SRI 0.00% 3.9¢ sipa resources limited

sri announcement

  1. 1,533 Posts.

    HOMEX - Perth


    Steady progress is being made on GCR's six joint venture properties
    and two royalty properties. Current-year expenditure commitments on
    the joint venture properties exceed $1 million. Earn-in expenditures
    total $13.8 million, plus, in the case of Sipa Resources, completion
    of a bankable feasibility study at Broken Hill. Details are as

    * Encouraging responses recorded in geophysical surveys of platinum-
    anomalous zones at Broken Hill.

    * Further RC drilling results indicate widespread low-grade gold at
    Yellow Mountain.

    * Results awaited from the 39-hole aircore drilling programme on the
    Melrose magnetic anomaly at Yellow Mountain.

    * MIM is conducting a MIMDAS geophysical survey over a porphyry-style
    gold-copper zone at West Wyalong.

    * Alkane is presently drilling up to 15 RC holes, tracing the Wyoming
    gold zone to the south towards GCR's historic 100% owned McPhails
    gold mine. GCR has a royalty (up to 5% NSR) over EL 5830.

    * Follow-up drilling programme is being planned for the Bright Star
    Gold property, on which GCR has a 2% gross royalty.

    * IP survey has commenced at Cargo.



    Triako has completed 42 RC holes on the Yellow Mountain joint venture
    area to test the gold soil anomalies at Clayton's Dam and Quarry
    Hill. Wide intersections of low-grade gold have been identified. The
    best intersections to date, including results recently received for
    hole TYM035, are as follows:

    * Claytons Dam: 32m at 1.0 g/t from surface, including 16m at 1.59
    g/t from 4m in hole TYM035.

    * Quarry Hill: 36m at 0.79 g/t gold from surface in hole TYM016.

    * Claytons Dam: 36m at 0.52 g/t gold from surface in hole TYM002

    Triako considers the old Yellow Mountain prospect itself to have a
    similar geological environment to that at Mineral Hill which is
    characterised by high grade gold shoots.

    Compilation of previous exploration results is nearing completion.
    Interpretation has commenced.

    Thirty-nine wide-spaced aircore holes have been drilled by Triako on
    the large aeromagnetic anomaly on the Gilmore Suture known as the
    Melrose Magnetic Anomaly. The drilling is aimed at determining the
    cause of the magnetic signature and whether it is related to a major
    mineralised intrusion. Assay results are awaited.


    Yardarino has commenced an IP survey at Cargo over an identified
    target adjoining the Dalcoath-Spur gold prospect, which contains an
    inferred resource of 3.7 Mt at 1.24 g/t gold for 147,000 ounces of
    gold. The IP survey should be completed by Christmas. Yardarino
    intends to commence drill-testing of targets in January 2003.


    A ground electromagnetic and magnetic survey has been completed over
    the main known platinum group element (PGE) prospects of Mulga
    Springs (2m of 34 g/t PGEs in massive sulphides), Round Hill and
    Moorkaie (35 g/t PGEs in gossan). A small geophysical response has
    been identified at each locality, possibly reflecting massive or
    semi-massive sulphides at depth in the primary zone. Sipa aims to
    drill-test these targets in January 2003.


    MIM has commenced a MIMDAS IP survey over a gold-copper porphyry
    system at West Wyalong. MIM will also survey the area covered by an
    intense gravity anomaly with coincident magnetic and soil anomalies.
    Any targets generated would be tested by drilling early in the new


    Alkane is presently drilling a 40-hole RC programme at its Wyoming
    gold prospect. At least 15 holes will be drilled on EL 5830, where
    GCR has a royalty of up to 5% NSR, to track the gold zone to the
    south towards the old McPhails gold mine held 100% by GCR. Results
    should be available in the near future.


    Desertex is planning a follow-up drilling programme on its Bright
    Star gold prospect near Laverton where GCR has a gross 2% gold
    production royalty. The best hole in the previous drilling programme
    intersected 12m at 47.66 g/t gold including 3m at 112.8 g/t gold.

    Enquiries/requests to receive announcements by email: David Timms,
    Managing Director, Ph (02) 9482 8833, email address:
    [email protected]

    This report was prepared by David Timms, Managing Director and full
    time employee of Golden Cross Resources Ltd, who is a Fellow of the
    AIG and AusIMM and has more than five years experience in the field
    of activity in which he is reporting.
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