Market darling Sirius Resources continued its dream run yesterday, reaching an intraday high of $2.24 a share after announcing further drilling results at its Nova nickel prospect.
The junior explorer, which came under the microscope from the Australian Securities Exchange on its disclosure practices this week, was swift to post its latest results yesterday, announcing a further two diamond drill holes had been completed at the site, north-east of Norseman.
Sirius said the results defined a zone with a maximum thickness of 36.5m and a down dip extent of about 250m which split down into two separate zones.
The announcement triggered a familiar share price boon for the junior play, with its scrip jumping 18¢ before taking a late dive to finish 1¢ lower at $2.05.
The company also disclosed yesterday an option holder had converted 1.7 million unlisted 60¢ options on Tuesday. The conversion would have cost $953,000. At yesterday's closing price the shares were worth $3.52 million. It comes as another 1.95 million options were converted early last week.
Another 23.7 million 60¢ options in the company are due to be cashed in before the December 31 deadline.The company reached a market capitalisation of about $385 million at its highest point yesterday, up from about $8.5 million in less than two months.
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