Sipa Resources expands exploration footprint

Sipa Resources (ASX:SRI) has announced the acquisition of four advanced gold exploration projects in South Australia and Western Australia. The projects, situated close to significant gold deposits, are set to enhance Sipa's exploration activities. The acquisition, valued at up to $2.2 million in cash and shares, also includes a $1.75 million capital raising to fund exploration and acquisition costs.

Strategic acquisition and exploration plans

Sipa Resources (ASX:SRI) has acquired four gold exploration projects in South Australia and Western Australia, covering approximately 729 km² and 30 km² respectively. The strategic acquisition, costing up to $2.2 million in cash and shares, positions Sipa near significant gold deposits, such as the Tunkillia gold deposit. The company has also raised $1.75 million through a placement to support exploration activities. Sipa plans to validate historical exploration data and focus on priority areas like Tunkillia North and Nuckulla Hill. With Stephen Biggins joining the board, Sipa aims to leverage his expertise for future exploration success and continuous project development.

Executive commentary on acquisition and growth

The acquisition of these advanced gold projects is a significant step for Sipa. We are strategically positioning ourselves near major gold deposits, which we believe will enhance our exploration potential and provide synergies for future developments.