Resources (SIR) jumped 6 per cent this morning to $2.67 after the emerging miner announced "thick, high-grade primary gold mineralisation" below its Baloo gold find in WA.

Sirius said the results defined a mineralised shoot up to 10m thick and 70m wide. Results included 7.6m at 8.35gpt from 125.2m, 9.8m at 4.97gpt from 111.5m and 12.8m at 3.1gpt from 95.8m.

The shoot remains open down-dip and down-plunge to the south, with diamond drilling continuing.

Sirius sought to explain disappointing results from earlier drilling which was aimed at following up the initial promising oxide results at Baloo.

"The shallow, south-plunging orientation of the primary gold zone explains why the initial drilling immediately beneath the oxide zone did not replicate the oxide intersections," Sirius said.

"The oxide zone is actually the upper tip of a relatively flat-lying shoot that is located to the south of the oxide zone at depth."

Sirius also said it had identified a strong conductor under a copper geo-chemical anomaly at Lake Harris, 40km north of its Nova nickel deposit in WA's Fraser range.

It said the conductor would be drilled "in the next few weeks".


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