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Sirius Resources NL updates drilling Nova nickel-copper deposit  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 17/12/2012

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(MENAFN - ProactiveInvestors - Australia) Sirius Resources NL (ASX: SIR) has provided an update to the market on the drilling and other activities at its Nova nickel-copper deposit in Western Australia.

Nickel-copper sulphides confirmed at upper edge of conductor 5

Results received from holes drilled on what is now known to be the upper fringe of conductor 5 have confirmed the presence of a broad halo of nickel-copper sulphide mineralisation adjacent to the upper edge of the conductor.

Hole SFRD0125, drilled on the 850N line, intersected 11.77 metres at 0.73% nickel and 0.58% copper from 322.8 metres within a broader interval of 28.87 metres at 0.5% nickel and 0.34% copper from 305.7 metres. The upper edge of conductor 5 is located adjacent to this intercept and the main part of the conductor extends for 200 metres down dip to the east of this point.

Disseminated sulphides intersected 800m south of Nova

Disseminated sulphide mineralisation has been intersected in the first hole drilled to the south of the Nova nickel-copper deposit. This hole is situated approximately 800 metres south of Nova on the down dip continuation of the western contact zone of the Eye intrusion.

Hole SFRD0139 intersected 19.07 metres of disseminated sulphides from 105.63 metres, beneath anomalous intercepts of nickel and copper in previous aircore drilling.

This is the only hole in the entire southern part of the Eye, and it further confirms the widespread nature of mineralisation along the basal contact.

Western rim drilling commenced

Systematic drilling of the basal contact zone along the western rim of the Eye, between Nova and conductor 3, has commenced. The first hole is underway mid-way between conductor 5 and the Tethys prospect.

Nova infill drilling progressing

Infill drilling of Nova is proceeding, with drilling now in progress on 25 metre spaced infill lines. Five holes have now been drilled on these lines and all have intersected mineralisation in line with expectations based on previous holes on adjacent lines. Drilling remains on schedule for completion to JORC Indicated Resource standard by the end of March 2013.

Environmental surveys completed

Preliminary environmental surveys completed in the area surrounding and including the Nova deposit have confirmed that there are no environmentally sensitive (ie, threatened or priority) flora or fauna species in the area.

Extension of term granted for Nova Exploration Licence

The Western Australian Department of Minerals and Petroleum (DMP) has extended the term of the Exploration Licence containing the Nova deposit for a further 4 years. Sirius will commence the process of applying for a Mining Lease early in 2013.

Planned activities

Drilling will continue until later this week and will resume early in January after the Christmas break, when an additional two rigs are scheduled to arrive.

The first quarter of calendar 2013 will see seven rigs completing the infill drilling at Nova and intensively exploring the western rim of the Eye, including conductor 3, conductor 5 and the Tethys prospect.


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