Mineral explorers Sipa Resources has released its quarterly report today, announcing with it a 7.14 per cent increase. The company gave updates on two of its existing drilling project also announcing an acquisition of two more $450,000 placements.
Sipa will be commencing airborne analysis of its copper and gold project in Paterson, North WA. The company has high confidence in the project after Rio Tinto discovered significant copper, gold and silver 10km north of Paterson.
Structural and magnetic readings will be conducted over 1,150 kilometers. 3D model-scanning and government co-funded drill testing is also planned for the Paterson project.
Drilling continues at the nickel and copper sites in Uganda, under the $59 million joint-venture with Rio Tinto.
The company owns 49 percent interest in the project but gave no positive results yet and rock sampling will continue indefinitely.
The company also reported on securing a gold project in north-west Queensland and a zinc-lead project in northern WA.
Sipa cited positive high-grade historical results as reasons for acquiring both sites. Metallurgical analysis is yet to be released though.
Major company shareholder Rodiv increased their holding of Sipa to 10 percent through a $450,000 placement.
Sipa will use the placement to fund further exploration at the Paterson project.