Sirius applies for new exploration licence and signs deal with Rio Tinto
New Area Is Contiguous With And East Of Osogovo Prospect.
Company Acquires Exclusive Access To Rio Tinto Database For Macedonia.
AIM-quoted Sirius Exploration Plc (SXX) has filed an application for a new exploration licence covering ground which is contiguous with, and immediately east of, its existing joint venture with Phelps Dodge at Osogovo in Macedonia.
The new claim called
Kalina Kamen covers ground which Sirius believes to be prospective for
copper mineralisation as a result of data generated during last
season’s exploration programme on the Osogovo prospect.
Osogovo
is surrounded by lead-zinc-silver mineralisation which was exploited by
the nearby Sasa mine where operations, and those of two other nearby
mines, were suspended in 2002. Copper values are known to increase in
the deeper workings at Sasa as they approach Osogovo.
The new claim is filed solely by Sirius and does not form part of the existing joint venture with Phelps Dodge.
Meanwhile,
Sirius also announces that it has concluded an agreement with Rio Tinto
Exploration covering Rio’s exploration database for the whole of
Macedonia. Under the terms of the agreement, Sirius has exclusive
access to the database for a review period of six months. Should it
identify projects for further evaluation, Sirius will have an
additional six months in which to negotiate the terms of any proposed
work programmes with Rio Tinto.
The
Rio database was assembled as a result of that company’s exploration
programmes in Macedonia which were targeting major base metals
deposits. Whilst Rio concluded that its work failed to identify any
such targets, Sirius obviously has less demanding deposit criteria than
a major mining group. The company says it believes the potential for
smaller targets is good in many of the areas covered by the Rio
database and looks forward to initiating its review.
QUALIFIED PERSON
Dr
Nicholas Badham, Managing Director, is a fellow of the Geological
Society, a Chartered European Geologist, a Fellow of the Society of
Economic Geologists and was formerly Chief Geologist of RTZ Mining and
Exploration Limited. He has read and approved the technical disclosure
in this regulatory announcement.
Further Information:
Richard Poulden, Chairman, Sirius Exploration Plc. Tel: 01453 511900/07769-721512
Ron Marshman, City of London PR Ltd. Tel: 020-7628-5518
John Greenhalgh, City of London PR Ltd. Tel: 020-7628-5518
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Sirius applies for new exploration licence and signs deal with Rio Tinto
