Gold and base metals explorer Sipa Resources (ASX:SRI) plans to refine its rare earth element (REE) target area ahead of drilling at the Wolfe Basin Project in Western Australia.
This news comes after the company completed an initial mapping and surface sampling program of the REE targets in the project area.
Sipa collected a number of rock chip and soil samples from the project, focusing on the peak thorium anomalies that are coincident with a magnetic anomaly.
Additionally, Sipa collected drill chips from a historical hole in the area, and a field examination of the chips identified basement rocks in this location as a syenite. The company says syenites are felsic intrusive rocks that can be enriched in REEs.
In any case, all of the collected samples have been submitted for assay for the full suite of REEs.
Sipa says the assay results from the program should be available to be processed and reported in about 4 weeks.
Commenting on the exploration activities, Sipa Resources Managing Director Pip Darvall says: “We are pushing ahead quickly with REEs-focused exploration at Wolfe Basin, with the goal of generating a clear set of drill targets for testing later this year.
“Sipa has a strong pipeline of exploration activity planned over the coming months across its key projects”
Sipa has a strong pipeline of exploration activity planned over the coming months across its key projects, and we look forward to providing regular updates as activity advances.”
The Wolfe Basin Project lies in a ‘prospective’ location within 8km of the nearby Cummins Range REE and phosphate deposit.
Sipa Resources is an Australia-based exploration company 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, Warralong, Paterson North, and Skeleton Rocks projects.
As of 30 June 2023, the company had $1.86 million cash at hand and no debt, according to its latest quarterly report published on 28 July 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Sipa Resources