Sipa on trail of large gold and copper system at Obelisk

13th October 2017
Resources Rising Stars

Sipa Resources believes it is on the trail of large gold and copper system at Obelisk, part of the Paterson North copper-gold project in the Telfer region of Western Australia with drilling latest this month seeking to find the centre of the mineralisation, reports MiningNews.

Sipa said recent diamond drilling had confirmed Obelisk “extends well into the bedrock with a very large (circa) 1000ppm copper ‘footprint’” as well as vein-hosted high-grade gold that “indicates the system is capable of containing both high-grade, high-value mineralisation and bulk lower grade high tonnage deposits”.

Sipa’s diamond drilling hit 0.15m grading 22.5 grams per tonne gold and 2% copper from 422.6m.

The company further said Obelisk was “now proven to have strong genetic similarities to other deposits in the region including the giant Telfer gold and copper mine, the Minyari skarn-hosted gold and copper deposit and the Magnum and Calibre deposits, located 20km to the south”.

Sipa holds a 51% interest in the prospect and is earning up to 80% from Ming Mining for expenditure of $3 million.

Meanwhile the company’s A$2 million fund raising share purchase plan is now being underwritten by JM Financial Group.

Sipa is estimated to currently have about $1.4 million cash.

Aside from its exploration ground in WA, Sipa is also focused on the Kitgum-Pader base metals project in northern Uganda.

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