Annual Report for EL 23764 for the period 25 November 2010 to 24 November 2011

Abstract

EL 23764 is part of the Tennant Creek project of Sipa Exploration NL. The project originally consisted of Exploration Licences 22359, 23063, 23065, 23992 and 26822 and Exploration Licence Applications 26823 and 26824. These tenements are subject to a Joint Venture - Farm In agreement with Mr's Hosking, Le Brun and Allender. In November 2009, Sipa negotiated another Joint Venture - Farm In agreement with Image Resources and Meteoric Resources for Exploration Licences 23764, 24363, 24255 and 24138 and Exploration Licence Application 24257 which formally became part of the Tennant Creek Project. Sipa Exploration NL targets Cu and Au ore bodies of the Tennant Creek style in the project. Exploration in the current reporting period included the acquisition of an airborne magnetic survey and some white ant hill sampling. It is expected that the final results from the airborne magnetic survey will generate a range of targets for follow up work. Future work should involve ground gravity surveys, further vaccuum drill sampling and white ant hill sampling, possibly also over areas previously tested with soil sampling. The Cu anomalies and magnetic anomalies expected from the aeromagnetic survey warrant RAB drill testing.