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Sipa provides more downhole intrigue in Uganda

Sipa Resources’ Akelikongo discovery in Northern Uganda continues to intrigue, with new geophysical surveys providing more indications that it could shape up as a globally significant nickel-copper deposit.

The Perth-based explorer announced this week the results of downhole electromagnetic surveys and a high-resolution ground magnetic survey.

The downhole survey was conducted as a follow up to the second phase of drilling at Akelikongo, which threw up some tantalising intercepts of semi-massive sulphides, including up to 7 metres at 1.04% Nickel and 0.35% Copper.

The surveys identified strong off-hole conductors down-plunge of the semi-massive intersections, which fits neatly with Sipa’s previously announced interpretation of a very large nickel-copper system that strengthens with depth.

Sipa’s Managing Director, Lynda Burnett, said “The results of the downhole EM surveys completed earlier this month represent a strong endorsement for our exploration strategy at Akelikongo, particularly when combined with the high-resolution magnetics – which further reinforce the expanding scope and potential of the discovery.”

“From the drilling completed last year, we now have a clearer understanding of the geometry and controls of the mineralisation. The strong conductors identified by the down-hole survey correlate extremely well with this interpretation and with the semi-massive sulphide zones intersected late last year.”

Ms Burnett said the new conductors were follow-up drill targets and would be high priorities when the next drilling campaign gets underway in the second quarter of this year.

A new ground magnetic survey has also boosted the prospectivity of the Akelikongo discovery. The data showed the ultramafic rocks hosting the nickel-copper sulphide mineralisation may extend to the northwest and the southwest of where it had been intersected to date.

Importantly, the new survey also showed there were similar and in some cases, more intense magnetic anomalies to the west and northwest of the Akelikongo system which may represent more mafic ultramafic prospective geology.

Ms Burnett said “The recent, high-resolution ground magnetic survey also suggests that the extent of the mafic and ultramafic intrusions may be significantly larger than previously thought. This increases the scope of the exploration opportunity at Akelikongo.”

Akelikongo is one of two major exploration projects owned by Sipa that will give investors plenty to look forward to in the next few months. A new phase of drilling is scheduled to get underway in April at the Paterson North copper-gold project in W.A, which will be followed by more Akelikongo drilling in Uganda in the June quarter.

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Closing price for the last 90 trading days
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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
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

349thLynda Burnett$338k
599thTara Robson$205k
737thCraig McGown$83k
Ranked by total remuneration from all listed WA companies

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