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SIR - Sirius Resources

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System

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Sirius Resources NL (SIR), formerly known as Croesus Mining NL (CRS), is a gold mining and exploration company with projects in Western Australia. The company's mining and exploration activities are focused on projects located in Central Norseman and Davyhurst, near Kalgoorlie.

http://www.siriusresources.com.au
 
While I usually stick to playing the BESBS (Buy Early Sell Before Spudding) technique in the oil & gas sector, I occasionally take a punt on a miner that appears to have a few of the same BESBS/during testing factors. SIR is one that has appealed recently. Why?
* Mark Creasy entity purchases 600 million SIR options - great to see support from major players in the company
* Announcement of Polar Bear drilling approval should be soon.
* If this goes as expected, drill targets within a few months.
* Creasy would not be getting so involved if he thought that SIR were going nowhere in a hurry.
* At 1.1c, the leverege shall be hug when drilling finally commences. These tiddlers can really run once drilling commences. Plenty of time but happy to get set at this price.

In at 1.1c with a 9 month outlook.

SIRIUS IDENTIFIES DRILL TARGETS ALONG STRIKE FROM
KNOWN VMS MINERALISATION AT YOUANMI
New EM conductors beneath copper‐zinc anomalies
Sirius Resources (ASX:SIR) is pleased to advise that it has identified new
volcanogenic massive sulphide (VMS) drill targets at Youanmi. Sirius has
a 70% interest in 597km² of ground surrounding Metals Australias
Manindi VMS zinc deposit and the new targets are situated immediately
along strike in both directions from the Manindi deposit (see Figure 1).
The targets comprise:
Two electromagnetic (EM) conductors beneath copper‐zinc‐lead
anomalies delineated in previous soil sampling and RAB drilling on
the prospective gabbro‐felsic contact along strike to the north west
of the Manindi VMS deposit.
Two EM conductors and gossans identified in an earlier survey
associated with the same prospective gabbro‐felsic contact along
strike to the south east of the Manindi VMS deposit.
EM is commonly used in exploration for VMS deposits as it is designed to
detect massive sulphide bodies at depth beneath the oxidised zone of
weathering. The EM survey to the north west of Manindi was designed
to detect any such massive sulphide zones beneath a 500 metre long
copper‐zinc‐lead anomaly originally identified in soil sampling (see Figure
2 and Sirius ASX announcement of 15th March 2010) and coincident
copper‐zinc anomalism subsequently confirmed in two reconnaissance
traverses of RAB drilling (see Figure 3 and Sirius ASX announcements of
8th June 2010).
The confirmation of EM conductors beneath these copper‐zinc anomalies
is considered very encouraging, especially as they also occur at the
prospective stratigraphic level and in close proximity to a known cluster
of VMS deposits.
EM is continuing to test extensions of the prospective stratigraphic
horizon to the north west of Manindi. Once this survey is complete, the
EM anomalies identified in previous data to the south east of Manindi
will be resurveyed to allow better delineation and modelling as a prelude
to drilling.
The EM survey will also be extended to cover a nickel‐copper soil
anomaly situated to the east of the VMS targets at the contact of the
adjacent Youanmi layered igneous complex, which Sirius is also exploring
for magmatic nickel‐copper sulphides
 
More good news today on the ASX.
No significant action now but in months to come, when the drill bit finally turns, this one should move northward on trader speculation.

STRONG EM CONDUCTOR IDENTIFIED BENEATH NICKELCOPPER‐
COBALT ANOMALY AT YOUANMI
Located near prospective basal contact zone of intrusion
Sirius Resources (ASX:SIR) is pleased to advise that it has identified a
further EM conductor from its ongoing survey at Youanmi, where Sirius
has a 70% interest in 597km² of ground surrounding Metals Australia?s
Manindi VMS zinc deposit and covering the contact zone of the Youanmi
layered intrusion. The new EM conductor is located close to the
interpreted basal contact of the Youanmi layered intrusion, associated
with the strong coincident nickel‐copper‐cobalt soil anomaly described in
the ASX announcement of 12th October 2010 (see Figures 1 and 2). This
conductor is in a setting considered prospective for intrusion‐related
magmatic nickel‐copper sulphide deposits and is completely unexplored.
EM is commonly used in exploration for such deposits as it is designed to
detect massive sulphide bodies at depth beneath the oxidised zone of
weathering. The new EM conductor was identified at the easternmost
end of the southern line in the survey designed to test for repetitions of
the Manindi VMS deposit as well as to test the basal contact zone of the
intrusion (see previous ASX announcement of 12th October 2010).
The identification of three EM conductors in this area, each with strong
coincident geochemical anomalies in the appropriate geological setting,
is considered highly encouraging. Follow up EM is ongoing in order to
better constrain the location, depth and geometry of this conductor prior
to drilling.
Mark Bennett
Managing Director and CEO
Sirius Resources NL
 
Nice to see SIR holding up (even saw a nibble at 1.3c) despite news on the consolidation.
Happy to let this one sit and come back in 12 months. :)
 

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Just saw that, biggest percentage increase I have seen in my short time researching!

