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Sipa Resources Obelisk prospect in the Paterson mining region of W.A shows some similarities to the giant Teller mine in the same district

Sipa discovers large copper-gold system near Telfer

Sipa Resources’ maiden drill program at the Obelisk prospect has identified a very large gold-copper system with a strike length of more than 4km that has thrown up some strong leads for follow-up drilling.

The Perth-based junior announced this week that final assay results from a 45-hole aircore/RC drill program at the Obelisk prospect within the Paterson mining region in the north of W.A, had extended the size of the system from 1km to more than 4km and it remains open in all directions.

Furthermore, strongly anomalous results were concentrated over 1.5 kms of strike in close association with a gravity anomaly.

Of the 45 holes, 26 returned encouraging copper values of more than 250ppm and gold values of more than 20ppb.

The results from the wide-spaced program have exceeded all expectations and vindicated the company’s high hopes for a discovery to rival the recent nearby Magnum and Cailbre finds containing 1+ million oz of gold.

Sipa’s managing director, Lynda Burnett “We are very excited by these results, which are outstanding for a shallow, reconnaissance program of this nature. Of particular note is the scale, coherence and tenor of the anomalism at Obelisk, the presence of significant molybdenum, tungsten, silver and copper and the metal associations – which are similar to some of the very large deposits in the district.”

Sipa is already back out in the field with a detailed gravity survey to gather more information about a strong gravity high that is associated with the best mineralisation uncovered by the reconnaissance drill program. This will be combined with the extensive data from the drill program and other datasets to plan follow-up drilling and geophysics.

Obelisk is part of the Great Sandy Desert tenement, where Sipa is earning up to an interest of up to 80% by spending $3 million over the next four years.

The company’s latest results add to the major re-rating of the North Paterson district that began a year ago when fellow ASX-listed explorer Antipa secured a $60 million joint venture with Rio Tinto. Sipa’s discovery of another large mineral anomaly in the district will no doubt see investors keenly anticipating future exploration results which shouldn’t be too far away. 

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

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
Source: Morningstar

Share Transactions

02/11/17
$2k Bought
02/11/17
$15k Bought
02/11/17
$15k Bought
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

358thLynda Burnett$338k
611thTara Robson$205k
750thCraig McGown$83k
Ranked by total remuneration from all listed WA companies

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