Sipa Resources Limited update on Paterson North Project

Sipa Resources Limited (ASX: $SRI) has announced that its partner, Rio Tinto Exploration (RTX), will be withdrawing from the Paterson North Farm-In, leaving Sipa with 100% ownership of the Paterson North Project in northern Western Australia. RTX has spent $6.2m on geophysical surveys, targeting studies, heritage surveys, and two rounds of drilling at Paterson North, meeting the minimum expenditure criteria for the Farm-In prior to withdrawal.

Sipa Managing Director Andrew Muir's comments on the update

We would like to thank RTX for its support and contribution to the Paterson North Project and for the collegiate and collaborative manner in which it has approached the Farm-In. With RTX's assistance, we have been able to identify several additional targets, which require follow up work. Sipa continues to enhance and refine its portfolio via strategic acquisitions, divestments, and joint venture opportunities.

Summary of Sipa Resources Limited's Paterson North Project update

Sipa Resources Limited (ASX: $SRI) has announced that Rio Tinto Exploration (RTX) will be withdrawing from the Paterson North Farm-In, resulting in Sipa gaining 100% ownership of the project. RTX's withdrawal comes after spending $6.2m on various surveys and drilling at Paterson North. Sipa's Managing Director, Andrew Muir, expressed gratitude towards RTX for their support and collaborative approach. Sipa plans to refine and prioritize the remaining targets at the project as part of its ongoing portfolio review and business development strategy. The company continues to focus on enhancing and refining its portfolio through strategic acquisitions, divestments, and joint venture opportunities.