be careful, page-4

I totally aggree with you. I could not find any exciting contents from their announcement, IMO. Anyway, I sincerely congratulate on those who anyone gained money from early entry. It may be a real killing or just hype. Time will tell.


The following article appeared in the morning hour at www.afr.com

Sirius stock spurts on metals find

Australia’s most successful prospector, Mark Creasy, looks to have struck pay dirt again, this time in partnership with junior explorer Sirius Resources.

Shares in Sirius rocketed nearly eightfold to 45¢ yesterday after the company announced a virgin nickel-copper sulphide discovery at its 70 per cent-owned Fraser Range project, off the Eyre highway in Western Australia’s south.

Mr Creasy, a former BRW Rich 200 member, owns the balance of Fraser Range and is the largest shareholder in Sirius with a 25.73 per cent stake. Before yesterday, the stake was worth $2.2 million; it is now worth $17.5 million. Sirius’ market value has surged from $9 million to $68 million. The deposit, which has been named Nova, was discovered in a previously unexplored, inaccessible part of the Fraser Range project area. “This appears to be a major new nickel-copper discovery, of a new deposit style in an entirely new province,” Sirius managing director Mark Bennett, a former LionOre International executive, said.

Like the giant Tropicana gold discovery to the north, Nova is a blind deposit (meaning it is not visible at surface) and was discovered with the help of electromagnetics.

Mr Creasy, who collected $130 million in 1994 when he sold the Bronzewing and Jundee gold deposits in WA to Joseph Gutnick, was cautious about declaring that a mine would definitely be developed at Fraser Range.

“It’s a very encouraging start and I think we have every reason to be confident, but I wouldn’t want to jump the gun,” he said.

Mr Creasy could not recall exactly when he pegged the Fraser Range tenements, but said he knew of the area’s potential based on exploration forays led by Newmont Mining in the early 1970s. Those forays were a technical success, proving the existence of nickel-copper sulphide mineralisation. But no economic drill intersections were returned.


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