Sipa books drill rig for first drill program in the Paterson

There’s nothing quite like confirmation that the drill rig has been booked for a maiden drilling campaign to get the gold bulls sniffing around.

It becomes even more tempting for the bulls when the ground to be drill tested sits just 35km along trend from a nearby project that just produced a 63m intersection grading 2.2 grams per tonne gold and 0.19% copper.

Such is the case with Sipa Resources’ interesting foray into the Paterson North project located about 300km east of Port Hedland in W.A.

The company recently announced that a drill rig has been booked to start a maiden drilling campaign on August 1st at its Great Sandy Copper-Gold project in the highly prospective “Paterson” province in the north of W.A.

The drilling will test a newly discovered extensive primary copper-gold anomaly, known as the Obelisk prospect, which is located immediately to the north of ASX listed Antipa Minerals’ Magnum and Citadel Copper-Gold Projects.

Antipa, who have been farmed into by Rio Tinto have already unearthed a 1.2m ounce gold deposit in the area that comes complete with 139 000 tonnes of Copper.

The region is also attracting the interest of the majors with Rio Tinto recently agreeing to spend $60m on Antipa’s ground in order to earn a 75% interest in it.

In addition to the 63 metre intersection recently discovered, Rio also managed to find a 23m intersection grading 3 grams per tonne gold with 0.33% copper on Antipa’s ground.

Sipa says the host geology within its Great Sandy Project is interpreted to be similar to that which hosts the mineralization discovered by Antipa and the Obelisk anomaly is located just 5km from some of the strong IP chargeability anomalies announced recently by Antipa Minerals.

The Paterson region generally is now starting to make it onto industry radars with the discovery of the world-class Telfer deposits, Antipa’s Magnum and Citadel gold and copper deposits, the Nifty copper and Kintyre uranium deposits and the O’Callaghans skarn hosted tungsten deposit.

Sipa’s Managing Director Lynda Burnett  said “We have wasted no time in getting on the ground to commence heritage surveys, which are now well advanced, and a rig is booked for 1 August and we expect to be drilling in the first week of August,”

“This is an exciting time for Sipa as we prepare to test a world-class copper-gold exploration target in the heart of one of the most active and emerging exploration districts. The recent results reported by Antipa Minerals further reinforce the prospectivity of this region, and we are eagerly looking forward to the start of this drilling program.”

Sipa has the right to earn up to 80% of the Great Sandy Copper-Gold project from Ming Gold by expending $3 million over 4 years. 

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Total Shareholder Return as at 28/02/18

1 year TSR5 year TSR
105thCentaurus Metals112%-45%
464thVenus Metals Corporation-4%-11%
476thHammer Metals-6%-38%
583rdNorwest Energy-25%-40%
675thSipa Resources-41%-35%
711 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

$2k Bought
$15k Bought
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Total value as at the date of the transaction
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212th↑Sipa Resources$155k
215th↓Centaurus Metals$142k
216th↓Venus Metals Corporation$140k
218th↑Hammer Metals$140k
219th↓Norwest Energy$140k
503 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Sipa Resources

384thLynda Burnett$338k
660thTara Robson$205k
805thCraig McGown$83k
Ranked by total remuneration from all listed WA companies

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