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Sipa Resources shares rise on progress at Paterson North project

It is a pivotal time for Sipa with further drilling commencing soon.
Sipa Resources shares rise on progress at Paterson North project
Recent drilling has defined a priority copper anomaly

Sipa Resources (ASX:SRI) has embarked on a new exploration program at its Paterson North Copper-Gold Project in Western Australia following a successful reconnaissance drilling program.

The company’s shares closed 18% higher on Monday, at $0.013.

Sipa’s recent 3,244-metre program included 15 holes drilled over the 4-kilometre long Obelisk copper-gold anomaly, with most holes ending in copper mineralisation in fresh bedrock.

The results include 102 metres at 0.09% copper, 0.33 ppm silver, 6 ppm molybdenum and 263 ppm tungsten.

Importantly, the drilling has defined a priority 800 by 200 metre copper zone at Obelisk which is also coincident with a strong gravity and magnetic anomaly.

The presence of strongly anomalous bedrock copper mineralisation is considered to be a significant development, indicating the presence of a large polymetallic intrusive-related mineral system.

The Paterson Province is a strongly endowed and highly prospective mineral belt for gold and copper including the 25+ million ounce Telfer gold and copper deposits.

Sipa is earning up to an 80% interest in Ming Gold’s Paterson North project by spending $3 million on exploration over 4 years.

It is a pivotal period ahead for Sipa with geophysical surveys in progress and a 1,500-metre diamond drill program set to commence in mid-July.

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