Oz. Sirius Resources (SIR) was the centre of attention as it...

Oz. Sirius Resources (SIR) was the centre of attention as it rocketed up by a jaw-dropping 890 per cent in just 48 hours after reporting ore-grade assays from the its 70 per cent-owned Nova project in the Fraser Range near the south coast of Western Australia.



Much more work is required at the discovery site, but last week’s drill results drove the shares from A5.7 cents to a closing price on Friday of A56.5 cents. The shares even got as high as A63.5 cents in early Friday trade.



Two factors caught the eye of investors. First were the assays themselves, which included four metres at 3.8% nickel, plus 1.4% copper from a depth of 191 metres. Second was the potential importance of the discovery, as it could validate a theory that the largely unexplored Fraser Range will become a new mineral province, albeit one currently hidden by thick beds of wind-driven sand.