Sipa Resources Ltd (ASX:SRI) continues to progress multiple exploration programs across its multi-resource portfolio of Western Australian projects.
The Australian-based explorer is focused on the discovery of gold and base metal deposits primarily in Western Australia.
A second aircore drilling program is underway at Warralong Gold Project, testing tenement E45/5740 with more than 4,000 metres of aircore drilling planned and this will be adjusted based on results and hole depths. A broader soil sampling program will begin in October.
At Wolfe Basin, site preparation is complete for diamond drilling of Induced Polarisation (IP) targets and at Paterson North JV with RTX, a gradient array IP survey has been completed with results being assessed to aid drill targeting for a 2022 field campaign.
At the 50%-owned Barbwire Terrace JV, gravity survey is complete and a drilling plan has been completed with heritage survey results imminent.
These latest exploratory efforts are the next stage of an ambitious exploration campaign across all tenements.
Read: Sipa Resources advances exploration programs across portfolio of WA projects
Warralong Project
At Warralong, Sipa is targeting mineralisation associated with intrusive rocks and structures previously untested by drilling.
The project covers 50 kilometres of the Lallag Rookh Shear Zone and other structures, in similar setting to discoveries along the Tabba Tabba Shear Zone 50 kilometres to the west.
SRI recently completed its first reconnaissance aircore drilling program at Warralong. Basement rocks obscured beneath shallow cover were sampled and submitted for analysis, but laboratory turnaround times are currently stretched, and results are not expected for several weeks.
A range of basement lithologies representative of several intrusive rock types were encountered during drilling, including occasional minor pyrite. While pyrite is often better known by its colloquial name, 'fool’s gold' it occurs under very similar geological conditions and is often an indicator of real gold.
Sipa’s second program has now started on tenement E45/5740, using the same methodology. A soil sampling program across broader elements of the package is scheduled to begin in mid-October.
Once the current drill and soil sampling programs are completed and all assays have been received, a comprehensive basement interpretation across the Warralong project area will be undertaken.
Wolfe Basin
At Wolfe Basin in WA's northeast that is prospective for copper, lead and zinc, the company's first drill program intersected base metals up to 2.9% lead and 0.5% copper with extensive areas remaining to be tested along a >40-kilometre-long prospective horizon.
Sipa has completed site preparations for a diamond drilling program at IP targets.
Paterson North Project
The Paterson North Project is a JV with Rio Tinto as a farm-in operation, 89% owned by Sipa. Extensive gradient array induced polarisation (GAIP) geophysical survey has been completed, with one area requiring additional heritage approvals for completion in subsequent surveys.
Results will be reviewed and processing with other geophysical information current available to prioritise drill targets to be tested in the 2022 field season.
Barbwire Terrace Project
The Barbwire Terrace Project is a 50-50 JV with Buru Energy Ltd (ASX:BRU) in the Canning Basin of Western Australia, where Sipa is targeting MVT-style lead-zinc deposits in collaboration with its JV partner.
Planned drilling locations have been amended based on improved data from a completed gravity survey over existing target areas. The necessary heritage surveys will commence shortly ahead of drilling.
Future drilling will be supported by a recently received Exploration Incentive Scheme (EIS) grant. The EIS is supported by the Western Australian Government.
