Sipa Resources (ASX:SRI) has flagged the potential for rare earth element (REE) mineralisation at its Wolfe Basin Project in Western Australia following a review of historical drill results from the region.
Additional work is now being conducted to identify REE drill targets alongside the company’s ongoing focus on the base metal potential.
Sipa says the extent of drilling conducted on the tenement is scarce, and the company intends to begin additional on-ground work, including infill soil sampling, in the current quarter to refine drill targets for future testing.
Commenting on the REE potential, Sipa Resources Managing Director Pip Darvall says: “To date, we have focused entirely on the strong base metals potential of our Wolfe Basin Project, but the identification of REEs in historic drilling is a great opportunity to add value to the project via some cost-effective work.”
“the identification of REEs in historic drilling is a great opportunity to add value to the project via some cost-effective work”
Aircore drilling undertaken in 2007 by Northern Star Resources (ASX:NST) intersected up to 16m @ 650 parts per million (ppm) rare earth oxides. The historical hole is located on the margin of a prominent magnetic anomaly that may represent an underlying intrusive or structural position favourable for hosting REEs.
Sipa Resources is an Australia-based exploration company focused on the discovery of gold and base metals in Western Australia.
As of the end of March 2023, Sipa Resources had $2.3 million cash at hand and no debt, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Sipa Resources Ltd
