UPDATE 2.15pm: Shares in Sirius Resources have continued their stellar run today after the explorer released more encouraging news about its Fraser Range project.
Yesterday, shares in the company soared 39.3 cents, or 689 per cent, to 45 cents after it announced a new nickel-copper discovery at Fraser Range east of Norseman based on a drill hole revealing a four metre intersection at 3.8 per cent nickel and 1.42 per cent copper.
Today, the company announced that its fourth reverse circulation drill hole at its newly-discovered Nova deposit had intersected more sulphide mineralisation down dip from the discovery hole.
Sirius said the hole had hit eight metres of mixed sulphides from 229-237 metres.
"Whilst it is not yet possible to determine the grade of these sulphides, the presence of chalcopyrite suggests that these zones are likely to contain copper and nickel," the company said in a statement.
"During the next week, Sirius will continue to delineate the near surface part of the deposit with the RC drill rig, on sections 50 metres south and 100 metres north of the discovery section.
"Once this has been completed, a diamond drill rig will commence delineating the down dip and down plunge extensions of the deposit."
Sirius is 26 per cent owned by millionaire prospector Mark Creasy through his private company Yandal Investments. Mr Creasy also owns 30 per cent of the project itself.
Sirius shares closed up 11.5 cents, or 25.56 per cent, at 56.5 cents after hitting an intraday peak of 63.5 cents.