Sirius Resources continues good Nova news

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THE DRILL SERGEANT: The good news keeps coming for Sirius Resources (ASX: SIR) with ongoing drilling at the company’s Nova project confirming the continuity and grade of the deposit.

Sirius indicated it is currently on schedule for maiden JORC mineral resource estimate around the end of March with five drill rigs currently deployed on Nova.

Recently-completed infill drilling at Nova has intersected further broad zones of mineralisation consistent with what Sirius has encountered to date.

 

Detailed plan projection of Nova, showing location of new drillholes and assayed intersections. Source: Company announcement

 

The company has received assays for holes drilled prior to the Christmas break, which it claims has confirmed this continuity.

Intersections include:

625N Line:

–    62.34 metres at 2.98 per cent nickel and 1.38 per cent copper from 336.33 metres.

675N Line:

–    15.58m at 4.64 per cent nickel and 1.9 per cent copper from 417m;

–    34.23m at 3.54 per cent nickel and 0.88 per cent copper from 305.56m;
 
–    27.09m at 2.1 per cent nickel and 1.12 per cent copper from 214.77m; and

–    37.6m at 2.01 per cent nickel and 0.81 per cent copper from 330.65m.

725N Line:

–    33.92m at 2.6 per cent nickel and 1.19 per cent copper from 396.53m.

750N Line:

–    11.98m at 4.71 per cent nickel and 1.98 per cent copper from 396.76m.

The company demonstrated its confidence in the project by declaring in its ASX announcement that due to the large amount of drilling information it is now generating, it will no longer report visual intersections.

All drilling will now be reported once assays have been received.

Sirius has a second stage of metallurgical test work underway, which is also scheduled for completion by the end of March.

Drilling along strike from Nova is proceeding with two rigs testing a large area of what the company considers to be potentially mineralised contact.

“One of the holes drilled at the Tethys prospect, intersected two narrow zones of nickel sulphide mineralisation, attesting to the fertility of this contact,” Sirius said.

“The intersections comprise 1.18 metres at 1.44 per cent nickel and 0.31 per cent copper from 212.57 metres and 0.29 metres at 2.84 per cent nickel and 1.06 per cent copper.

“The first hole drilled to test conductor 3 did not hit the target.

“A follow up hole will commence once a downhole electromagnetic (DHEM) survey has been undertaken to guide this.”

Sirius shares dropped 3.11% to $2.18 during afternoon trading