Sipa Confirms Massive Gold Anomaly at Tunkillia North, Drilling Imminent

• Large 5km x 5km gold-in-calcrete anomaly confirmed at Tunkillia North
• New discrete higher-grade gold zone identified near Tunkillia deposit
• Drill planning well advanced with heritage clearance underway
• Sampling results validate historical data from 1990s MIM Exploration
• Additional drilling planned at Nuckulla Hill and Arcoordaby projects

Context and Significance of the Anomaly

Sipa Resources Limited (ASX: SRI) has announced a significant milestone in its South Australian gold exploration campaign with the confirmation of a large-scale gold-in-calcrete anomaly at its 100%-owned Tunkillia North project. This anomaly spans an impressive 5km by 5km area and closely mirrors the size and grade of the nearby 1.6 million ounce Tunkillia gold deposit owned by Barton Gold, located just 10km to the south.

The recent calcrete sampling program, which analyzed approximately 200 samples, successfully infilled and validated historical geochemical data collected by MIM Exploration during the 1990s. The results showed consistent gold values, with higher-grade zones exceeding 50 parts per billion (ppb) gold against background levels below 5ppb, reinforcing the prospectivity of the area for a substantial gold system.

Discovery of a New Higher-Grade Target

Beyond confirming the historical anomaly, Sipa’s sampling identified a new discrete higher-grade gold zone closer to the Tunkillia deposit itself. This fresh target adds an exciting dimension to the project, potentially enhancing the overall resource potential and providing a focused area for upcoming drill testing.

Advancing Towards Drilling

Drill planning for both the historical anomaly and the newly identified higher-grade zone is well advanced. The company has initiated the heritage clearance process, a critical step given the sensitive nature of exploration in the region. On-site heritage assessments are anticipated within the coming weeks, with drilling expected to commence in the current quarter, subject to clearance approvals.

In parallel, Sipa is preparing to drill multiple other targets within its South Australian portfolio, including the Nuckulla Hill and Arcoordaby projects, indicating a broad and aggressive exploration strategy across its holdings in the Gawler Craton.

Technical and Regulatory Assurance

The calcrete sampling was conducted using industry-standard techniques, with samples processed at Intertek laboratories in Adelaide. Quality control measures, including standards, blanks, and duplicates, confirmed the reliability of the assay data. The sampling locations were accurately surveyed using DGPS technology, ensuring precise spatial data for geological modelling.

Sipa’s Managing Director Andrew Muir expressed confidence in the results, highlighting the validation of historical data and the identification of new high-grade zones as key developments that enhance the prospectivity of Tunkillia North. The company’s Competent Person, Ms Anna Price, has endorsed the exploration results in accordance with the JORC Code, providing further assurance to investors and stakeholders.

Looking Ahead

With drilling imminent, the market will be watching closely for assay results that could confirm the presence of economically viable gold mineralisation. The confirmation of a large-scale anomaly and new targets at Tunkillia North positions Sipa Resources well within a highly prospective gold district, potentially unlocking significant value as exploration advances.

Bottom Line?

Sipa’s validation of a major gold anomaly and new targets at Tunkillia North sets the stage for a pivotal drilling campaign that could reshape its exploration outlook.

Questions in the middle?

• What will the initial drilling results reveal about the size and grade of mineralisation at Tunkillia North?
• How might heritage clearance timelines impact the drilling schedule and exploration progress?
• What are the implications of the new higher-grade zone for Sipa’s overall resource potential and valuation?