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Sipa Resources (ASX:SRI) - Managing Director, Pip Darvall - The Market Herald
Managing Director, Pip Darvall
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  • Sipa Resources (SRI) has received the first assay results from its recently completed drilling program at the Murchison Project
  • The assays from tenement E51/1936 returned no significant results, with no evidence of alteration or mineralised lithologies
  • However, one hole drilled on tenement E51/1709 returned an anomalous intercept of 4 metres at 0.66 per cent copper
  • The company will need to see other assays from this tenement, to determine the significance of this anomalism
  • Sipa Resources is down 10.14 per cent and trading at 6.2 cents per share

Sipa Resources (SRI) has received the first assay results from its recently completed drilling program at the Murchison Project.

The Murchison Project is located near Meekatharra, in Western Australia. The company began its aircore (AC) drilling program at the project in March 2021 to test three of its tenement areas.

The AC drilling program was recently completed, with the first assay results from a portion of the program arriving soon after. To date, 146 results have been received, from a total of 601 samples across the entire drill program.

Sipa Resources conducted a total of 1949 metres of drilling across 37 holes on its lowest priority tenement, E51/1936. The assays from this tenement returned no significant results, with no evidence of alteration or mineralised lithologies. 

However, there may be a potential silver lining in the company’s otherwise discouraging assay results. 

Sipa Resources also conducted drilling on tenement E51/1709, with nine samples submitted for assay from a single hole, MUAC0092. This one hole returned anomalous copper, with an intercept of 4 metres at 0.66 per cent copper, including 1 metre at 1.34 per cent copper.

While the company considers this to be worthy of further detailed investigation, it remains unclear if this anomalism reflects something more substantial. Fortunately, a total of 86 additional holes were drilled on the E51/1709 tenement, which have not yet returned assays of the samples.

Once these assays arrive and are reviewed by Sipa Resources, the company will be able to determine the full significance of the copper anomalism in hole MUAC0092.

Sipa Resources is down 10.14 per cent, trading at 6.2 cents per share at 3:09 pm AEST.

SRI by the numbers
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