Sipa Resources bolsters cash balance with Murchison project sale
August 07, 2023 at 11:01 pm
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Sipa Resources Ltd (ASX:SRI) MD Pip Darvall tells Proactive’s Andrew Scott that the company will strengthen its focus on its five Western Australian projects after the sale of the Murchison Gold Project to Ora Gold Ltd, in return for $1.4 million in the form of $600,000 in cash and $800,000 in OAU shares.
The Murchison Project is directly adjacent to and contiguous with Ora Gold’s existing tenure, complementing that company’s current assets and enhancing plans to make further discoveries in the district.
“We see this as a win for each party,” Darvall said in SRI’s announcement today.
“For Sipa, it allows the company to focus on its remaining five projects in Western Australia, as well as bolstering the cash balance of the company to support its upcoming exploration programs, while the Sipa tenure will add considerable scale to Ora’s project, where it is aggressively exploring and building its resource base in the Murchison.”
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Sipa Resources Limited is an Australia-based minerals exploration company. The Company is focused on the discovery of gold and base metal deposits in Western Australia. The Companyâs projects include Wolfe Basin Base Metals, Barbwire Terrace Zn / Base Metals, Paterson North Cu-Au, Warralong Au, Skeleton Rocks Au-Ni-Cu, and Uganda Ni-Cu. Wolfe Basin covers approximately 780 square kilometers of unexplored ground in the Kimberley region, WA. Sipaâs Barbwire Terrace Base Metals Project is located south-east of Broome, WA, which covers the south-western margin of the Fitzroy. Paterson North Cu-Au is located in the Paterson Province of WA. The Warralong Gold Project is prospective for intrusion hosted gold, lithium-tin-tantalum and nickel-copper in the north Pilbara region. Skeleton Rocks Au-Ni-Cu is located directly to the west of the Southern Cross Greenstone Belt and features shallowly buried greenstone belts prospective for gold, lithium and nickel-copper mineralization.