CHAIRMAN’S LETTER . . . our emerging 100% owned projects in Western Australia, the coming year is shaping up to be one of very active exploration for Sipa . . . Dear Fellow Shareholder I am pleased to report on what has been a year of challenge and transformation for Sipa. The COVID-19 pandemic has tested us as it has most companies however, through quick action and judicious use of resources, the company remains in a strong position. Over the year the company made significant headway on a number of fronts. Exploration progressed at both of our most advanced projects being the Paterson North Cu-Au project adjacent to Rio Tinto’s recent Winu discovery in the Pilbara and the Kitgum-Pader NiCu project in Northern Uganda, and
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exploration commenced on the Wolfe Basin base metal project in the Kimberley Region. Target generation activities had an increased focus on gold and resulted the company securing two new 100% owned gold projects in Western Australia. At the Paterson North project the Company undertook a regional airborne electromagnetic survey (AEM) to provide a rapid first pass screen of areas prospective for Winu style coppergold mineralisation. Follow-up drill testing resulted in a major expansion of the Obelisk copper footprint, as well as identifying two new zones of mineralisation at the Dorado and Donut Prospects.
Subsequent to year-end, a competitive process resulted in Rio Tinto entering the project via a farm-in and joint venture agreement in order to accelerate exploration. In addition to having substantial financial resources, Rio Tinto have a strong operational presence and technical expertise in the area which will be of great benefit in unlocking the potential of the project. The first half of the year saw a high level of activity by joint venture partner Rio Tinto at the Kitgum Pader Nickel-Copper project in Uganda. Regional prospect areas were advanced via detailed gravity surveys and selective follow-up drilling, while further drilling at the Akelikongo
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