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The Clara land-holding contains over 60 kilometres of strike of a deep crustal structure detectable from gravity data and also interpreted from recent Government seismic data that runs across the terrain just to the north of Sipa’s tenements.

Location of Clara ProjectFigure 1: Location of Clara Project

In recent months, an area further north along the same structure was drilled by ASX-listed company Moho Resources, returning widespread alteration and gold anomalism including an intercept of 10m at just over 1g/t in Mid Proterozoic bedrock (see Moho Resources ASX announcement 7 Feb 2019).

Clara tenement showing crustal structuresFigure 2: Clara tenement location showing deep crustal structures interpreted from gravity and seismic data.

The Croydon Province has a history of discovery of gold and polymetallic deposits with historical mining dating back to 1885 and more recent shallow open pit mining in the 1980s.

The Province consists of Proterozoic Esmeralda Supersuite granites, dated around 1550Ma, and the coeval felsic Croydon Volcanics. The mid-1550Ma age and geological setting is similar to the Hilltaba suite granites and felsic volcanics in South Australia, which are interpreted to have formed in an intra-cratonic setting and are hosts to large mineral deposits including Olympic Dam.

The project tenements have been subject to minimal mineral exploration.

The Clara Project forms part of Sipa’s ongoing project generation strategy, whereby it aims to identify and secure first-mover positions in under-explored mineral provinces.

The Company will undertake first-pass exploration to evaluate these positions 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.