Sipa Resources Limited (ASX: SRI) has added additional weight to the target area for rare earth element (REE) mineralisation previously identified on Sipa’s 100% owned Wolfe Basin Project in Western Australia with a further review of available geophysical data.
The project lies in a prospective location, within eight km of the nearby Cummins Range REE and phosphate deposit.
Sipa says elevated REE results in historic drilling coincide with a magnetic anomaly trending onto Sipa’s tenure for ~7.5km.
Since then, publicly available airborne magnetic and radiometric data have been reprocessed, adding further significance to the interpreted target area. The data, while predominantly of low resolution, show elevated uranium and most importantly thorium levels coincident with the magnetic anomaly referred to in the previous release.
Not only are these elevated levels supportive of the existing REE’s target area, but are also indicative of the presence of outcropping and/or sub-cropping rocks in this location facilitate planned surface sampling and mapping which is planned to be undertaken in the current quarter.
Based on the radiometric anomalies, we are even more confident of our new REE target area. Indications are that we are likely to be able to quickly and cost effectively surface sample the target area to identify the most prospective areas for future drill testing in an area where no previous detailed work has ever been completed,” Managing Director, Pip Darvall, said.