PERTH (miningweekly.com) – Junior Sipa Resources has increased its stake in the Great Sandy copper/gold tenements, in Western Australia, to 80%, after spending A$2-million to earn a further 29% stake.
Under the terms of a current joint venture (JV) agreement with private company Ming Gold, Sipa earned the majority stake in the project by spending a total of A$3-million in just two years.
Sipa said on Tuesday that since entering the farm-in and JV agreement in 2016, the company has successfully progressed exploration on the large ground holding, resulting in the discovery of a significant copper-rich polymetallic mineral system at Obelisk, where broad bedrock zones extend over more than 4 km at greater than 0.05% copper, with discrete higher-grade gold/copper zones so far having been delineated.
The company’s 2018 exploration season is now well under way testing priority targets and up to 6 000 m of aircore and reverse circulation drilling is planned.