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Sirius Resources to deliver maiden resource at Nova in March

Sirius Resources to deliver maiden resource at Nova in March

Sirius Resources (ASX: SIR) has updated the market on the drilling program at Nova deposit in Western Australia, which the company said is continuing to confirm the continuity and grade of the deposit.

Importantly to define the initial size of the recent discovery, a maiden resource is on schedule for the end of March 2012.

Adding potential scale to Nova, exploration drilling is proceeding on adjacent targets.

Nova update

Infill drilling at Nova continues to confirm the geological continuity of the deposit, with recent holes continuing to intersect broad zones of mineralisation consistent with that encountered to date.

Assays received for holes drilled prior to the Christmas break have also confirmed this continuity, including true width intersections as follows:

625N Line:

- 62.34 metres at 2.98% nickel and 1.38% copper from 336.33 metres in hole SFRD0155.

675N Line:

- 15.58 metres at 4.64% nickel and 1.9% copper from 417.0 metres in hole SFRD0147.
- 34.23 metres at 3.54% nickel and 0.88% copper from 305.56 metres in hole SFRD0148.
- 27.09 metres at 2.1% nickel and 1.12% copper from 214.77 metres in hole SFRD0150.
- 37.6 metres at 2.01% nickel and 0.81% copper from 330.65 metres in hole SFRD0151.

725N Line:

- 33.92 metres at 2.6% nickel and 1.19% copper from 396.53 metres in hole SFRD0152.

750N Line:

- 11.98 metres at 4.71% nickel and 1.98% copper from 396.76 metres in hole SFRD0143.

Drilling plan

Sirius said that due to the large amount of drilling information now being generated, the company will no longer report visual intersections.

Holes will be reported once assays have been received. The infill drilling remains on schedule for completion in time for a maiden JORC mineral resource estimate by the end of March, with five drill rigs currently deployed on Nova.

A second stage of metallurgical test work is also underway and scheduled for completion by the end of March.

Exploration Drilling along strike from Nova is proceeding with two rigs testing a large area of potentially mineralised contact.

Hole SFRD 0133, one of the holes drilled at the Tethys prospect, intersected two narrow zones of nickel sulphide mineralisation, attesting to the fertility of this contact.

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


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