Industry Group Metals & Mining - 151040
Shares on Issue 238,369,910
Price (previous close in cents) 8.6 Market Cap ($) 20,499,812
Sipa Resources Limited (SRI) is an Australian based exploration and mining company. Sipa's main focus is on preserving and increasing its reserve base through exploration initiatives and joint ventures. It has projects located in WA, NT, NSW and QLD. Sipa has a gold exploration agreement with Newmont (NEM) and various other agreements with listed companies.
NEWMONT EXPLORATION ALLIANCE: In June 2005, Sipa signed an Australian wide gold exploration alliance with Newmont (NEM). Newmont will fund all exploration until a decision to mine is made. Sipa will have a 20% interest in any discoveries/ developments. Sipa will be the manager during the Generative Stage and the initial manager during Exploration Phases.
ASHBURTON GOLD PROJECTS (20%): Sipa has a 20% free-carried interest with Newcrest in the Ashburton gold project. During the December 2005 quarter, Newcrest drilled 10 RC holes for 1,578m at the Merlin prospect, located 220 km NW of Mt Olympus. Best drill results include: 70m @ 0.48 g/t from 8m and 13m @ 0.32 g/t from 85m.
PANORAMA CU-ZN PROJECT (DILUTING TO 40%): Panorama is a Volcanogenic Massive Sulphide (VMS) Province located in the Pilbara granite-greenstone terrain some 120 kilometers southeast of Port Headland. In an agreement with CBH Resources (CBH), CBH must spend $m within 5 years to earn a 60 interest in the project. Total mineral resources at the Kangaroo Caves deposit are 1.7mt @ 0.6% Cu and 9.8% Zn. At the Bernts deposit, total inferred resources are 0.6mt @ 0.3% Cu, 1.7% Pb and 7.8% Zn.
OTHER PROJECTS: Sipa also has varying interests and agreements in the Coogardie Nickel and Gold Porjects, Ularring Rock Gold Project, Broken Hill Basemetals Project, Thaduna Basemetals and Gold Porject and the Woodline Gold Project. All projects are located in WA.
Sipa starting to hot up the last few days, investors stating to factor in the huge potential of 'the Alliance', and promising projects.