Sipa Resources Ltd (ASX:SRI) has wrapped up the diamond drill program it was conducting with Rio Tinto as part of a farm-in and joint venture at the Paterson North Copper-Gold Project.
Potential mineralisation
Drilling tested two targets in separate locations within the project area, with the aim of helping Sipa and RTX to assess the potential for nearby mineralisation.
The companies used a heli-relocatable drill system to minimise on-ground impacts and rehabilitation requirements.
The drills encountered intrusive and metasedimentary rocks, with occasional clusters of felsic veins cross cutting these lithologies. Minor sulphides (pyrite) were also observed, which are often associated with these younger veins.
Core is now at the lab for cutting and assaying and results are expected in four to six weeks.
Several targets remain to be tested across the project area and the companies await results from this program so that they can refine the forward plan for future drill programs.
Sipa Resources managing director Pip Darvall said: “Drilling has been safely and successfully completed, and we expect assay results to be returned in approximately four to six weeks.
Future targeting
“These results will enable us to determine the importance of the late stage, sulphide bearing veins and their value in future targeting efforts.”
It has been a busy couple of days for Sipa, which announced yesterday that it had sold the Murchison Project to Ora Gold for A$1.4 million, which included a shareholding so that the company retains exposure to that project.
The funds will help the company to pursue its other ventures, like Paterson North.