Sipa Resources Ltd (ASX:SRI) has moved to unlock the potential of its Western Australian projects with a suite of exploration activities, including drilling and soil sampling programs and a heritage survey.
At Paterson North, the company is drill-testing several high-priority targets, funded by a joint venture (JV) farm-in agreement with Rio Tinto Exploration Pty Ltd, with $3.2 million allocated to the 2022 exploration program.
The first batch of assays is in the laboratory, with initial assays expects in late August.
Sipa intends to complete a heritage survey over Paterson North in mid-September and is currently interpreting data from an airborne transient electromagnetic (SkyTEM) geophysical survey, the results from both of which will aid in future drill target generation and support other ground-based activities.
Realising the discovery potential of SRI assets
“The winter months have marked a particularly busy period of activity for Sipa, with the operations team efficiently advancing multiple projects concurrently,” Sipa Resources managing director Pip Darvall said.
“That hard work will result in a steady flow of news and drill results, with activity continuing at our suite of projects in the months ahead.
“The company is well placed to realise the discovery potential across our highly prospective and strategically located exploration assets.”
Apart from its efforts at Paterson North, Sipa is also drilling at the 50/50 Barbwire Terrace Joint Venture (JV) Project with Buru Energy Ltd (ASX:BRU).
The joint venture is testing one highly prospective portion of its tenure for zinc-lead mineralisation, as it sits in a similar geological setting to zinc-lead deposits along the Lennard Shelf.
Exploration at Barbwire has been co-funded by the Western Australian government’s Exploration Incentive Scheme, which will provide up to $180,000 support to the JV for drilling costs.
Finally, Sipa is undertaking an extensive soil sampling program at its wholly-owned Wolfe Basin Project — seeking a geological data set that will identify areas of interest that are prospective for gold – and at Skeleton Rocks, the company is drilling lithium targets generated from an aeromagnetic survey.