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Sirius resources managing director Mark Bennett.

Sirius up 38% on nickel discovery

Shares in Sirius Resources have surged today after the company announced further promising nickel exploration results near Norseman.

Managing director Mark Bennett said the company had found 138 metres of mineralisation at its Frasers operation near its Nova discovery.

Sirius has named the new zone of nickel sulphide Bollinger.

Shares in the company gained 38 per cent, or 79 cents, to close at $2.85 today, but had been as high as $3.09 during intraday trading.

Mr Bennett said the discovery was 200 metres east of promising drill holes announced to the market on February 25.

Four drill rigs are on site to follow up the intersection.

Sirius in December said it was encouraged by metallurgical test results on the Nova nickel-copper mineralisation.

Hartleys resource analyst Mike Millikan said any new good-grade nickel and copper tonnes from this zone would have a positive effect on the company's share valuation.

"If Bollinger represents the start of a much larger system, then we are only scratching the surface of potential," Mr Millikan said in a research note.

He said the speculative stock could reach $3.53 in 12 months.

Sirius has a 70 per cent stake in the Frasers joint venture, which has gold and nickel-copper-platinum group metal deposits.

In July last year Sirius had just three staff and $1 million in the bank as its share price languished around five cents.

That all changed when the company announced the Nova nickel and copper discovery south east of Kalgoorlie.

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