SIRIUS RESOURCES NL Nova New Ni-Cu Discovery with World Class Potential Sirius Resources NL (“Sirius”, “SIR”, “Company”) is a precious metals and base metals explorer with a portfolio of projects predominately in Western Australia. The Company’s flagship project is the 70%-owned Fraser Range project, located within the Albany-Fraser Belt, where Sirius recently announced the greenfields discovery of significant nickel and copper sulphide mineralisation. The new discovery, named Nova, has all the attributes of a significant discovery, representing a new style of deposit in an entirely new province with results received offering strong grade with considerable scale. Nova corresponds to a large electromagnetic (EM) conductor (over 1.2km x 300m), and represents the first of four EM targets to be tested within the immediate project area. It should also be noted that geophysical (EM) surveys over the project have, so far, concentrated on an area of only ~7km2 and Sirius has over 100km of prospective strike (or 1,500km2) to explore within the Fraser Range project area. The Nova discovery is located within 40km of the Eyre Highway, some 320km to the port of Esperance.
More Discoveries Will Confirm Province Scale Nova represents the first of many EM conductors to be tested over the project area. Three priority targets surrounding Nova have not as yet been drilled but possess characteristics (EM signatures) indicative of massive sulphide mineralisation.
Our early estimates (non-JORC) for nickel-copper tonnes and grade potential indicates that Nova alone could represent over ~9.5Mt @ 3.8% Ni Eq for 163Mlb Ni Eq and importantly the Company has another 3 targets immediately surrounding Nova, yet to be drill-tested. With 3 diamond rigs on site and more rigs to arrive, at the current drill production rate, Sirius could potentially be in a position to release a maiden (inferred) resource for Nova by mid-2013.
AVB Price at posting:
8.2¢ Sentiment: Hold Disclosure: Held
