Sipa Resources Limited advised that drill testing of lithium targets at its 100%-owned Skeleton Rocks project is in progress. The commencement of drilling was delayed slightly by wet weather, but the program is now in full swing. The reverse circulation (RC) drill program will consist of ~10 holes to nominal planned depths of 150m each, angled directly under the geochemical anomalies encountered in Sipa's March 2022 aircore drill program.

Halos of lithium and other pegmatite- associated elements (caesium and rubidium in this case) have a limited dispersion around the margins of known deposits (e.g., Tanco in Canada and Wodgina, Western Australia), providing focussed drill targets. The targets being tested lie within unexplored greenstone units on the eastern margin of a large granite batholith. Sipa has all necessary approvals in place to expand the drill program, should it be required, based on initial results.

Skeleton Rocks is strategically located between the Great Eastern Highway and the Mt Holland Lithium Project currently being developed as part of a joint venture between Wesfarmers and Chilean mining major Sociedad Quimica y Minera de Chile S.A. (SQM).