Market welcomes Sirius’ latest hulla-Baloo

Sirius Resources (ASX: SIR) has cheered a beleaguered resources market, declaring the discovery of a “significant zone of gold mineralisation” at its Polar Bear project in WA.

The release of shallow intersections such as 49m at 2.69gpt and 68m at 1.13gpt at the Baloo prospect sent Sirius shares 20c higher to $2.51.

The market’s response was a far cry from that generated by exploration results in Sirius’ heyday. But in an environment where the yellow metal is about the only member of the periodic table of interest to investors, the hits were warmly welcomed.

Sirius said the results came just 10km from the famous Higginsville mine, where past production and current resources total around three million ounces.

Sirius also pointed out that it was the first drilling program in the area due to it having been the subject of a 15-year application process.

“Much of the surrounding gold endowment has been discovered whilst this ground was quarantined in this application process,” the company said.

Drilling at Baloo will “resume shortly”.


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