Sipa Resources Ltd (ASX:SRI) has gleaned two positive indications of prospectivity from a ground gravity survey at the Barbwire Terrace lead-zinc-silver joint venture project in Western Australia; a strong gravity anomaly and promising geological complexity in the target area.
SRI is hunting for Mississippi Valley-style deposits prospective for lead, zinc and silver at Barbwire, which is held in a 50:50 JV with Buru Energy Ltd (ASX:BRU, OTC:BRNGF).
The company is looking for deposits similar to that of Albion Resources’ Lenard Shelf deposit, which sits on the northern side of the Fitzroy trough (directly parallel to Barbwire) and hosts resources including 16.5 million tonnes at 8.9% zinc and 5% lead.
2025 drilling program
Sipa is planning a follow-up drilling program for the gravity anomaly identified at Barbwire, leveraging the new data to generate a structural interpretation of the area’s geology, which will inform drill collar locations.
Barbwire Terrace Project: regional geology and local gravity.
SRI intends to conduct a more focused diamond drilling campaign next year, with closer spacing than the previous proof-of-concept program.
The company has other plans for the remainder of 2024, including:
- Drilling at Paterson North,
- Drilling at Skeleton Rocks, and
- Surface exploration at Wolfe Basin.
- Portfolio review with eye to opportunities for acquisitions, divestments or joint ventures.