UPDATE 2.35pm: Millionaire prospector Mark Creasy and Sirius Resources have announced the discovery of a potentially major new nickel-copper deposit east of Norseman.
Shares in Sirius Resources rocketed a staggering 39.3 cents, or 689.47 per cent, to close at 45 cents after emerging from a trading halt on news of positive drilling results at the company's 70 per cent owned Fraser Range project off the Eyre Highway.
Mr Creasy - who made his reputation and much of his estimated $300 million fortune as the man behind some of WA's most significant gold discoveries - owns the balance of the project and also holds a 26 per cent stake in Sirius Resources through his company Yandal Investments.
The so-named Nova deposit was discovered with the first drill hole designed to test a big electromagnetic conductor in a previously unexplored and inaccessible area.
The drill hole intersected four metres at 3.8 per cent nickel and 1.42 per cent copper while a step-out hole interested 15 metres of similar matrix.
"These intersections are at the uppermost edge of a very large (1000 long x 300 metre wide) EM anomaly - indicating potential for the Nova discovery to be a very large massive nickel-copper sulphide deposit," the company said in a statement.
Sirius managing director Mark Bennett said the discovery appeared to be a major new nickel-copper discovery, of a new deposit style in an entirely new province.
"It is very gratifying to start from scratch in a new frontier doing what we do best and make a discovery," he said.
"This success vindicates our somewhat unfashionable corporate strategy of seeking to identify early stage exploration opportunities with low entry cost in safe jurisdictions and creating real value through discovery and definition of significant resources.
"It is very early days but it ticks all the boxes.
"The mineralogy looks ideal for the production of a high quality concentrate because there are none of the troublesome silicate minerals which can cause recovery problems in the typical Goldfields-style nickel deposits, and its location relative to port is second to none."
The company said drilling at the site was ongoing.