One of Australia’s strongest emerging juniors Sirius Resources has extended the zone believed to contain gold anomalies at its Polar Bear project in Western Australia.
Exploration director Jeff Foster told Australian Mining had the company not found its Nova and Bollinger deposits, Polar Bear would’ve been its frontrunner.
“It would’ve always been our number one priority target,” he said.
But Polar Bear’s location, over a 10 to 20 metre thick salt lake makes drilling it out both difficult and expensive.
“It requires specialised drilling equipment to drill the target,” Foster said.
The 100 per cent Sirius owned deposit is surrounded by the St. Ives, Norseman and Higginsville deposits which collectively contain about 22 million ounces of gold.
“Polar Bear sits directly in line with those [deposits],” Foster said.
He explained recent infill drilling shows a significant anomaly.
“The southern part of the tenement has three decent targets,” Foster said.
The main gold anomaly, which is tipped to be christened Nanook an Inuit inspired name, has been extended several hundred meters to the northeast and now has a strike extent of about 1.6 kilometres.
Foster said Sirius has the discovery of Nova and Bollinger to thank for Polar Bear’s recent exploration efforts.
“Without Nova and Bollinger we couldn’t have raised enough money to explore Polar Bear properly,” he said.
“We could never afford to drill under lake sediment.”
The discovery of its Nova-Bollinger nickel-copper deposits, just over a year ago, sent Sirius’ market cap skyrocketing, putting money in the bank and allowing the junior to continue exploring.
Foster estimates it will cost about $15 million to build a detailed picture of Polar Bear.