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Sipa Resources defines new gold targets at Murchison with drilling imminent

Last updated: 04:19 20 Apr 2022 BST, First published: 03:05 20 Apr 2022 BST

Sipa Resources Ltd defines new gold targets at Murchison with drilling imminent

Sipa Resources Ltd (ASX:SRI) has identified several new drill targets in the northern part of its Murchison Gold Project in Western Australia, following a detailed review of historic data and the results of the company’s 2021 drilling campaign.

These target areas are in close proximity to drill results up to 6.6 g/t gold and in favourable structural and geological settings for mineralisation.

The company was recently granted several new tenements and work is now underway to achieve the necessary approvals for drill testing to begin.

Sipa managing director Pip Darvall said: “Identification of these new targets in favourable settings for mineralisation gives us opportunities to add value to our Murchison project with focused drill programs.

“The grant of our remaining tenement applications means we can progress the approvals necessary to get out on the ground and test them.”

Three targets are of particular interest to the company.

Target 1

Drilling by Western Mining Corporation Ltd in 1999 encountered greenstone and granitic rocks with a best result of 1-metre at 6.6 g/t gold from 34 metres within a 10-metre-wide zone of elevated gold results. The mineralisation is open to the northeast and poorly tested to the southwest where a demagnetised zone may represent alteration or a discrete intrusive unit.

The recent grant of tenement E51/2012 allows the company to pursue the approvals process towards drill testing.

Sipa’s interest in this target has been boosted by an unsolicited approach from SensOre Limited, which highlighted the favourable geological setting identified via its proprietary targeting technique.

Target 2

Drilling completed by Doray Minerals Limited (ASX:DRM) in 2014 intersected 1-metre at 5.87 g/t gold from 69 metres, coinciding with an east-west trending magnetic feature, interpreted as a late-stage dyke-offset with no follow-up work. A series of greater than 1 g/t gold intersections exist to the immediate northeast of this interval, forming a coherent mineralised trend.

Target 3

Drilling completed at this Sipa farm-in by Doray Minerals in 2014 also defined a moderate gold trend from shallow levels downhole. Around 3 kilometres of strike exists between mineralised areas, with no drilling completed.

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