Sirius confirms gold find in WA
PERTH (miningweekly.com) – The share price of ASX-listed Sirius Resources climbed by nearly 5% on Wednesday after drilling confirmed the discovery of gold at the Baloo deposit, in Western Australia.
Sirius reported that a total of 150 aircore holes have so far been drilled in the three weeks since the gold discovery was first announced, and assay results for 41 of these holes have indicated that the holes started or finished in gold mineralisation.
Assay results received from holes drilled in the central part of the deposit confirmed a corridor of oxide gold mineralisation of up to 50 m wide.
“Baloo has the potential to be a significant virgin gold discovery exactly where our targeting predicted it to be,” said Sirius MD Mark Bennett.
“It is already obvious that the length, width and above all, the extremely shallow nature of the Baloo discovery makes it potentially very amenable to the sort of openpit mining operation that is relatively simple and low cost.”
Bennett noted that if the current drilling continued to deliver positive results, the company would move to resource drill-out as soon as possible.
Further assay results were awaited for the drilling recently undertaken to the north and south of the deposit, and additional aircore, reverse circulation and diamond core rigs were being sourced to facilitate an accelerated drilling programme at Baloo, as well as other deposits within the greater Polar Bear project area.
Sirius shares were trading at a high of A$3.25 a share on Wednesday, up from an opening price of A$3.17 a share and the previous day's closing price of A$3.01 a share.
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