TENNANT CREEK GOLD AND COPPER PROJECTS

Sipa’s Tennant Creek Projects are located in Proterozoic, dominantly sedimentary, rocks that host the very high grade historic gold and gold-copper deposits of the Tennant Creek Goldfield – the largest of which was the Warrego Mine that produced 1.3 million ounces of gold, 91,500 tonnes of copper and 12,000 tonnes of bismuth from 4.75 million tonnes of ore grading 8 g/t Au, 2% Cu and 0.3% Bi.

Most of Sipa’s ground is situated west of the Warrego Granite (see Figure below), an intrusive rock, which is younger than the mineralisation of the Goldfield. This land is subject to Aboriginal Land Rights legislation and Sipa is the first explorer to gain access to these lands since the early 1970’s.

West Warrego Joint Venture

(Sipa holds 70% of 295 sq. km with the Hosking-Allender- LeBrun Syndicate and may earn 80%)

Over the last four years Sipa has conducted limited detailed ground magnetic and gravity surveys (to better define dense magnetic bodies that host most of the old mines of the Goldfield) and drilled four diamond core, and four RC, holes.

All of these holes intersected bodies of the magnetic mineral magnetite, along with haematite and chlorite alteration, typical of the ore bodies of the district.

Many more magnetic ‘highs’ are shown by a wide-spaced NT Government airborne magnetic survey and, at the time of writing, Sipa is conducting a detailed airborne magnetic/ radiometric survey, in order to outline additional drilling targets.

Meteoric Farm-in

(Sipa may earn a 70% interest in 151 sq. km from Meteoric Resources NL)

In May 2010 Sipa entered into a Farm-in Agreement with Meteoric Resources NL, whereby we may earn a 70% interest in tenements west, and east, of the Warrego Granite.

To date Sipa has finalised access agreements with Aboriginal Traditional Owners and compiled past exploration work. At the time of writing, a detailed airborne magnetic/radiometric survey is being conducted.