High grade intersections at Kangaroo Caves

17 July 2007 | 06:58 Code : 14601 Geoscience events
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Sipa Resources Ltd has continued to receive high grade Zinc and Copper....

  Sipa Resources Ltd has continued to receive high grade Zinc and Copper intersections from ‘infill’ drilling at the Kangaroo Caves Zinc-Copper Deposit, within the Panorama Exploration Project, located in the Pilbara region of Western Australia.CBH Resources Ltd is earning a 60% interest in Panorama by funding $4 million of exploration, with Sipa being paid to manage this exploration.Sipa has received results from a further nine Reverse Circulation drillholes at the project, with seven of these holes encountering significant intersections. The best of these, KCC 31, returned 13m estimated true thickness at 7.6% zinc and 0.8% copper, from 228m to 241m, including 6m estimated true thickness at 12.2% zinc and 1.6% copper, from 228m to 234m.A total of 17 holes (KCC17 to KCC33) was drilled in the May-June 2007 program and significant intersections have been returned from 12 of the 15 holes, for which results are to hand.According to the company, these latest results, particularly when combined with the existing results, continue to encourage the company and further enhance the likelihood of this deposit providing signficant additional ore to feed the concentrate facility proposed by CBH Resources Ltd, 6kmto the north at Sulphur Springs.The May-June drilling was targeted on mostly 40m-spaced ‘infill’ drill sections in order to allow for an upgrading of the current resource estimate. At least two positions exist to extend the deposit to the west and southeast, at relatively shallow depths, as shown on the Plan.The current resource estimate is 1.7 million tonnes at 9.8% zinc and 0.6% copper. Once all results from Kangaroo Caves are received and collated, it is the companys intention, as a matter of priorty, to calculate and release to the ASX an updated resource estimate for this deposit.The next drilling program at Panorama, presently scheduled for September 2007, will look to ‘extend’ the potentially open pit mineable portion of Kangaroo Caves to the west and southeast. Sipa will also carry out further drilling at Jamesons and Breakers and also at some of the Anomaly 45, Man O’ War, Nambucca and Roadmaster Prospects.

tags: QAZVIN


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