EXPLORATION UPDATE – NOVA, THE EYE AND REGIONAL? Large EM...

EXPLORATION UPDATE – NOVA,
THE EYE AND REGIONAL
? Large EM conductor identified at new target
? Prospectivity of the western contact of the
Eye revealed
? DHEM extends conductor 5 down dip
? More good intersections in Nova drilling
Sirius Resources NL (ASX:SIR) (“Sirius” or the “Company”) advises that
exploration is progressing on a number of fronts at its Nova deposit and
surrounding prospects.
New EM conductor 20 kilometres west of Nova
Sirius has commenced exploring other Nova-style targets in its broader
Fraser Range project area. The first reconnaissance moving loop
electromagnetic (MLEM) survey on one of these targets has defined a
large conductor situated 20 kilometres west of the Nova nickel-copper
deposit (see Figure 1).
This conductor is approximately the same size as Nova, being 1,500
metres long, 600 metres wide, dipping 65 degrees to the northwest and
plunging gently to the northeast (see Figure 2). Further EM is required to
close off the south western end of the conductor as a prerequisite for
drilling, which is planned for the first quarter of 2013.
The bigger picture at the Eye
As Nova goes into the resource definition phase, the scope of drilling is
broadening to include all targets along the western contact of the Eye,
which appears to be the key mineralised trend.
As described in the last ASX announcement, the first drilling of the IP
anomaly some 500 metres north of Nova has confirmed the presence of
disseminated sulphide mineralisation in the corridor linking Nova with
conductor 3.
3D visualisation of this corridor (as shown in Figure 3) reveals the
SIRIUS RESOURCES NL
ASX: SIR
ABN: 46 009 150 083
Street address:
Unit 5, 5 Mumford Place, Balcatta
6021, Western Australia
Postal address:
PO Box 1011, Balcatta 6914,
Western Australia
Tel: +61 8 9240 8914
Fax: +61 8 9240 8915
Email:
[email protected]
Web:
www.siriusresources.com.au
Projects:
Fraser Range nickel-copper, gold
Polar Bear gold, nickel
Canyon Creek molybdenum,
copper, gold
Youanmi nickel, copper, PGM‘s
Collurabbie nickel, copper, PGM’sSirius Resources ASX/Media Announcement 2
disposition of Nova, conductor 5, the disseminated sulphides intersected in hole SFRD0133 and the location
of conductor 3 over a strike length of 3 kilometres. Drilling will continue to track the disseminated sulphides
along the IP corridor and also test conductor 3.
The 3D distribution of mineralisation discovered to date indicates that the entire prospective western
contact of the Eye dips gently to the east, so broad spaced deeper drilling of this zone will commence with
the dual aim of defining its position, locating additional mineralisation on this contact and undertaking
systematic DHEM to search for deeper, blind deposits.
DHEM extends conductor 5
Down hole electromagnetics (DHEM) undertaken on the initial holes testing conductor 5 has shown that
this conductor extends over a larger area than previously defined (see Figure 4).
Conductor 5 now measures 260 by 170 metres and is located largely to the east (down dip) of the
drilling to date, at a depth which is consistent with the favourable basal contact of the mineralisation
intersected to date. Its conductivity is consistent with matrix or stringer style sulphides so this may
represent a larger zone of this style of mineralisation than previously known.
Nova drilling
Ongoing resource definition drilling at Nova has encountered better than expected mineralisation at the
southern (near surface) end of the deposit on line 550N, with hole SFRD0134 intersecting:
? 5.1 metres of massive sulphides with abundant pentlandite (nickel sulphide) from 177.9 metres
(see Figure 5), and;
? 2.1 metres of massive chalcopyrite (copper sulphide) from 189 metres (see Figure 6).
Drilling around the peripheries of the Nova deposit continues to add additional zones of mineralisation,
which is yet to be fully closed off down dip on three lines.
Assays received from infill drilling around the periphery of Nova continue to confirm the robustness of the
deposit, with examples being:
? 22.07 metres @ 2.94% nickel and 0.7% copper from 314 metres in SFRD0114, an infill hole on
the 750N line.
? 17.57 metres @ 1.67% nickel and 0.69% copper from 355.43 metres in SFRD0120, an infill hole
on the 550N line.
Mark Bennett, Managing Director and CEO