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The Bohemia tenement application lies 40km south-east of BHP's former Cadjebut zinc-lead mine.

The landholding in a highly prospective position along a known major mineralised structure within the Lennard Shelf Province, complementing the belt-scale Barbwire Terrace Project.

Location of Sipa's Bohemia tenementFigure 1: Location of Sipa's Bohemia tenement

The tenement represents another strategic addition to the Company’s generative Australian exploration portfolio.

Data from previous drilling campaigns conducted by former owners indicates drilling results with zinc-plus-lead values of up to 6.8% in upper Devonian Mississippi Valley-Type mineralisation. The Bohemia Project complements the Barbwire Terrace Project, secured last year, which is also prospective for MVT-type zinc-lead-silver deposits.

Bohemia Drilling ResultsFigure 2: Previous Zn + Pb drilling results at Bohemia Project"

The Bohemia Project was previously explored by Cadjebut Mine holders BHP (1984-1994), Western Metals (1994-2003), and also Mincor (2010 to 2016).

Sipa believes that the project area has strong potential to host further high-grade mineralisation in structural positions such as ramp faults and antiformal flexures. Further along strike at the Cadjebut Mine, which is now privately held, high-grade mineralisation was discovered by Meridian Minerals. Results returned by Meridian Minerals from the New Kubra prospect in a linking structure between Kapok West and Cadjebut Splay included 12m @ 17.3% Pb +Zn and 15m @ 12% Pb + Zn, indicating that much remains to be discovered in the area (Meridian Minerals ASX 10 August 2011).

The Lennard Shelf mineral field is ripe for a renaissance of exploration against the backdrop of improving metal prices. Historically the region produced very high-grade zinc and lead (+silver) concentrates which were recognized as being some of the best in the world at the time Cadjebut was mined in the 1980s.

The Bohemia Project complements the Barbwire Terrace Project, where Sipa already has a large ground-holding prospective for MVT-type zinc-lead-silver deposits. The Company does not consider that the Bohemia Project constitutes a material mining project for the purposes of Chapter 5 of the ASX Listing Rules, but it has included the following information for reference.

The exploration results displayed in Figure 2 are historical exploration results reported previously by former owners BHP (1984-1994), Western Metals (1994-2003), and Mincor Resources (2010 to 2016). The historical exploration results were obtained from information contained within publicly available annual reports held by the Department of Mines, Industry Regulation and Safety. Sipa is not aware if the historical results were previously reported under any version of the JORC Code and the historical exploration results contained in this announcement may not conform to the requirements of the JORC Code 2012.

Sipa considers that the data presented is an accurate representation of the publicly available data mentioned above, and nothing has come to Sipa’s attention to cause it to question the accuracy or reliability of that data. The data was obtained by diamond drilling, with sampling and assay techniques commonly used in the 1980s-2016.

The Company will undertake first-pass exploration to evaluate the Bohemia Project before either deciding to advance exploration in its own right (as in the case of the Paterson Province in WA), seek external funding to progress them (as in the case of its Kitgum Pader Project in Uganda) or rationalize them.