The company’s shares closed 18% higher on Monday, at $0.013.
Sipa’s recent 3,244-metre program included 15 holes drilled over the 4-kilometre long Obelisk copper-gold anomaly, with most holes ending in copper mineralisation in fresh bedrock.
The results include 102 metres at 0.09% copper, 0.33 ppm silver, 6 ppm molybdenum and 263 ppm tungsten.
Importantly, the drilling has defined a priority 800 by 200 metre copper zone at Obelisk which is also coincident with a strong gravity and magnetic anomaly.
The presence of strongly anomalous bedrock copper mineralisation is considered to be a significant development, indicating the presence of a large polymetallic intrusive-related mineral system.
The Paterson Province is a strongly endowed and highly prospective mineral belt for gold and copper including the 25+ million ounce Telfer gold and copper deposits.
Sipa is earning up to an 80% interest in Ming Gold’s Paterson North project by spending $3 million on exploration over 4 years.
It is a pivotal period ahead for Sipa with geophysical surveys in progress and a 1,500-metre diamond drill program set to commence in mid-July.