• Initial review of the ground gravity survey has highlighted a significant gravity anomaly as
well as structural complexity in a priority area at the 50% owned Barbwire Terrace Pb-ZnAg project
• Both are positive indicators, potentially indicating the right host units as well as necessary
fluid pathways for mineralisation
• Exploration is targeting Mississippi Valley style zinc-lead-silver deposits, similar to the
Lennard Shelf deposits, located on the northern side of the Fitzroy trough
• The survey received an award for EIS co-funding, with 50% of the survey costs to be
reimbursed
Drilling planned for 2025
• The survey infilled a sizeable gap in the detailed gravity data, proximal to the most
favourable hole from previous drilling, with the new data essential for enabling further drill
targeting
• The data will be incorporated into existing datasets with a view to completing a structural
interpretation
• This interpretation will be used to refine targets for diamond drilling in 2025
Sipa Resources Limited (“Sipa” or “the Company”) is
pleased to provide an update on its Barbwire Terrace Project,
which is a 50:50 joint venture with Buru Energy Limited (ASX –
BRU).
The detailed ground gravity program at Barbwire Terrace has now
been completed. The survey infilled the south-eastern portion of
the project and has significantly improved our understanding of
the geology and location of the Fenton Fault, including an
apparent flexure or offset of the major structure. The Fenton Fault,
as well as associated splays and oblique faults, is interpreted to
represent crucial fluid pathways for lead-zinc-silver mineralisation
within the project.
Broad spaced diamond drilling by the Joint Venture in 2022 demonstrated proof of concept. The
drilling intersecting the Pillara Limestone, which hosts the analogue Lennard shelf deposits, with
base metal sulphides present in each hole (See ASX: 18/01/2023).
The data will now be sent for interpretation, with the results utilised to design next year’s diamond
drilling campaign, which will be more focussed than the previous broad spaced drilling.
Looking Forward
Following the gravity survey at Barbwire Terrace, Sipa continues to step up its field activities, with
planned work on other projects in 2024 to include:
• Drilling at Paterson North,
• Drilling at Skeleton Rocks, and
• Surface exploration at Wolfe Basin.
The Company is also continuing to review the current portfolio, and is open to opportunities for
acquisitions, divestments or joint ventures.
This announcement has been authorised for release by the Board of Sipa Resources Limited.
