Sipa Resources Limited has been granted a trading halt by the ASX with a capital raising announcement pending.
The halt will remain in place until the start of normal trading on Wednesday, September 22, 2021, or when the announcement is released to the market.
With assets in Western Australia and Uganda, SRI is focused mainly on the discovery and extraction of gold and base metals.
Rapid exploration across WA portfolio
The halt comes as Sipa steps up exploration across its Western Australian portfolio of projects, specifically the 100%-owned projects at Warralong and Wolfe Basin.
At Warralong the company was halfway through a proposed 4,000-metre aircore drilling campaign as of August 31, while at the Wolfe Basin Project a diamond drill rig has been secured to begin advanced drilling in the fourth quarter of 2021.
Similarly, an extensive gradient array induced polarisation (GAIP) geographical survey has already been 75% completed at the Paterson North Project, of which Sipa holds 89% in partnership with Rio Tinto Limited through a farm-in arrangement.
The company also plans to start a gravity survey over existing target areas in the Barbwire Terrace Project, where Sipa is pursuing MVT style lead-zinc deposits in collaboration with its 50:50 joint venture partner, Buru Energy Limited.
Read: Sipa Resources advances exploration programs across portfolio of WA projects
Webinar participation
Sipa Resources has been recognised as an up-and-coming junior company with highly prospective projects.
Managing director Pip Darvall will join executives from Australian Gold and Copper Ltd (ASX:AGC) and Magmatic Resources Ltd (ASX:MAG) in a webinar hosted by Proactive this Tuesday, September 21, at 12pm AEST (10am WA time) and registrations can be made here.