Sipa Resources Ltd (ASX:SRI) has finalised details of the 2023 exploration program at the Paterson North Project with farm-in and joint venture (JV) partner Rio Tinto (ASX:RIO) Exploration Pty Ltd, with a focus on drill testing high-priority targets and producing heritage surveys to access new areas of interest.
The two companies have leveraged extensive geophysical and geochemical datasets from previous exploration on the project to target 1,400 metres of drilling with a budget of $1.8 million for the 2023 field season.
Systematic testing of drill targets
“We are pleased to confirm that funding arrangements have been finalised and planning is underway for the 2023 drill program at Paterson North,” Sipa Resources managing director Pip Darvall said.
“In preparing for this year’s field season, Sipa has continued to benefit from RTX’s discovery expertise at the neighbouring Winu deposit.
“As the weather starts to cool down, we look forward to getting back out into the field and continuing the systematic testing of our drill targets at Paterson North, which have been specifically identified based on previous drill results and survey data from the 2022 field season.”
Sipa’s Paterson North project showing the areas of focus for 2023 drilling.
The Paterson North Project is held in a farm-in joint venture with Rio Tinto Exploration and Sipa Resources, wherein Rio Tinto can earn a 70% interest in the project by sole funding expenditure of $12 million ($6 million to earn 55% and a further $6 million to earn to 70%).
RTX also has an option to further increase its interest to 80% by sole funding the earlier of a JORC resource of $1 billion in-ground value, or the completion of an order of magnitude study.
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