SIRIUS EXPLORATION ADMITTED TO AIM AS DRILLING BEGINS AT KADIICA COPPER PROJECT IN MACEDONIA
Company Raises £500,000 To Fund Exploration in Macedonia with Phelps Dodge Objective Is To Test For Both Supergene Blanket And Deeper Ore At Kadiica Work Programme At Osogovo Will Be Initiated Later.
Sirius Exploration Plc, which lists on AIM today, has already
commenced drilling at one of the two potentially large copper deposits
which it is exploring in Macedonia under letter agreements with Phelps
Dodge Exploration Corporation (“Phelps Dodge”). Sirius has raised
£500,000 through a placement of shares at 5p each to fund this
programme, in which Sirius’ input is managed by Nick Badham, managing
director of Sirius and former chief geologist of RTZ Mining and
Exploration.
Historic exploration, together with work done by
Phelps Dodge over the past two years, has established the presence of
mineralisation at both Kadiica and Osogovo. These are two potentially
economic porphyry copper systems situated in the highly prospective and
productive Tertiary porphyry mineralised belt of Macedonia.
The
Kadiica area has been known historically for iron prospecting (no
production) of large, low-grade surface deposits called ferricretes
which averaged around 32p.c. iron and 500ppm-900ppm copper. Phelps
Dodge speculated that these ferricretes were an indication of strong
leaching and that their iron content was likely to have been derived
from primary iron sulphides higher on the mountain which were
oxidised, leached and re-deposited down-slope. This process left little
surface indication of potential primary base metal mineralisation.
This
interpretation is supported by limited, widely spaced drilling
completed by Phelps Dodge in 2002 which demonstrated the presence of
extensive secondary copper enrichment (a supergene blanket) beneath the
leached cap in the central area of the Kadiica claim. A recent ground
magnetics survey confirms an extensive altered and sulfidised
(demagnetised) zone. Preliminary work also suggests at least two phases
of mineralisation may be present, and that primary porphyry copper
mineralisation may underlie the supergene blanket.
The
drilling programme now in progress at Kadiica comprises a number of
deep holes designed to delineate the extent of the supergene blanket
and determine the nature and size of any underlying mineralisation.
Initial, preliminary results of the drilling should be available in
late September or early October.
SIRIUS EXPLORATION 2
The
company’s second project is Osogovo (Red Ridge), where exploration by
Phelps Dodge in 2002-03 identified a porphyry copper system surrounded
by lead-zinc-silver-type mineralisation. The target structure at
Osogovo is adjacent to the old Sasa lead-zinc-silver mine, and
exploration under the letter agreements with Phelps Dodge will begin
when results of the initial drilling at Kadiica have been assessed.
The
primary objective of the exploration at Kadiica and Osogovo is to
determine whether there is an economic ore body present. If Phelps
Dodge exploits any discovery, Sirius is reimbursed double its
exploration expenditure on that property and receives a 1.5p.c. NSR
royalty on production in perpetuity. Otherwise, Sirius will be
entitled to exploit it and Phelps Dodge will receive a 1p.c. NSR
royalty on production.
Phelps Dodge has acquired approximately 9p.c. of the Sirius ordinary share capital (pre-listing) under the letter agreements.
Chairman
of Sirius is Richard Poulden, a lawyer with a background in corporate
finance and early-stage business. He has experience in the natural
resources industry through oil and gas projects in the Americas and the
Middle East.
Further Information:
Richard Poulden, Chairman, Sirius Exploration Plc. Tel: 01453 511900/07769-721512
Roland Cornish, Beaumont Cornish Limited. Tel: 020 7628 3396.
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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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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SIRIUS EXPLORATION ADMITTED TO AIM AS DRILLING BEGINS AT KADIICA COPPER PROJECT IN MACEDONIA
