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Sipa Resources Ltd.
Summary
| Project: | Paterson North | |
|---|---|---|
| Deposit: | Obelisk | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper-Molybdenum-Tungsten-Sulphur | |
| Date: | 9/14/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 14-9-2018: Sipa Resources Ltd. announces an Exploration/Drilling Update report for its Obelisk deposit at the Paterson North project. Drilling results incl. 28m @ 274ppm Cu from 92m. Sipa Resources Limited (ASX: SRI) is pleased to advise that it continues | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Lynda Burnett (Internal) | |
| ABSTRACT: | Sipa Resources Limited (ASX: SRI) is pleased to advise that it continues to make strong progress with the 2018 exploration field season at its Paterson North Copper-Gold Project in WA (Figures 1 and 2) with the initial phase of reconnaissance drilling completed and deep diamond drilling set to commence later this month at the high-priority Obelisk target A 29-hole Aircore/RC drilling program comprising a total of 3,462m has been completed, testing a total of seven regional targets including Aranea, Asselli, Vela, NW Obelisk, Andromeda as well as four targets located at and near the Obelisk Prospect. The purpose of this initial reconnaissance program was to test a variety of geophysical targets for evidence of mineralisation (see Figure 2). All laboratory assay results have now been received. The priority targets were identified from 3D magnetics inversion, gravity and ground and airborne electromagnetics. At the Andromeda target, an IP gradient-array survey was completed prior to drilling to refine the target. At Aranea, drill-hole PNA075 intersected 1 metre of gossanous ironstone assaying 488ppm Cu in the weathered Proterozoic rocks and strong biotite-chlorite alteration of mafic dolerite and gneiss in the fresh Proterozoic rocks. Drill holes PNA075, PNA077, and PNA79 returned thick and strong anomalous copper mineralisation (Table 1). Peak copper in drill hole PNA077 reached 700ppm over 3m from 96m. These intersections are similar to early intersections into the Obelisk Prospect and together with the gossanous ironstone may indicate the presence of another sulphide mineralised system outside the Obelisk Prospect. In the Obelisk area, further drilling to the south of the main Obelisk copper trend has highlighted further copper anomalism as well as within the main Obelisk anomaly (see Figure 4). The peak copper assay of 958ppm in PNA088 may indicate that the envelope of >1000ppm copper extends further to the northwest than depicted in Figure 4. Thick intersections of anomalous copper (>250ppm) in drill holes PNA090 and PNA091 extend the previous >250ppm copper contour for another 550m to the south. The drilling at Aranea, Asselli, Vela, NW Obelisk is eligible for a WA government EIS co-funded drilling grant of up to $150,000. | |
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