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Sipa Resources Ltd.
Summary
| Project: | Kitgum Pader | |
|---|---|---|
| Deposit: | Akelikongo | |
| Location: | Uganda | |
| Commodities: | Nickel-Copper-Cobalt | |
| Date: | 6/20/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 20-6-2019: Sipa Resources Ltd. announces an Exploration/Drilling Update report for its Akelikongo deposit at the Kitgum Pader project. Drilling results incl. 18.4m @ 0.08% Cu, 0.31% Ni, 0.02% Co from 304.6m. Sipa Resources Limited (ASX: SRI) (Sipa) is ple | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Lynda Burnett (Internal) | |
| ABSTRACT: | Sipa Resources Limited (ASX: SRI) (Sipa) is pleased to announce further 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 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 and ground magnetic surveying and mapping over selected prospects. In addition further regional soil sampling has also been conducted. Commenting on the results, Sipa Resources’ Managing Director, Lynda Burnett, said: “The diamond drilling assays have provided encouragement for ongoing exploration at Kitgum_Pader, confirming extensions of the main zone of outcropping nickel-copper mineralization at Akelikongo while also further delineating the new ‘Eastern Zone’ of mineralization reported in our last announcement. “Given that this zone remains open down-plunge beyond the current drilling, it provides a clear vector for follow-up exploration. Regional geochemical characterization work has also confirmed that we are in a fertile environment for magmatic nickel-copper sulphide discoveries, highlighting the prospectivity of the regional intrusions. “Putting all the information together, we believe the Joint Venture has made a very strong and encouraging start to the exploration program at Kitgum Pader. Everything we have seen confirms that this is a highly prospective, district-scale opportunity for nickel sulphide discovery.” | |
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