Sirius Resources (SIR) shares jumped about 5 per cent to $3.15 in early trading today after the company announced more strong drilling results from its Baloo gold discovery at the Polar Bear project in WA.
Sirius said the latest drilling showed the mineralisation started from just 3m deep and many holes started and/or finished in mineralisation. The oxide gold mineralisation is up to 50m wide in the central part of the deposit, it said.
Gold has been intersected over a strike length of 500m and assays are pending from the northern and southern ends.
The latest hits include 30m at 2.53gpt from 4m (including 9m at 4.4gpt), 14m at 2.57gpt from 4m (including 4m at 5.73gpt) and 26m at 1.24gpt from 22m (including 4m at 5.39gpt).
Sirius noted that 18 holes had ended in hard gold mineralised quartz veins, showing the deposit remained open in both the oxide zone and fresh rock. A diamond rigs starts drilling these quartz veins today.
"If the current drilling continues, we will be moving to a full throttle resource drillout as fast as we can," Sirius managing director Mark Bennett said.
Given Bennett's penchant for cars, Diary thinks we know what he is trying to say.
But today's release was almost as notable for what it didn't say. That is, there was no mention of the recent drilling at its Crux nickel prospect in the Fraser Range.
Sirius set tongues wagging last week when it revealed that the "first effective" hole at Crux had intersected nickel sulphides and a second diamond rig was being sent to site.
However, this information was squirrelled away deep in a corporate presentation and it has said nothing publicly since.
Sirius said the latest drilling showed the mineralisation started from just 3m deep and many holes started and/or finished in mineralisation. The oxide gold mineralisation is up to 50m wide in the central part of the deposit, it said.
Gold has been intersected over a strike length of 500m and assays are pending from the northern and southern ends.
The latest hits include 30m at 2.53gpt from 4m (including 9m at 4.4gpt), 14m at 2.57gpt from 4m (including 4m at 5.73gpt) and 26m at 1.24gpt from 22m (including 4m at 5.39gpt).
Sirius noted that 18 holes had ended in hard gold mineralised quartz veins, showing the deposit remained open in both the oxide zone and fresh rock. A diamond rigs starts drilling these quartz veins today.
"If the current drilling continues, we will be moving to a full throttle resource drillout as fast as we can," Sirius managing director Mark Bennett said.
Given Bennett's penchant for cars, Diary thinks we know what he is trying to say.
But today's release was almost as notable for what it didn't say. That is, there was no mention of the recent drilling at its Crux nickel prospect in the Fraser Range.
Sirius set tongues wagging last week when it revealed that the "first effective" hole at Crux had intersected nickel sulphides and a second diamond rig was being sent to site.
However, this information was squirrelled away deep in a corporate presentation and it has said nothing publicly since.