26/11/2012 - 13:01

Sirius on a rollercoaster after mixed results

26/11/2012 - 13:01

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Sirius on a rollercoaster after mixed results
Sirius managing director Mark Bennett at the Nova discovery hole near Norseman.

After spending much of the year as one of the strongest performing stocks on the ASX, Sirius Resources has become one of its most volatile.

Sirius shares has dropped by more than 22 per cent to $2.03 on the ASX at 12:45PM WST today, after it released the latest drilling results from its Nova deposit near Norseman.

The company’s stock was trading as high as $3.03 in late October, after a rapid and sustained rise from 5.7 cents since the initial announcement of the discovery in July.

Sirius announced today that the latest two holes drilled at the Nova project did not appear to have significant levels of nickel and copper present, and all drilling had been suspended due to heavy rainfall and electrical storms.

The company is seeking to have a resource defined at Nova by next year, with a final investment decision scheduled for 2014.

Sirius completed a $7.6 million capital raising at 76 cents per share to continue its exploration programs at Nova late last month.

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