Sipa Resources Regains Custody of Paterson North Copper-Gold Project

Sipa Resources Ltd (ASX:SRI) has regained complete ownership and operational authority over the Paterson North Copper-Gold Project, located in the Paterson region of Western Australia. The project's ongoing exploration endeavors are aimed at assessing numerous targets spread across the project area. Between August 2020 and February 2024, the project underwent exploration activities as part of a farm-in and joint venture agreement with Rio Tinto (ASX:RIO) Exploration (RTX), a subsidiary of Rio Tinto.

During this period, RTX allocated $6.2 million for various exploration activities, including geophysical surveys, targeted studies, heritage surveys, and conducted two drilling campaigns. These efforts led to the identification of multiple additional targets. Recognizing the presence of untested areas within the project, RTX acknowledged its potential for significant discoveries. However, following a reassessment of its global exploration priorities, RTX has decided to reallocate its focus to other projects within its portfolio. Consequently, RTX will withdraw from the Paterson North farm-in arrangement effective March 15, 2024.

Sipa Resources underscores that several targets within the project area remain unexplored. The company intends to refine and prioritize these targets as part of its ongoing portfolio review and business development strategy. Expressing gratitude, Sipa acknowledges RTX for its support and collaborative approach throughout the farm-in arrangement, which facilitated the identification of additional targets requiring further exploration work.

Continuing its commitment to exploration endeavors, Sipa remains dedicated to enhancing and refining its portfolio through strategic acquisitions, divestments, and joint venture opportunities. The Paterson North Copper-Gold Project is situated within the same highly prospective mineral belt as the renowned Telfer gold and copper deposits, the Nifty copper mine, and Rio Tinto's Winu copper-gold discovery.

Significantly, the project is in close proximity to the Winu discovery, which boasts a maiden inferred mineral resource exceeding 500 million tonnes at 0.45% copper equivalent. Additionally, Rio Tinto recently identified a zone featuring gold-dominant mineralization nearby.

Sipa Resources Limited (ASX: SRI) is an Australian minerals exploration firm with a primary focus on conducting high-impact exploration activities across a diverse range of projects situated in significant mineral provinces within Western Australia.

With a rich and illustrious legacy marked by exploration achievements, Sipa specializes in the systematic assessment of early-stage exploration sites to enhance their value and uncover new discoveries. The company boasts a robust track record of effectively generating projects and making noteworthy discoveries.

Sipa remains dedicated to bolstering its proprietary intellectual property and internal capacities, aiming to fortify and augment its exploration methodology and facilitate the realization of the complete potential inherent within its project portfolio.