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Sipa Resources restructures board as it moves to intensive exploration phase at WA portfolio

The company has determined that it would be beneficial to conduct a board restructure so it can take full advantage of the team’s strengths to benefit this next stage of exploration.

Sipa Resources Ltd - Sipa Resources restructures board as it moves to intensive exploration phase at WA portfolio

Sipa Resources Ltd (ASX:SRI) has initiated a board restructuring process as it plans to move to a more intensive exploration of its portfolio of Western Australian based projects.

As a part of the restructuring, Craig McGown will resume the role of independent non-executive chairman and Tim Kennedy will step into the role of non-executive director, effective September 1, 2021.

Over the next 12 months, the company plans to start an extensive exploration phase at its emerging portfolio of Western Australian based projects, which include an increasing number of drilling programs as tenements move through the grant and access permitting phases.

As part of its annual strategic corporate review, the company has decided to conduct the restructure to take full advantage of the team’s strengths to benefit from this next stage of exploration.

Restructuring rationale

With Kennedy assuming the role of non-executive director, he will have more time available to provide technical advice, tapping into his strong technical and exploration background.

Similarly, following the appointment of McGown as independent non-executive chairman, the company intends to benefit from his corporate and investment banking experience by having him work closely alongside managing director Pip Darvall.

READ: Sipa Resources begins drilling at Warralong Gold Project in north Pilbara

In line with the exploration strategy, the company has this month started a 4,000-metre aircore drilling program at its recently granted Warralong Gold Project in the northern Pilbara.

This is designed to test intrusive, structural and lithological targets interpreted from Sipa’s detailed aeromagnetic survey, and if needed, the company can increase the drill metres.

The program is anticipated to take about two weeks to complete, testing targets on one of the Warralong tenements.

Bedrock information from this drilling program will assist in building a geological framework for undercover basement rocks to assist in future targeting efforts.

Quick facts: Sipa Resources Ltd


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