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Sipa Resources Ltd.
Summary
| Project: | Paterson North | |
|---|---|---|
| Deposit: | Obelisk | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper-Molybdenum-Tungsten-Sulphur | |
| Date: | 10/12/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 12-10-2017: Sipa Resources Ltd. announces an Exploration/Drilling Update report for its Obelisk deposit at the Paterson North project. Drilling results incl. 64.8m @ 1000ppm Cu, 122ppm W from 317.2m. Sipa Resources Limited (ASX: SRI) is pleased to advise | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Lynda Burnett (Internal) | |
| ABSTRACT: | Sipa Resources Limited (ASX: SRI) is pleased to advise that it has received initial assay results for the maiden diamond drilling program at the Obelisk copper-gold prospect, part of its Paterson North Copper-Gold Project in Western Australia. Obelisk lies within EL 45/3599, the Great Sandy Tenement where Sipa holds a 51% interest and is now earning up to 80% for expenditure of $3 million from Ming Gold Ltd. The program was designed to provide the first test of potential bedrock mineralisation located beneath an extensive shallow copper and polymetallic anomaly defined during previous RAB/Aircore programs completed in August 2016 and April 2017. The program, which is now complete, comprised four diamond holes for a total of 1,604m drilled over a 500m strike length of the system. Drilling indicates the presence of a large mineralised system at Obelisk with all holes intersecting zones of intense fluid flow, alteration and quartz, biotite and sulphide veining. Initial assay results for holes PND001 and PND002 have now been received, indicating the presence of vein-hosted gold of up to 22g/t and copper of up to 2% over narrow widths. As reported in ASX releases dated 18 and 22 September 2017, PND001 intersected strong silicification and alteration with multiple generations of quartz and sulphide mineralised veining over broad intervals over a total down-hole width of 98m from 283.4m down-hole. By comparison, PND002 intersected a wider but more variable zone of silicification alteration and veining. | |
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