Report on Sirius Resources from Minesite late 2013 for a look at a big success story with products we are talking about ourselves as small junior looking towards the future hopefully to some degree, as well as doing some mining already in the meantime for working cashflow.
****Sirius Resources has grown from a junior exploration company with a market capitalisation of less than $10 million to today being a prospective mid-tier nickel miner with a market capitalisation of around $700 million.
This accomplishment stems from its discovery of the major Nova nickel-copper sulphide deposit in July 2012, and the adjacent Bollinger deposit in February 2013. Sirius joined the ranks of the S&P ASX 200 index in 2013. In what has been a meteoric rise, the nickel, gold and copper explorer has received numerous awards and accolades for their work.
Additionally, Chief Executive and Managing Director Mark Bennett was named ‘Prospector of the Year’ at the Association of Mining and Exploration Companies (AMEC) awards in September 2013 for discovering the celebrated Nova and Bollinger deposits. AMEC commented the discovery was the most significant in Australia for many years, and that “the Nova and Bollinger discoveries have redefined the prospectively and geology of WA and destroyed the myth that Australia is a mature over-explored area that does not have the potential for major new discoveries”.
The Nova-Bollinger mineral resource currently stands at 14.6 metres @ 2.2% nickel, 0.9% copper and 0.08% cobalt which results in contained metal of 325,000 tonnes (t) nickel, 134,000t copper and 11,000t cobalt.
Nova and Bollinger are part of the Fraser Range joint venture located approximately 120 kilometres east of Norseman and owned 70% by Sirius and 30% by well-known prospector Mark Creasy. Sirius was created with the specific aim of targeting high risk, high reward under-explored areas with the intent of discovering major deposits capable of delivering order of magnitude returns to shareholders, and with the discovery of the Nova and Bollinger deposits – it has well achieved this goal. That is a brief history.
***Now to our minuscule Pioneer Resources for a small version at the present time.. We have the previous reports on The Blair Nickel Mine first.
The Blair Nickel Mine Mineral Resource estimate for the Blair Nickel Mine is: 222,710t of nickel sulphide ore with a grade of 2.92% Ni, as summarised by category .
(More clearly) Table 3. Mineral Resource Summary by Category: Blair Nickel Mine Class Tonnes Ni Metal (t) (%) (t) Indicated 75,560 4.37 3,300 Inferred 147,150 2.18 3,210 Total 222,710 2.92 6,510)
Compiled regolith geochemistry results now at Leos Dam define a 1-kilometre long nickel sulphide target that includes the 2018 drill hole GRRC038, which intersected 22m at 1.02% Ni and 475ppm Cu in sulphides • Continued Target is drill-ready for deeper RC drilling and down-hole EM surveys • In addition, near-surface cobalt laterite grades the highest ever at Leo’s Dam.
Now are not looking for the same results in any way of course and much work to be done - would be in for heavy criticism if we were so brash but we would look for say respectable results as we move on and follow the trend for these longer term products with shorter term cashflow add-ons along the way.
In the meantime successful outcomes of the now mentioned EM surveys and deeper RVC drilling won't hurt to revalue the price a little more correctly somewhere out of the current lethargy stage as a value add in some way.. Nor would any further success hurt from the further drilling this month at end of Pit1 and beyond for targets of caesium and lithium metals laid out for some show of success.
Many are looking for immediate results for a pump or respectable rise and not happening in this market because of sell-offs that occur so quickly and dialogue observed creating weaknesses in trading immediately a move is made.
The company has a positive turn of drilling and survey targets on the move now at Leos with strong targets with hopeful strong results plus regular cashflow amounts coming in from our stockpiles building.
Also it didn’t go unnoticed that a $10m block was put up at some stage Friday for a sell and then pulled after sales as it is a hold.
We need to be results driven now and have measured cashflow for continuing work and monitoring at different levels regardless of the ridiculous downramping no matter what..
The company has to continue second development moves now on preparatory work already documented on mining potential all around and SP valuations moving gradually upwards until a significant move is made, This is really a company accountability now, not a sit back and shrug. Thread support on fundamentals where stronger holders can see improved development happening is helpful also. We have to stop these fertile imagination fear fed “The Sky is Falling' statements that keep appearing at every pause.
This is a mining company slowly in progress now, not a peep show. Let's get it in the open and move it. We also have big J/V gold projects to follow as well.
This is comment opinion only. Dyor.
PIO Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
