Sipa Resources’ maiden drilling program in the lucrative Paterson mining district north of the giant Telfer mine has identified a very large gold-copper system with a strike length of more than 4km. The extensive hits have provided strong encouragement for the discovery of a deposit similar to the recent 1+ million oz finds on neighbouring tenements.
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.