Sirius Resources hits big gold at Nanook
THE DRILL SERGEANT: Sirius Resources (ASX: SIR) has continued its love affair with the drill bit with recent drilling undertaken at the Nanook gold prospect, located within the company’s 100 per cent-owned Polar Bear project.
Siruis has reported the latest drilling at Nanook has encountered the highest grade gold mineralisation yet at Polar Bear.
Assays are still awaited for approximately half of the recent drill program, however the last two holes from which assays have been received returned:
– 13 metres at 23.9 grams per tonne gold from 44 metres, including 4 metres at 74.7g/t gold from 44 metres; and
– 18m at 1.46g/t gold from 44m, including 8m at 2.85g/t gold from 44m.
The latest drilling is being carried out to follow up earlier 400m spaced lines at one of Sirius’ gold targets, which identified a broad anomaly known as the Nanook prospect.
Plan of Nanook gold prospect showing key reconnaissance drill intersections. Source: Company announcement
The recent follow up drilling on 200m spaced lines has defined the presence of an extensive layer of gold-bearing quartz gravel, which Sirius considers to have eroded off an adjacent elevated area of hydrothermally altered bedrock.
Assay results for the remainder of this drill program are expected next week, until then Sirius said, the significance of this zone is unknown.
Two other gold anomalies defined in the first pass reconnaissance drilling of the southern gold targets have yet to be followed up, and the northern gold targets have not yet been subject to any drilling as they are located on tenements recently granted to Sirius after 15 years of inactivity whilst previous ownership issues were resolved.
“In conjunction with our nickel exploration around Nova we will now accelerate our gold exploration program to continue to expand the first pass reconnaissance drilling coverage of the remaining 60 per cent of the gold targets beneath Lake Cowan and also delineate the extent of the gold mineralisation at Nanook in more detail, both within the palaeochannel deposit and in the adjacent bedrock ridge,” Sirius Resources managing director Mark Bennett said in the company’s announcement to the Australian Securities Exchange.
“With a strong cash position of over $110 million following settlement of the recent capital raising, we will be well positioned to fast track these outstanding exploration opportunities whilst we continue to progress the Nova-Bollinger project through feasibility and into development.”
Email:
admin@siriusresources.com.au
Website:
www.siriusresources.com.au