Sipa is a well-known explorer on the Australian scene, having been around for quite a while. Recent activities, led by a strong technical team, have been focussed on the Paterson North Project in Western Australia and the Kitgum Pader Project in Uganda, both of which have been returning very positive results, highlighting the prospectivity of these areas. The Paterson North Project is in the Paterson Province of WA, host to major deposits including Telfer (gold), Nifty (copper) and Kintyre (uranium), with recent activities focussed on intrusion related gold+-copper systems in this underexplored region. Recent exploration successes have included Antipa’s Magnum, Calibre and more recently Minyari discoveries, and Encounter’s discoveries to the SW of Telfer. Sipa has come to the party with Obelisk, with work to date highlighting broad copper mineralisation in aircore drilling, which may reflect a halo to a deeper, zoned, polymetallic intrusion-related system, an interpretation supported by the results of geophysics. Moving to Uganda, Kitgum Pader, over which Sipa is the first explorer, is situated over a Proterozoic mobile belt at the northern edge of the Congo Craton, a tectonic setting analogous to the Fraser Range region in Western Australia. And like the Fraser Range region, Kitgum Pader is home to intrusive related nickel-copper mineralisation, in this case Sipa’s Akelikongo discovery, which has returned disseminated, semi-massive and massive nickel-copper mineralisation, and individual assays of up to 2.5% Ni and 2.4% Cu. The results of work to date point to the potential for larger sulphide accumulations down plunge from the limits of current drilling. In addition to the intrusive-related mineralisation Kitgum Pader is also considered prospective for other styles of base and precious metal mineralisation. With Sipa planning drilling on both exciting projects over coming months, we should see good news flow, and the potential for a major discovery. With a market capitalisation of around $12 million, the Company is well leveraged to exploration success.To read our update report on Sipa please follow the link below.
Mark is a Senior Resources Analyst for Independent Investment Research, with a focus on junior and mid-cap listed resources stocks. With over 10 years as an analyst, following on from 17 years as a geologist, he has a good insight into the sector.
The just commenced drilling program at the Obelisk prospect in WA will be well worth watching.