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Barbwire Terrace

Company secured Exploration Licence Applications (ELA’s) covering a total area of 3,824km across the Barbwire Terrace, a structurally high platform within the Canning Basin containing known MVT-style zinc and lead mineralisation within prospective carbonate stratigraphy.

The project represents a district-scale exploration opportunity for large-scale discoveries in a commodity with favourable market fundamentals, and therefore complements its existing Kitgum Pader Nickel-Copper Project in Uganda (joint ventured with Rio Tinto) and its Paterson North Copper-Gold Project in the Paterson Province of WA.

The newly-secured Barbwire Terrace Project contains similar carbonate sequences to those of the highly mineralised Lennard Shelf, a premier global MVT zinc-lead province, with both areas forming opposing and parallel margins of the Fitzroy Trough (Figure 1).

Location of Barbwire Terrace tenementsFigure 1: Location and Geology of Devonian Carbonate hosted zinc-lead mineralisation, Lennard Shelf deposits with prospective Barbwire Terrace tenements

A second project, known as Bohemia, is located 25km to the south-east along the Lennard Shelf deposit strike trend.

The Barbwire Terrace Project is located about 150km south-west of Fitzroy Crossing and 120km south-west of Cadjebut, a world-class zinc-lead deposit of the Lennard Shelf which was mined by BHP in the 1980’s and 1990s.

The Canning Basin has known zinc-lead deposit endowment in the Lennard Shelf region with a pre-development mineral inventory of 40.6Mt at 7.9% Zn and 3.1% Pb in the Lennard Shelf deposits, (Cadjebut, Pillara and others along the trend) and 170Mt at 4.1% Zn and 2.7% Pb at Admiral Bay, another MVT-type carbonate-hosted deposit originally discovered in 1981 by oil explorers.

The prospective carbonate stratigraphy at Barbwire Terrace is covered by later Permian and Jurassic sediments ranging in thickness from 85m to over 300m and is outlined in gravity surveys. Limited historical mineral exploration and more extensive petroleum exploration, including a large amount of seismic survey data not available to previous mineral explorers, provides an extensive dataset to compile for target modelling to support Sipa’s objective of discovering a major new beltscale zinc-lead mineral field.

The Company’s exploration strategy is guided from information on deposit styles and mineralisation controls known elsewhere in the Canning Basin.

Advances in the quality of regional datasets (particularly gravity data) and in exploration tools available since zinc-lead exploration was last undertaken on the Barbwire Terrace in the 1990’s (data integration methodologies, 3D modelling, advances in IP and gravity surveys) provide the opportunity for new discoveries to be made in this prospective belt.

The acquisition of the project is entirely consistent with Sipa’s strategy of being a first mover and mineral discoverer in highly prospective mineral belts.