Sipa Resources Limited provided a progress update on its exploration program at the Barbwire Terrace Project. Exploration is being managed and operated by Sipa under a 50/50 joint venture (JV) with Buru Energy Limited. The diamond drill program - designed to provide an initial test of a portion of the extensive tenement holding - has been completed, with the third hole reaching the target depth of 500m.

Base metal sulphides were observed in all three holes within large thicknesses of variably altered Pillara Limestone. The Pillara Limestone hosts numerous zinc-lead deposits (Cadjebut and Pillara) along the Lennard Shelf in an analogous geological setting, and its presence along the Barbwire Terrace highlights the project's prospectivity for zinc-lead mineralisation. The fourth planned hole has been postponed until assay results have been received.

Elevated levels of base metals were recorded in handheld XRF (pXRF) spot readings in all three holes. Spot pXRF readings from the first and second holes have already been reported, and in the third hole, numerous spot pXRF readings greater than 1% zinc and/or lead were recorded with the maximum result being 23.9% Zn + Pb. Given the results were obtained from a handheld XRF device, these spot results are preliminary in nature and may not be representative of the whole rock concentrations.

Further results will be communicated once laboratory assaying has been completed in approximately four weeks, however such elevated readings - plus visible disseminated zinc/lead sulphides over significant intervals of core - are extremely encouraging. Drilling at Barbwire Terrace is being co-funded by the Western Australian government's Exploration Incentive Scheme, with up to $180,000 support to the JV towards drilling costs.