Sipa looking to sniff out “tier one” mineral resources in two continents

ASX listed junior Sipa Resources have kicked off their 2017 exploration programs in both Uganda and the Paterson region in the north of W.A.

Sipa are a little different to many other junior exploration hopefuls in so much as both of their projects appear to boast huge mineralized systems and if the company can find the source of the mineralization they may well have at least one and possibly two tier one resources on their hands.

Sipa are chasing Nickel-Copper in Uganda at the Akelikongo project and Copper-Gold at the Paterson project in the north of WA.

The Akelikongo mineral anomaly boasts a surface footprint of around 300m by 300m that has so far been traced in the drilling for about 500m.

Gravity modelling indicates that the mineralization may extend even further than Sipa’s current northern most hole.

Best results to-date include a semi massive zone of up to 7m @1.04% Nickel and 0.35% Copper and disseminated zones of up to 113m @ 0.36% Nickel and 0.11% Copper from just 2m below surface.

Sipa has kicked off a down-hole electro-magnetic survey program to test up to 10 diamond drill-holes completed last year at Akelikongo.

Last year the company completed a very encouraging drill program at the Paterson project in W.A that identified over 4km of strike length within the Obelisk prospect within the Great Sandy Desert tenement.

Of the 45 drill holes sunk, 26 returned positively mineralized results with the best being 4m @ .42 g/t gold from 85m and 8m @ .28 g/t gold, .44 g/t Silver and .11% Copper from 86m down hole.

The Paterson region is already home to a number of tier one mining operations including the world class Telfer deposits, Antipa Minerals’ Magnum and Calibre gold and copper deposits, the Nifty copper and Kintyre uranium deposits and the O’Callaghans skarn hosted tungsten deposit.

Sipa have employed an innovative exploration technique in collaboration with the CSIRO known as “TIMA SEM” at the Paterson project.

The study involves the integration and analysis of all existing datasets, including those collected in the two previous drilling programs, to assist with drill-hole targeting and expedite discovery.

Sipa are well funded to sniff out an initial resource at either project this year with $4.1m in the bank as at the end of the December 2016 quarter. 

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Top 10 Shareholders

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Total Shareholder Return as at 31/10/19

1 year TSR5 year TSR
115thAlicanto Minerals67%-9%
350thNexus Minerals2%1%
500thSipa Resources-17%-28%
686thMount Ridley Mines-48%-42%
730 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

$15k Bought
$15k Bought
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130th↑Mount Ridley Mines$605k
131st↑Sipa Resources$597k
133rd↑Nexus Minerals$589k
134th↑Alicanto Minerals$560k
485 listed resources companies ranked by revenue.
Source: Morningstar

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