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Sipa Resources Ltd.
Summary
| Project: | Paterson North | |
|---|---|---|
| Deposit: | Obelisk | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper-Molybdenum-Tungsten | |
| Date: | 9/5/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 5-9-2016: Sipa Resources Ltd. announces an Exploration/Drilling Update report for its Obelisk deposit at the Paterson North project. Drilling results incl. 8m @ 0.28g/t Au, 0.44g/t Ag, 0.11% Cu, 36ppm Mo, 141ppm W from 86m. Sipa Resources Limited (ASX: SR | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Lynda Burnett (Internal) | |
| ABSTRACT: | Sipa Resources Limited (ASX: SRI) is pleased to advise that initial reconnaissance aircore drilling at its Great Sandy Copper-Gold Project, part of its Paterson North Project in the Paterson Province of WA, has outlined an extensive copper-gold mineral system. The Company commenced its maiden drilling program last month using a multi-purpose Aircore and Reverse Circulation drilling rig contracted from Strike Drilling. The program, comprising up to 10,000m of aircore/RC drilling, is designed to test the extensive (>4km strike) primary copper-gold-anomaly, known as the Obelisk prospect, within the Great Sandy Tenement. To date, over 1km of strike has been tested with assays received for the first 19 aircore holes (out of a total of 36 holes completed to date). Of these 19 holes, 15 returned strongly anomalous copper values of >250ppm and gold values of >20ppb, highlighting the potential for a significant new mineral discovery. The tenor of the anomalism and the metal association is similar to that which led to the discovery of other significant deposits in the region including the >1Moz Calibre and Magnum deposits. While it is too early to draw any definitive conclusions, the results received to date have significantly exceeded Sipa’s expectations for this stage of exploration, highlighting the potential of the Paterson North tenements to host a significant greenfields mineral discovery. | |
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