Sirius Resources NL (ASX:SIR) is focused on the Nova Nickel project situated in Western Australia.
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Following the discovery of the Nova and Bollinger nickel deposits, Sirius Resources has enjoyed a meteoric rise in valuation with its share price increasing a staggering +7,000% at its high. The company is now well advanced in completing a Scoping Study and is targeting first production as early as 2016. Significant exploration potential still exists within the immediate area of Nova-Bollinger as well as elsewhere within the prospective portfolio.
Sirius Resources’ (ASX: SIR) primary focus is its 70% interest in the ‘Fraser Range’ project which is located in southern WA. The remaining interest is held by well-known prospector Mark Creasy who retains a 30% ‘free carried’ interest to completion of a BFS. Mark Creasy also owns 19.9% of SIR via Yandal Investments.
In July 2012 Sirius discovered the Nova deposit and since then the company has delineated a JORC Resource of 14.6Mt @ 2.2% Ni, 0.9% Cu and 0.08% Co (implying a 2.5% NiEq grade) which includes the adjoining Bollinger deposit.
The Nova-Bollinger deposit is a magmatic nickel sulphide deposit which occupies part of a 3km long prospective structure known as ‘the Eye’. This style of deposit is broadly analogous to very large Canadian deposits (Thompson, Raglan, Voisey’s Bay) and has not been previously recognised in Australia. Significant exploration potential still exists with only ~50% of ‘the Eye’ adequately tested.
A Scoping Study is well advanced and due for completion in the coming weeks. Initial reports indicate high recovery rates of >90% are achievable for nickel, copper and cobalt while geotechnical studies indicate an efficient low cost ‘open stope’ underground mining method can be employed.
The discovery of the Nova nickel-copper deposit in July 2012 has catapulted Sirius from the modest ranks of a junior exploration company to the ranks of one of Australia’s most significant nickel companies.
Since July 2012...
ASX on Hotcooper: http://hotcopper.com.au/asx/SIR