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Sipa Resources Limited (ASX:SRI) Drilling Update

Sipa is pleased to announce solid progress from extensive drilling programmes at our major exploration projects at Woodline and Thaduna.

Woodline Gold and Basemetals Project

All results are now to hand from Sipa’s recent RC and RAB drilling programmes at our Woodline Project in the southeastern Goldfields Region of Western Australia.

A total of 48 RC holes were drilled for 5,016 metres. These were at Theofrastos (27 holes for 3,175 m) and Ommaney (14 holes for 955m) in rocks of the emerging Proterozoic Tropicana Gold Province and at Socrates (7 holes for 886 m) in Archaean greenstones. See Figure 1 for Prospect locations and Table 1 for significant drill intercepts.

465 RAB holes have also been drilled for a total of 18,514 metres at Theofrastos, Leucippus and a number of regional prospects. The Theofrastos RAB drilling largely completes systematic RAB coverage of this very large mineral system at a 200 metre x 50 metre spacing. See Figure 2 for hole locations and Table 2 for significant drill intercepts.

RC drill results are tabled below using a 0.1 g/t Au cutoff for Theofrastos (over a minimum width of 5 metres) and a 0.5 g/t Au cutoff for Socrates.

The best result at Theofrastos is 10 m @ 1.3 g/t Au from 64-74 metres in TFC010. This excellent result is supported by numerous anomalous results in other RC holes that define a mineralised envelope, or lode, over a strike length of 4 kilometres that is open to the northeast and southwest (Figure 3). The lode compares favourably to that hosting the plus 5 million ounce Tropicana gold deposits (Figure 3). It is very important to recognise that the economic ore bodies, or shoots, at Tropicana occupy a very small fraction of the much more extensive lode. Even the largest ore bodies are only about 200 metres in strike length, as shown in red on Figure 3.

By virtue of this comparison, Sipa believes that we are potentially closing in on possibly comparable shoots at our Theofrastos Prospect, which has striking similarities to the Tropicana deposits 300 kilometres to the northeast.

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