Sirius Resources has relinquished two of its projects as it ramps up exploration at its Nova nickel-copper deposit, starting the new year with seven drill rigs.
The Balcatta-based explorer today said drilling had restarted at Nova following the Christmas break, with infill drilling on track for the completion of a maiden JORC resource estimate for the end of March.
Results from holes drilled in December had been received, and continued to confirm the internal continuity of mineralisation, Sirius said.
Results included 64 metres at 2.48 per cent nickel and 0.95 per cent copper from 279m, comprising 10.5m at 6.77 per cent nickel and 2.08 per cent copper from 294.4m, and 56.2m at 2.64 per cent nickel and 1.15 per cent copper from 322.8m.
Sirius said exploration drilling was continuing at adjacent targets around Nova.
As a result of the increased focus on Nova, located within the Fraser Range joint venture with Mark Creasy, and at the Polar Bear project, Sirius today said it would relinquish its Collurabbie and Canyon Creek projects.
WA project Collurabbie was a joint venture with Mr Creasy while Sirius had an option to earn a 100 per cent interest in Canyon Creek in British Columbia.
Sirius plans to carry out scoping and definitive feasibility studies on Nova this year, and will also apply for a mining lease.
In December the explorer raised $44 million for work at Nova, a deposit which was discovered mid-last year and sent Sirius’ shares up seven-fold.
Shares in Sirius closed down 6c to $2.31 today.
