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Sipa Resources CEO, Geologist Lynda Burnett

Sipa to kick off drilling campaign in Uganda

Having established its credentials as a mining company capable of finding significant mineral deposits over the last 2 or 3 decades, Perth based Sipa Resources can afford to think big.

This week they will kick off a drilling campaign at their Ugandan project looking for a big base load source of nickel and copper at the Akelikongo prospect.

Akelikongo boasts wide zones of disseminated Nickel Copper sulphides with greater than 100m of down hole mineralization and over 500m of strike.

In its latest round of drilling the company will target a sparsely drilled shallow area at Akelikongo where the strongest soil results and strong bedrock intersections were previously returned.

Drilling in the area has previously shown results of 46m @ 0.45% Ni and 0.15% Cu from surface, 55m at 0.52% Ni and 0.15% Cu, also from surface, 33m at 0.36% Ni and 0.21% Cu, a 24m intersection grading 0.3% Ni and 0.08% Cu and 3.4m at 0.93% Ni and 0.1% Cu.

Sipa are looking to better understand the 3D Geometry in this area with a view to discovering high grade zones with additional drilling.

As part of the latest drilling program, the company will also drill test targets at the Pamwa prospect. The Pamwa prospect has previously exhibited strong signs of Zinc and Lead with soil peaks greater than 500ppm, all of which were previously untested by drilling.

In keeping with Sipa’s strategy of finding something big, the company will also kick off a drilling program at the newly acquired Paterson North Copper/Gold project in the Pilbara of WA in mid 2016.

The project is only about 120km from the colossal Telfer project which has historically produced over 10m ounces of gold with over 500 000 ounces of gold and 23 000 tonnes of copper produced last year alone.

It is also about 125 km’s to the South East of the 30 000 tonne a year Nifty Copper mine that boasts a resource of around 25m tonne grading 2.11% copper.

Expect plenty of news flow in coming months from this unusually experienced junior who will also apply to be part of the WA State Government’s very generous Exploration Incentive Scheme that co-funds exploration activity in WA.

It probably doesn’t hurt either to see Sipa CEO and qualified Geologist Lynda Burnett putting her money where her mouth is by stumping up for 1 million Sipa shares as she did last week ahead of the new drilling campaign. 

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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

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

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