Sipa Resources Ltd (ASX:SRI) has secured Western Australian Government Exploration Incentive Scheme (EIS) funding of up to $128,750 for drilling at its Skeleton Rocks Project within the Western Australian Goldfields.
The EIS grant will reduce the direct costs to Sipa for the planned drilling scheduled for the March quarter of 2022, post the local crop harvest.
Drilling will test previously undrilled greenstones adjacent to major structures, identified in a detailed aeromagnetic survey conducted by Sipa earlier in 2021, with soil sampling scheduled to occur this quarter to assist in finalising drill hole locations.
About Skeleton Rocks
The Skeleton Rocks Project covers outcropping and interpreted greenstone units prospective for gold and nickel-copper-platinum group element (PGE) deposits with limited to no drilling ever completed.
Notably, the project is four separate tenements with a combined area of more than 570 square kilometres in the Southern Cross greenstone belt in the Goldfields region of WA.
The area contains several interpreted shallowly covered greenstone belts visible on open file magnetics and gravity, with little to no drilling ever completed in these areas.
A detailed aeromagnetic survey carried out in late 2020 identified numerous drill targets which will be drill tested following the tenement granting expected late in 2021.
Example target areas for first-pass drilling where the interpreted greenstone sequences (green) are thickened by folding and faulting.
About the company
Sipa Resources is an Australian-based exploration company focused on the discovery of gold and base metal deposits primarily in Western Australia.
Western Australian Projects map
The Paterson North Copper-Gold Project is being progressed in partnership with Rio Tinto Exploration, and the Barbwire Terrace Base Metals Project involves an innovative joint venture with petroleum explorer and operator Buru Energy Limited.
At Wolfe Basin, the 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.
The Warralong Project is prospective for intrusion hosted gold in the north Pilbara region in a ‘look-alike’ structural setting to recent discoveries in the district
Sipa’s Murchison Project covers major structures and prospective geology in prolific greenstone belts within WA’s northern Goldfields.
Furthermore, the Uganda Base Metals Project contains an intrusive-hosted nickel-copper sulphide discovery with significant scale potential, and Sipa is continuing to hold discussions with potential partners to fund further exploration at this location.