Can I ask a silly question, I can see that the volume is 22 million shares - how was there 22 million shares available to buy in the first place? Is there a way of telling how many shares a company has for sale at any point time?
 
Steve C said:
Just saw that, biggest percentage increase I have seen in my short time researching!

Can I ask a silly question, I can see that the volume is 22 million shares - how was there 22 million shares available to buy in the first place? Is there a way of telling how many shares a company has for sale at any point time?
Click to expand...
They're not sold by the company, but by traders/ investors who held them.
And on a day like this, there would be lots of long-time holders willing to take a profit; likewise lots of traders, who bought into the rise and sold at a few cents profit higher up.
Added together, the volume can be quite substantial - and a significant portion may be churning, i.e. same person bought, sold, bought back again and sold. That's what traders do :)

SIR i1 26-07-12.gif

PS: You can find out how many shares are on issue for a particular company by reading their most recent Quarterly Report or look for the latest "Appendix 3B" at -
http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=sir&timeframe=D&period=M3

(SIR has some 400M on issue)
 
Now up 690%!!! Has anyone seen anything like this before? It almost seems a bit suss? There are positive announcements released similar to this one and there is mimimal share impact (certainly under 50%+)
 
I find it interesting that there was (at least to my, admittedly untrained eyes) no technical indicators prior to the break out. Congratulations must be in order to this company if no "information leak" has occured prior to the ASX announcement today.
 
Ves said:
I find it interesting that there was (at least to my, admittedly untrained eyes) no technical indicators prior to the break out. Congratulations must be in order to this company if no "information leak" has occured prior to the ASX announcement today.
Click to expand...

Sorry if this sounds stupid, but how can a chart predict a positive announcement?
 
Steve C said:
Sorry if this sounds stupid, but how can a chart predict a positive announcement?
Click to expand...
I don't think "predict" is the right word. Many technical analysts on this site believe that information is released before the market knows about it, and the chart will show this via price action and volume.
 
Ves said:
I don't think "predict" is the right word. Many technical analysts on this site believe that information is released before the market knows about it, and the chart will show this via price action and volume.
Click to expand...

[This is slightly off the topic of SIR but relevant to the current discussion.]

I don't believe that "information is released" but it is possible quite a lot of the time to 'sense' when something is happening.

In the example below (chart of CSE) there was abnormal activity on both the 16th and 17th April, followed closely on the 18th by a response from the company the the activitity "may be related to speculation about Syrah's impending announcement"

The rest you can read about from their reports from there onwards.

Yes, the charts can be a very sensitive barometer of what is coming, beware of the opposite too, recent examples were PEN and RED where they churn out announcements with predictable monotony in a futile effort to halt an inevitable decline.

(click to expand)
 

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Steve C said:
Now up 690%!!! Has anyone seen anything like this before? It almost seems a bit suss? There are positive announcements released similar to this one and there is mimimal share impact (certainly under 50%+)
Click to expand...

Minotaur Resources went 1,000% in 1 day on announcing the discovery of Prominent Hill!

Nothing suss there!

Flinders Mining went pretty good too!
Iron Ore discovery in the Pilbara.
4 billion shares changed hands that day!
And that is churning, because it's twice as many shares as the company had at that time!
See Chart ...
 

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Chasero said:
So... anyone holding? :eek:

This share price is more crazy than MAD...

Anyone trade breakouts?
Click to expand...

The crazy thing is after it went up 700% in one day and hit ~40c you would have thought it was all over and the next day it would hit resistance as the hype died down (my noob way of looking at in anyway), but even if you bought after the massive rise, you would have still made plenty! (currently trading at 70c)!
 
Steve C said:
... (my noob way of looking at in anyway), but even if you bought after the massive rise, you would have still made plenty! (currently trading at 70c)!
Click to expand...

Q. How do you avoid big mistakes?
A. Experience!
Q. How do you get experience?
A. Make big mistakes!

Glad you did not say worth 70c, or even, valued at 70c

Not held since it was named Croesus (CRS)
 

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