Sirius gold find at Polar Bear

Shares in Perth-based explorer Sirius Resources were up nearly 10 per cent today after it announced a gold discovery at its Polar Bear project near Norseman.

The company said it had intersected thick, high-grade near-surface gold at its Baloo prospect, with the most significant being 33 metres at 3.81 grams per tonne gold from 24 metres.

The discovery was made on unexplored ground, on tenements recently granted to Sirius after a 15-year application period.

Managing director Mark Bennett said the discovery was by far the best gold zone found so far at Polar Bear.

“We have been looking forward to drilling this area for a long time given that it is one of our top targets, it was unexplored, it had been out of bounds during the modern era of gold exploration, and it is in a district with approximately 30 million ounces of gold discovered in relative proximity to the north, south and west of us,” Mr Bennett said.

The eight drillholes which ended in gold mineralisation are located about 10 kilometres from Avoca Resources’ Higginsville gold mine.

Sirius shares were trading 8.6 per cent higher at $2.51 per share at 11:45am.