Sipa Resources confirms copper-gold system at Obelisk

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THE DRILL SERGEANT: Sipa Resources (ASX: SRI) took delivery of final assay results from recently completed maiden reconnaissance Aircore/RC drilling program at the Obelisk copper-gold anomaly.

The Obelisk anomaly is located within the Great Sandy Tenement where Sipa is earning an 80 per cent interest as part of the company’s Paterson North project in the Paterson Province of Western Australia.

According to Sipa the results confirmed mineralisation over a strike length over four kilometres, including encouraging results of greater than 0.1 per cent copper and anomalous gold of greater than 0.02 grams per tonne gold and up to 1.26g/t gold returned over 1.5km of strike.

Sipa considers the results to be important at its current stage of exploration as they demonstrate a strong polymetallic mineral association of copper-gold-silver-molybdenum-tungsten anomalism.

Highlighted mineralised intercepts include:

PNA007
4 metres at 0.42g/t gold from 85m;

PNA009
7m at 0.28g/t silver and 0.29 per cent copper from 78m;

PNA014
8m at 0.28g/t gold, 0.44g/t silver, 0.11 per cent copper, 36ppm molybdenum and 141ppm tungsten, from 86m, including 1m at 1.26g/t gold from 89m;

PNA018
7m at 0.26g/t silver and 0.13 per cent copper from 86m;

PNA024
3m at 0.16g/t silver and 0.24 per cent copper from 80m; and

PNA035
6m at 0.25g/t silver and 0.10 per cent copper from 107m.

The mineral system at Obelisk is open in all directions.

“We are very excited by the results, which are outstanding for a shallow, reconnaissance program of this nature,” Sipa Resources managing director Lynda Burnett said in the company’s announcement to the Australian Securities Exchange.

“Of particular note is the scale, coherence and tenor of the anomalism at Obelisk, the presence of significant molybdenum, tungsten, silver and copper and the metal associations – which are similar to some of the very large deposits in the district.

“The next steps for us are to analyse the significant amount of data generated by the drill program and correlate it with other available datasets which are now being supplemented by a detailed gravity survey over the area which is currently underway.

“This will help us to further characterize the strong gravity high feature which is spatially associated with the mineralization and together with the other datasets, provide us with vectors for targeting follow-up drilling and geophysics.”

Sipa’s Paterson North project comprises the Great Sandy tenement (E45/3599), where Sipa can earn up to an 80 per cent interest by spending $3 million over four years under a Farm-in and JV agreement with privately owned Ming Gold, and Sipa’s wholly owned Anketell tenement (ELA45/4697).

Email: info@sipa.com.au

Website: www.sipa.com.au