Sirius Minerals Regulatory News (SXX)

9 Mar 2006 07:01

Sirius Exploration plc09 March 2006 RELEASED ON BEHALF OF: Sirius Exploration Plc MARCH 9, 2006 SIRIUS VIEWS RESULTS AT KADIICA COPPER PROSPECT IN MACEDONIA AS ENCOURAGING • Suspended Drill Hole To Be Extended To At Least Target Depth Of 400m • Drilling Crew To Be Re- Mobilised When Weather Improves • > 50m Thick Supergene Blanket Grading 0.2p.c. Copper Outlined Over 1.5km2 Although its exploration programmes in Macedonia have been suspended due to theonset of winter weather conditions, AIM-quoted Sirius Exploration is pleased toreport that it has successfully located primary copper mineralisation at theKadiica property, beneath an extensive leached cap and an underlying supergeneenrichment blanket. The results to date have been encouraging and Phelps DodgeExploration Corporation ("Phelps Dodge"), as operator, intends to continue jointventure drill hole 11 at Kadiica (currently suspended) to at least its planned400m depth, when the weather improves. Three further deep holes have been drilled with Hole 11 as yet uncompleted. Theobjective is to delineate the extent of the supergene blanket at Kadiica anddetermine the nature and size of any underlying mineralisation. Drilling was suspended in December, as anticipated, because of the onset ofwinter. By then, Hole 10 at Kadiica had been completed to a depth of 263m,having penetrated a supergene enrichment blanket 90m thick and averaging0.19p.c. copper. This included a 45m section grading 0.26p.c. copper. The underlying primary copper mineralisation is low grade (0.1p.c. copper). Weakalteration and stockwork suggest the hole has traversed the outer margin of theporphyry system. These results are similar to those of Hole 9, the first in thecurrent programme, which intersected 63m of supergene mineralisation grading0.22p.c. copper underlain by a stockwork. Hole 11, sited to examine an untested portion of the system and seeking theheart of the primary porphyry mineralisation, was temporarily suspended inDecember at a depth of 232m in primary stockwork mineralisation after cutting"good supergene enrichment." This hole has intersected the supergene blanket(54m at 0.2p.c. copper), followed by weak porphyry mineralisation to a depth of199m, states Sirius. From there to the current end of the hole, stockworkveining and disseminated sulphide mineralisation increase significantly, and thelatest assays, to 220m depth, show that last 23m averaged 0.11p.c. copper. /2 SIRIUS EXPLORATION 2 Sirius says the supergene blanket at Kadiica has now been intersected in 8 ofthe 11 holes drilled (the first 8 by the earlier Phelps Dodge campaign). It hasbeen closed off to the south and west, partially so to the east, but remainsopen to the north. Drilling is widely spaced at present but ground magneticssuggest no internal interruptions to the supergene blanket. To date, Siriusestimates that the blanket has been outlined over an area of 1.5km2 at anaverage thickness of 60m and a grade of 0.2p.c. copper. Kadiica and Osogovo, located in the Balkan porphyry trend, were recognised asporphyry copper systems as a result of earlier work undertaken by leading copperproducer Phelps Dodge. Under its agreement with the US major, Sirius isfollowing up the latter's earlier work to determine if these targets are ofsufficient size and grade to interest Phelps Dodge. QUALIFIED PERSON Dr Nicholas Badham, Managing Director, is a fellow of the Geological Society, aChartered European Geologist, a Fellow of the Society of Economic Geologists andwas formerly Chief Geologist of RTZ Mining and Exploration Limited. He has readand approved the technical disclosure in this regulatory announcement. Further Information: Richard Poulden, Chairman, Sirius Exploration Plc. Tel: 01453 511900/07769-721512 richard.poulden@siriusexploration.com Ron Marshman, City of London PR Ltd. Tel: 020-7628-5518 ron@mining-investor.comJohn Greenhalgh, City of London PR Ltd. Tel: 020-7628-5518john@cityoflondongroup.com Website: www.siriusexploration.com Sirius Share Price Roland Cornish, Chairman, Beaumont Cornish Ltd. Tel: 020-7628-3396 Map available on: http://www.siriusexploration.com This information is provided by RNS The company news service from the London Stock Exchange