Sipa Resources (ASX:SRI) has conducted a further review of geophysical data that highlights the rare earth element (REE) target area at its Wolfe Basin Project in Western Australia.
The company reports elevated REE results in historical drilling coincide with a magnetic anomaly trending onto Sipa’s tenure for about 7.5km. Publicly available airborne magnetic and radiometric data has since been reprocessed, and the company says the results add further significance to the interpreted target area.
According to Sipa, the data demonstrates elevated uranium and, most importantly, thorium levels coincident with the magnetic anomaly that was referred to in a 4 July 2023 ASX release.
Sipa’s share price has increased by 13.64% to $0.025 as of 3:45pm on Monday afternoon.
“Based on the radiometric anomalies, we are even more confident of our new REE target area”
Commenting on the reviewed data, Sipa Resources Managing Director Pip Darvall says: “Based on the radiometric anomalies, we are even more confident of our new REE target area.
Indications are that we are likely to be able to quickly and cost-effectively surface sample the target area to identify the most prospective areas for future drill testing in an area where no previous detailed work has ever been completed.”
Sipa Resources adds that not only are these elevated levels supportive of the existing REEs target area, but they are also indicative of the presence of outcropping and sub-cropping rocks in the location, facilitating planned surface sampling and mapping, which is planned to be conducted in the current quarter.
Sipa Resources is an Australia-based explorer focused on the discovery of gold and base metal deposits in Western Australia. The company’s portfolio of assets includes the Wolfe Basin, Barbwire Terrace, Paterson North, Warralong, and Murchison projects in Western Australia.
On 31 March 2023, the company had $2.3 million cash at hand and no debt, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Sipa Resources Ltd
