Sipa skyrockets on big copper find

Sipa Resources shares are up more than 125 per cent since the company announced a big copper find at its Thaduna project, adjacent to Sandfire Resources’ DeGrussa mine in the Pilbara.

Sipa said on Friday that drilling rigs had intercepted a blanket of copper carbonate up to 1.3 kilometres wide on two north-south lines 500 metres apart, across 100 metre-spaced holes at Thaduna.

By close of trade today the company’s stock was up 127.7 per cent, to 15 cents.

Sipa said the results were undoubtedly the most impressive in the Doolgunna area since Sandfire’s DeGrussa finds two years ago.

“Our challenge is now to define the ‘depth and lateral, extent’ and the ‘grade distribution of the copper blanket and then to find its primary source,” the company said in a statement to the ASX.

Sipa has been exploring at Thaduna for the past six years on the belief that the project tenements are highly prospective for a very large copper deposit.

"We believe that the Enigma discovery vindicates the thoughtful, methodical and iterative approach taken to exploration at Thaduna, but also realise that this is still early days," Sipa said.