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- Sipa Resources (SRI) has provided an update on recent exploration activities in Western Australia
- After completing a heritage survey at the Wolfe Basin Base Metals Project, Sipa plans to begin drilling within the next few weeks to target base metal gossan targets
- Sipa has completed a stream sediment survey at the Warralong Project and will soon begin a detailed aeromagnetic survey
- Additionally, Sipa recently announced details of a joint venture with fellow ASX-lister, Buru Energy (BRU)
- The companies will enter a 50:50 joint venture for Sipa’s Barbwire Terrace Project in WA
- Company shares are up 4.65 per cent and trading for nine cents
Sipa Resources (SRI) has provided an update on recent exploration activities in Western Australia.
Wolfe Basin
The Wolfe Basin Base Metals Project covers an area of roughly 780 square kilometres in the Kimberley region of Western Australia.
After completing a heritage survey at the Wolfe Basin Base Metals Project, Sipa plans to begin drilling within the next few weeks. The drilling program will test priority base-metal gossan targets.
In the meantime, Sipa’s ground geophysics survey team has arrived to the site and will complete an extensive gradient array induced polarisation (IP) survey to refine drill hole locations.
Warralong
The Warralong Project covers over 50 kilometres of the Lalla Rookh Shear Zone within the northern Pilbara region of WA.
Sipa has completed a stream sediment survey at the project and all samples are ready for analysis.
The company will also soon commence a detailed aeromagnetic survey that is aimed at highlighting prospective intrusions. This survey is on track to begin early next month.
Buru Energy joint venture
This announcement follows yesterday’s news of Sipa entering a binding heads of agreement to form a joint venture with Buru Energy (BRU) in relation to the Barbwire Terrace Project in WA.
Sipa’s Barbwire Terrace Project covers the southern margin of the Fitzroy Trough where historic drilling confirmed the potential for mineralisation that is similar to the well-known Lennard Shelf deposits. These deposits are located along the northern margin of the trough.
The mineralisation mined on the Lennard Shelf has historically produced high-purity concentrates and are highly sought after by smelters which makes it a high-value exploration target.
Sipa believes Buru is a suitable joint venture partner due to its experience with petroleum modelling and datasets. Sipa claims applying petroleum exploration models and techniques with its own mineral exploration approach will optimise targeting mineralisation at Barbwire Terrace at shallow depths.
Under the joint venture, Buru will fund 100 per cent of the first $250,000 of on-ground exploration expenditure to earn a 50 per cent interest in the project.
Sipa will be the operator of the on-ground exploration activities during the initial drilling program and for longer if the parties agree.
Company shares are up 4.65 per cent and trading for nine cents at market close.
