Sirius Exploration identifies new gold target within its Kadiica Copper project area
Thursday, 30 November 2006
Sirius Exploration identifies new gold target within its Kadiica Copper project area
FOR RELEASE 7.00AM 30 NOVEMBER 2006
SIRIUS EXPLORATION PLC
(“Sirius Exploration” or “The Company”)
Sirius Exploration acquires and explores mineral properties
Sirius Exploration identifies new gold target within its Kadiica Copper project area in Macedonia.
First results from the current exploration year suggest that Sirius may have gold deposits within the existing Kadiica claim area. Kadiica is one of two claim areas in Macedonia currently being transferred to Sirius by joint venture partner Phleps Dodge Exploration Corporation and is the area Sirius believes is most likely to produce a small mine in the near term.
Following the data exchange agreement with Rio Tinto, Sirius Exploration has obtained data from one of their regional rock chip sampling programmes. These, combined with earlier regional work by the government, indicates that there are potential gold targets in Sirius Exploration’s Kadiica claim as well as the copper target already identified.
Previous partner Phelps Dodge reported a low level soil gold anomaly over the centre of the porphyry coincident with advanced argillic alteration overprinting the porphyry alteration.. Two of the rock chip samples from a silicified spine in the centre of the advanced argillic alteration gave 7.2 and 0.8 gpt Au. These significant results will be followed up next spring with a full programme of mapping and trenching.
Nick Badham, Sirius Exploration’s Managing Director, has recently returned from mapping the area and reports there to be a second separate area of silicification some 2 km to the east of the porphyry.
A cluster of seven rock chip samples taken here by Rio Tinto over a 500m x 300m area, still well within the Kadiica claim, revealed values from 0.8 to 5.4 gpt Au - average 1.8gpt Au. Again these highly significant data will be followed up by an aggressive programme of trenching and sampling as soon as weather permits.
Richard Poulden, The Chairman of Sirius Exploration, commented: “We continue to make good progress in Macedonia and the findings from our recent visit to our Kadiica Copper claim look very encouraging with strong indications that we will will be able commence mining for both copper and gold within the next two to three years. We believed we had the makings of a profitable small copper mine at Kadiica and now with the added possibility of a gold credit this makes the project even more attractive."
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.
For further information:
Sirius Exploration Plc Richard Poulden (Chairman)
Jonathan Harrison (Financial Director) Tel: 01453 511900 Mobile: 07879 447 601 Mobile: 07803 206085
Beaumont Cornish Roland Cornish, (Chairman) Tel: 020 7628 3396
Cubitt Consulting Brian Coleman-Smith / Nia Thomas / Allison Reid Tel: 020 7367 5100
Sirius Exploration Sirius Exploration PLC (AIM: SXX) is quoted on the Alternative Investment Market of the London Stock Exchange Ltd in London. The Company acquires and explores mineral properties. The Company is exploring for copper on its porphyry copper mineral properties located in Macedonia. The Company has a joint venture with Phelps Dodge and has completed a drilling program at exploration sites in Macedonia. Sirius Exploration has an agreement with Rio Tinto to explore their Macedonian database to identify further exploration opportunities.
Phelps Dodge
Phelps Dodge is one of the world’s leading producers of copper and molybdenum, the largest producer of molybdenum-based chemicals and continuous-cast copper rod, and among the leading producers of magnet wire and carbon black. The company and two divisions, Phelps Dodge Mining Co. and Phelps Dodge Industries, employ approximately 15,500 people worldwide.
Rio Tinto
Rio Tinto is a world leader in finding, mining and processing the earth's mineral resources. Major products include aluminium, copper, diamonds, energy products (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc and zircon), and iron ore. The Group's activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
Rio Tinto comprises wholly owned subsidiaries (such as Borax, Comalco, Hamersley, Rio Tinto Coal Australia, Kennecott and Rio Tinto Iron & Titanium), partly owned subsidiaries (Coal & Allied and Palabora) and non-managed, (Escondida) and joint ventures (Grasberg) in which public shareholders, other companies or governments are partners.
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Macedonia's parliament voted a resolution Monday calling for a "strategy"
to solve an ongoing row with neighouring Greece over its name, which has
harmed its attempts to join the Europan Union.
Macedonia is not yet ready to start European Union membership talks,
Enlargement Commissioner Olli Rehn said Monday, less than three weeks
before an evaluation of the Balkan state's accession hopes.
The violence and allegations of fraud marred parliamentary elections, which had been seen as a test of Macedonia’s democratic credentials as it seeks to join the European Union.
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