Sipa Resources Limited advised that assay results have been received from its follow-up drill program at its 100%-owned Skeleton Rocks project (Figure 1), providing further definition of the target areas that were the focus of the program. Coherent halos of elevated lithium and other pegmatite-associated elements (caesium and rubidium) on the margins of greenstone units were identified in Sipa's March 2022 drilling. In September these locations were further tested by deeper reverse circulation (RC) drilling, which intersected predominantly mafic units with several garnet-bearing quartz veins (Figure 2).

Assay results across the veined intervals were prioritised and show comparable levels of lithium, caesium and rubidium to results from the March 2022 drilling. A further review of the drill chips and logging has been completed and additional samples have subsequently been submitted for assay, the results of which are pending. 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).