Sipa’s Barbwire Terrace Base Metals Project, south-east of Broome, Western Australia, covers the south-western margin of the Fitzroy Trough where historic drilling has confirmed the potential for Mississippi Valley Type (‘MVT’) base-metal mineralisation, similar to the well-known Lennard Shelf deposits located along the north-eastern margin of the trough.
MVT mineralisation of the type mined on the Lennard Shelf has historically produced high-purity concentrates sought after by smelters, making this a high value exploration target.
After refining target areas for the project in September 2020, Sipa announced a partnership with Buru Energy (ASX: BRU), an oil and gas explorer with interests in the region. Buru has sophisticated basin models covering the Fitzroy Trough which will help to define areas of highest potential for base metal mineralisation. With Sipa as operator, the companies formed a Joint Venture and in the December quarter 2021, Buru’s wholly owned subsidiary Battmin Pty Ltd became entitled to 50% ownership of the tenements in the JV after Buru satisfied the terms of the farm-in agreement.
Heritage surveys have been undertaken over the priority drill targets with no areas of particular concern identified during the surveys. The JV partners plan on drilling four holes to a nominal depth of 500m in 2022.