Polar Bear, Western Australia

(Sirius 100%)

The Polar Bear project covers an area of over 133 square kilometres, located between Higginsville and Norseman, and is surrounded by the major gold camps of Norseman (10 million ounces), St Ives (10 million ounces) and Higginsville (2 million ounces).

The area is relatively unexplored due to it being largely concealed by the shallow salt lake sediments of Lake Cowan and the sand dunes of the Polar Bear peninsula. The Polar Bear project contains a number of shear zones of the type that host gold mineralisation elsewhere in the district.  The project also contains the extensions of the Kambalda and Widgiemooltha ultramafic stratigraphy, which hosts world class nickel sulphide mines along strike to the north.

Key Prospects

The Earlobe prospect is the most advanced gold prospect. Drill intersections at Earlobe include 8m @ 5.56g/t, 4m @ 4.95g/t, 2m @ 26.6g/t and 4m @ 6.09g/t gold, and the limits of this prospect have not yet been defined.

The Lake Cowan prospects are considered prospective for St Ives and Higginsville-style gold deposits, which range in size from 1 – 4 millions ozs. Sirius has completed an initial reconnaissance aircore drilling program at Lake Cowan which has defined an extensive (500 metre wide) zone of supergene gold anomalism, with individual 4 metre samples grading up to 1.4g/t gold within this blanket.

The Lake Cowan prospects will be the subject of several stages of drilling to test each of the priority targets identified, starting with very broad spaced drilling to define anomalous zones (greater than 0.1g/t gold) and culminating in deeper drilling of specific mineralised zones.

The Polar Bear project also contains the Halls Knoll gossan which has yielded extremely high levels of Ni, Cu and platinum group metals (PGM's) indicative of the presence of massive nickel sulphide. Initial drilling has intersected disseminated nickel sulphides beneath the salt lake surface, with individual metre values up to 2.5% nickel, 1.5% copper and 1-2g/t palladium and platinum.