Sipa Faces Uncertainty as Key Assay Results and Heritage Approvals Await
Sipa Resources has completed a key drilling program at its South Australian gold projects and secured A$1.6 million in new funding to accelerate exploration activities across multiple sites.
- Completion of RC drilling at Nuckulla Hill targeting Bimba and Sheoak prospects
- Heritage and environmental approvals secured for further drilling at Tunkillia North and Nuckulla Hill
- Calcrete sampling confirms significant gold anomaly at Tunkillia North
- Ongoing targeting and heritage approvals progressing at Crown Gold Project, WA
- Post-quarter equity placement raises A$1.6 million to fund exploration
Exploration Progress in South Australia
Sipa Resources Limited (ASX – SRI) has reported solid progress in its June 2025 quarter, focusing on advancing gold exploration within the Gawler Craton region of South Australia. The company completed a reverse circulation (RC) drilling program at the Nuckulla Hill project, targeting the historically underexplored Bimba and Sheoak prospects. This program, comprising 13 holes totaling 1,684 metres, aimed to in-fill and extend previous drilling from the 1990s, with samples now submitted for assay analysis.
Significantly, Sipa secured heritage clearance and environmental approvals, including a Program for Environment Protection and Rehabilitation (PEPR), enabling a series of RC and aircore drilling campaigns at Tunkillia North and Nuckulla Hill over the next 12 months. These approvals followed collaborative surveys with the Gawler Ranges Aboriginal Corporation, underscoring the company’s commitment to responsible exploration.
Validating a Large Gold Anomaly at Tunkillia North
Complementing drilling efforts, a calcrete sampling program at Tunkillia North confirmed the presence of a substantial gold-in-calcrete anomaly, mirroring historical results from the 1990s. This anomaly spans approximately 5 by 5 kilometres and is comparable in scale and grade to the nearby 1.6 million ounce Tunkillia gold deposit held by Barton Gold. The validation of this anomaly bolsters confidence in the potential for a large-scale gold system, with ongoing geophysical data reprocessing further refining drill targets.
Advancing Western Australian Projects
In Western Australia, Sipa is progressing its Crown Gold Project near Kalgoorlie, completing a targeting assessment and submitting heritage survey requests ahead of planned aircore drilling. While timing for heritage approvals remains pending, some Program of Works submissions have been approved, positioning the company to commence drilling once clearances are received.
Additionally, Sipa has initiated a review of Rare Earth Element potential at its Wolfe Basin project in the Kimberley region. This evaluation seeks to identify prospects for gallium and rare earth mineralisation, leveraging limited historical data and geophysical surveys, and aligning with regional discoveries by peers.
Corporate Developments and Funding
On the corporate front, non-executive Director Rick Yeates retired after three years of service but will continue to support the company as a technical consultant. Financially, Sipa ended the quarter with $0.9 million in cash and subsequently completed a strongly supported placement raising A$1.6 million at 1.4 cents per share. This capital injection, backed by existing and new investors including all four Directors, is earmarked to fund ongoing and upcoming drilling programs across South Australia and Western Australia through the remainder of 2025.
With assay results from recent drilling expected within six weeks, Sipa is well-positioned to refine its exploration strategy and advance its portfolio of gold and specialty metal projects.
Bottom Line?
Sipa’s recent drilling and funding boost set the stage for critical assay results that could reshape its exploration trajectory.
Questions in the middle?
- What will the upcoming assay results from Nuckulla Hill reveal about gold grades and mineralisation continuity?
- How soon will heritage approvals be granted to enable drilling at the Crown Gold Project in Western Australia?
- Could the Rare Earth Element review at Wolfe Basin uncover commercially viable deposits akin to nearby projects?
