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Paterson North Project - North West Western Australia
Figure 1: Location of Paterson North Project
Sipa is successfully progressing exploration on its large ground-holding in the Northern Paterson province, resulting in the discovery of a significant copper-rich polymetallic mineral system at Obelisk. Sipa has earned 80% of the project from Ming Gold who are diluting to a royalty.
This high level of activity, combined with Rio Tinto’s Winu copper and gold discovery 10km west of Sipa’s tenements, highlight its world-class potential and untapped prospectivity.
The Obelisk prospect is a complex magnetic, IP and gravity high feature. Aircore/Reverse Circulation and diamond drill testing of the prospect by Sipa during 2016, 2017 and 2018 has begun to define a large >4km copper-plus-polymetallic system in Proterozoic bedrock.
Deeper diamond drilling has returned broad bedrock copper results including 102m @ 0.09% Cu in PNA070 and 64.8m @ 0.1% Cu in PND001 (ASX 19 June 2017 and 12 Oct 2017).
In addition, high-grade vein-hosted mineralisation returned narrow intersections of gold grading up to 22g/t Au and copper grading up to 2% Cu in PND002. (ASX 12 Oct 2017). Gold and Copper mineralisation is associated with anomalous Silver Molybdenum, Bismuth and Tungsten.
Sipa has also identified a second copper anomaly co-incident with modelled magnetic alteration called Aranea with bedrock grades averaging in excess of 250ppm copper over an area of over 2km of strike. (ASX 14 Sept 2018)
Kitgum-Pader Base Metals Project - Northern Uganda
Figure 2: Location of Kitgum-Pader Project
Kitgum-Pader Project is located in northern Uganda on the north-east margin of the Congo super-craton. Here Sipa is a first mover discovering the Akelikongo nickel copper cobalt deposit and more than 4 other nickel prospective mafic/ultramafic intrusions. Akelikongo is a genuine frontier greenfields discovery 100% owned and generated by Sipa.
Discovery indicates an extensive continuous plunging intrusive pipe or conduit containing disseminated and massive nickel and copper sulphides of similar dimensions and in an identical setting to Nova Bollinger (IGO) and similar to other economic deposits in Australia and Canada.
Results from diamond drilling include 84.5m@ 0.53% Ni eq including 5.2m@1% Ni, 0.4% Cu and 0.05% Co in basal semi massive sulphide. The system at Akelikongo remains open down plunge to the north-west. The project is under Joint Venture with Rio Tinto commencing in August 2018 where Rio can earn up to 75%, by the expenditure of up to US$59M. Sipa is manager for the first 18 months of the agreement period and then as agreed.
Sipa has a number of other projects located in Northern Australia.
Figure 3: Location of Sipa's newly generated projects in Northern Australia
Sipa has an ongoing project generation strategy whereby it aims to identify and secure first-mover positions in under-explored mineral provinces with potential to host world class mineral deposits.
The Company plans 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 rationalise them.