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Sipa Resources Ltd.
Summary
| Project: | Kitgum Pader | |
|---|---|---|
| Deposit: | Akelikongo | |
| Location: | Uganda | |
| Commodities: | Nickel-Copper-Cobalt | |
| Date: | 5/1/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 1-5-2019: Sipa Resources Ltd. announces an Exploration/Drilling Update report for its Akelikongo deposit at the Kitgum Pader project. Drilling results incl. 16.4m @ 0.44% Ni, 0.12% Cu, 0.03% Co from 274.3m. Sipa Resources Limited (Sipa) is pleased to anno | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Lynda Burnett (Internal) | |
| ABSTRACT: | Sipa Resources Limited (Sipa) is pleased to announce first diamond drilling results from the ongoing exploration program at its Kitgum Pader Nickel-Copper Project in Northern Uganda, a joint venture between Sipa and Rio Tinto Mining & Exploration Limited (Rio Tinto). The program is being managed by Sipa on behalf of Rio Tinto, which is currently earning a 51% interest in the Project as part of the Landmark Farm-in and JV Agreement with Rio Tinto announced in May 2018 under which Rio Tinto can fund up to US$57 million of exploration expenditure and make US$2 million in cash payments to earn up to a 75% interest the Project. Since it commenced in August 2018, the program has included diamond drilling, gravity surveying over selected prospects, and soil sampling. Diamond Drilling: Nine holes have been drilled to date for a total of 3,564.1m covering the Goma and Lawiye Adul regional targets, with five holes for 1,993.5m completed at the Akelikongo discovery. Drilling at the regional targets intersected ultramafic intrusions as envisaged, however no magmatic sulphide has yet been identified. Integration of the geochemical and litho-geochemical analyses is currently underway order to relate these intrusions to the Akelikongo suite. | |
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