The Australian Securities Exchange has turned up the heat on market darling Sirius Resources, questioning its disclosure practices after the latest surge in the Perth explorer's share price.
The queries, which began on Friday and continued yesterday, saw the ASX question the timing of Sirius' disclosure of new drilling information from its Nova nickel-copper discovery, north-east of Norseman.
Sirius' share price jumped 41¢ to $1.915 on Friday, on trade of more than 14 million shares, in the absence of any disclosed news. On the previous day when again no news was disclosed, Sirius shares rose 2¢ on trade of 3.9 million units.
The sharp rise coincided with an institutional investor and broker trip to the Nova site on Thursday.
Sirius yesterday announced latest diamond drill hole results from Nova, including a 36.5m zone of nickel sulphide, and positive assays from earlier-drilled holes.
Managing director Mark Bennett, who was unavailable for further comment yesterday, said in a statement the results were "the thickest zone of nickel-copper sulphide mineralisation yet found at Nova".
The assays included hits of 3.16 per cent nickel. Sirius share rose a further 3.5¢ to $1.95 yesterday, on trade of 13.4 million shares.
In early trade today, Sirius was down 2.8 per cent, 5.5 cents, to $1.895 with 492,660 shares traded.
The ASX wrote to Sirius after the explorer announced yesterday's results and queried the timing of the announcement in the context of the explorer's earlier share price hikes. On Friday, in response to the initial ASX query, Sirius said it could not explain the 41¢ hike.
Yesterday, the ASX queried when Sirius had become aware of the diamond hole results and the assays.
Sirius responded that it had become aware of the assays about 2pm Friday and the latest sulphide intercepts at 6.42pm that day.