11/03/2013 - 11:11

Sirius tops $1bn on Bollinger find

11/03/2013 - 11:11

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Sirius tops $1bn on Bollinger find
Sirius Resources general manager resources and geology Andy Thompson (L), and drill supervisor Merv Russell with massive sulphide cores from Bollinger.

Sirius Resources’ market capitalisation topped $1 billion during trade today, after it announced further strong drilling results at its Bollinger nickel discovery near Norseman.

Shares in the nickel explorer rose as high as $4.85 today before closing 21 cents stronger at $4.40.

Prior to the Bollinger discovery last week, Sirius’ stock had been trading between $2.00 and $2.40 for much of the past quarter.

With a market cap around $1 billion, Sirius ranks as one of Western Australia's top 20 stocks, according to the latest Deloitte WA Index.

Sirius announced this morning that the first two holes drilled to the south of the Bollinger zone, the discovery that sent the company’s shares rocketing again last week, intersected thick zones of massive sulphides, indicating a likely extension of the deposit.

Sirius said the massive sulphides were similar to those discovered at its nearby Nova discovery, for which a maiden JORC-compliant resource estimate remains on track for completion by the end of the month.

A research note released by Patersons Securities this morning showed the stockbroker expected Sirius’ shares to hit $4.82, but said the stock could potentially rise to around $10/share if exploration at Bollinger uncovers a similar-sized deposit to the Voisey’s Bay development in Canada.

 

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