Shares in Sirius Resources (ASX:SIR) have risen more than 10 per cent in morning trade after releasing a nickel exploration update.
The miner says it has discovered massive nickel sulphide mineralisation in the first reconnaissance hole drilled to test the greenfields Taipan nickel prospect.
The Taipan prospect forms part of the company’s wholly owned Polar Bear project in Western Australia.
Sirius says the high grade massive nickel sulphide mineralisation is accompanied by significant levels of copper, cobalt, platinum and palladium.
Managing Director & CEO Mark Bennett has described the results as very pleasing and somewhat surprising.
Mr Bennet says the results have exceeded all expectations and bode very well for the nickel potential at Polar Bear.
Sirius Resources reported a net loss of $9.2 million in the first half of the 2014 financial year.
