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Sipa Resources hit 2.5% Nickel and 2.4% Copper in Uganda

Geological tell tale signs from the latest round of drilling at Sipa Resources’ very interesting nickel copper play in Uganda indicate that the company might be getting close to the pay zone with their exploration program.

The latest assay results from the Akelikongo project have extended the mineralized zone by 100m and suggest that the mineral system strengthens and thickens down plunge.

In a statement to the ASX, the Perth-based explorer said all final assays had now been received from the recent 1800m RC and diamond drill program.

The highest grades for nickel and copper have improved to 2.5% and 2.4% respectively in the matrix to semi-massive sulphide zones encountered so far.

The company also said the presence of strong matrix sulphide textures in drill core indicated proximity to a bigger sulphide pool as the mineral system strengthened and widened downplunge.

Some of the most significant recent assays include a 7m intersection grading 1.04% Nickel and .35% Copper from 223m which included .4m grading 2.47% Nickel and .2% Copper.

Another good hit showed a 5.2 metre intersection grading 0.98% Nickel and 0.41% Copper from 213 metres.

In the disseminated sulphide zone, a thick intercept of 84.5 metres at 0.42% nickel and 0.17% copper highlighted the very sizeable nature of this emerging nickel-copper system.

The company said “The presence of economic grades of nickel and copper within a system of this scale and fertility is an important development which elevates and strengthens the potential of this system.”

Sipa are exploring for a nickel-copper sulphide deposit of the same style and magnitude as Nova-Bollinger, the revered Fraser Range discovery in W.A .

Sipa recently extended the down-plunge extent of mineralisation at Akelikongo by 100 metres but has still only scratched the surface of an ultramafic body that appears to be several times larger than Nova-Bollinger.

Importantly, the latest assay results have also painted an increasingly encouraging picture of where to drill next in search of a potentially rich massive sulphide zone.

The company said this week, “The results for all of the remaining holes support the company’s new geological model for the Akelikongo discovery, with the recent drilling providing a much better indication of the orientation and controls on the better mineralised basal position - which appears to be strengthening and potentially thickening down-plunge.”

This breakthrough in understanding has been reinforced by recent gravity modelling, which suggests a mass of much denser material in a central position with stronger and thicker massive sulphides than has already been identified by drilling.

Sipa is moving quickly to follow up the exciting results by conducting down-hole EM surveys next month. 

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Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
486thMusgrave Minerals-3%8%
502ndPacific Bauxite-6%-4%
525thSipa Resources-9%-30%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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Share Transactions

02/11/17
$2k Bought
02/11/17
$15k Bought
02/11/17
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Total value as at the date of the transaction
Source: Morningstar

Revenue

212th↑Sipa Resources$155k
254th↑Bora Bora Resources$69k
255th↓Pacific Bauxite$64k
257th↑Musgrave Minerals$59k
258th↓Noble Metals$59k
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Sipa Resources

357thLynda Burnett$338k
610thTara Robson$205k
749thCraig McGown$83k
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