Sipa Resources Ltd (ASX:SRI) expects to receive results in the next few weeks from detailed interpretation of a ground gravity survey at the Barbwire Terrace Lead-Zinc-Silver Project in Western Australia’s north.
This interpretation will be an important component in determining hole locations for the next round of drilling at the project which is a joint venture with Buru Energy Ltd (ASX:BRU, OTC:BRNGF).
Exploration at Barbwire Terrace is targeting Mississippi Valley-style zinc-lead-silver deposits, similar to the Lennard Shelf deposits on the northern side of the Fitzroy trough.
About Barbwire Terrace
Broad-spaced diamond drilling by the JV in 2022 demonstrated proof of concept. It intersected the Pillara Limestone, which hosts the analogue Lennard shelf deposits, with base metal sulphides present in each hole.
A recent ground gravity survey in-filled the south-eastern portion of the project, significantly improving the company's understanding of the geology and location of the Fenton Fault.
The Fenton Fault, as well as associated splays and oblique faults, is interpreted to represent crucial fluid pathways for the deposition of lead-zinc-silver mineralisation within the project.
Data from the survey is being interpreted by a gravity and structural expert, with results due in the next few weeks and these will be important in determining hole locations for the next round of drilling.
Joint venture to change
Sipa’s JV partner at Barbwire Terrace, Buru Energy, is simplifying its business structure to focus on its Rafael Project and plans to monetise its 2H Resources and Battmin subsidiary companies.
Battmin is the entity Buru is using for its battery minerals exploration, which includes the Barbwire Terrace JV.
As the JV partners have a good working relationship, Sipa intends to work with Buru to assist in the divestment process.
Busy finish to 2024
Apart from the Barbwire Terrace work, Sipa has a busy finish to 2024, including drilling at the Paterson North and Skeleton Rocks projects.
At Paterson North in the Pilbara, the company is targeting intrusion-related copper-gold mineralisation while the Skeleton Rocks, in the Southern Cross area east of Perth, is prospective for gold, lithium and nickel-copper-platinum group element (PGE) deposits.
The company also continues to review its portfolio, in terms of opportunities for acquisitions, divestments or joint ventures.