Apr 01, 2019

New gold prospect in Croydon region

New gold prospect in Croydon region

A virginal gold target in the historic Croydon goldfield of North Queensland will be given a strong focus by its new owner this year.

Perth-based Sipa Resources has taken up the Clara prospect along strike from the new find by Moho Resources.

Sipa acquired the area covering 995sq km, which reportedly covers 60km of a “deep crustal structure” outlined from gravity data by a recent government seismic survey across terrain running north of the Clara prospect.

Sipa reported that neighbour Moho had discovered widespread alteration and gold anomalism in a region where there has been gold and polymetalic discoveries going back to 1885 and which takes in an shallow open-cut mine of the 1980s.

Sipa managing director Lynda Burnett said the company would undertake first-pass exploration on Clara before deciding whether to advance exploration in its own right, as it did with Obelisk near the exciting Winu copper discovery by Rio Tinto in Western Australia’s Paterson Range.

Another option was to seek new funds to advance Clara, as it has done with its polymetalic project in Uganda.

Sipa has been a listed explorer since 1987 and Burnett was a former director of exploration for Newmont Asia Pacific.

Sipa chairman Tim Kennedy is a former exploration manager for Independence Group and before that was an exploration head for Anglo American.

The company said Clara had not previously been explored for minerals, and Moho’s work nearby showed widespread bedrock gold and silver, lead and zinc mineralisation.

– by Ross Louthean