A detailed ground gravity survey by Sipa Resources at the Barbwire Terrace project it shares with Buru Energy, 400km south-east of Broome in WA, has unearthed a big anomaly and telltale structures to boost the joint venture’s chances of a significant lead-zinc find.
Sitting on the southern margins of the Fitzroy Trough, the findings appear to show striking similarities in geological structure to the Lennard Shelf on the northern side of the trough. More specifically, the results suggest the likelihood of suitable host units and the fluid pathways necessary for the formation of large-scale deposits such as the previously BHP-owned Cadjebut mine and the broader trend that hosted 16.4 million tonnes at 8.9 per cent zinc and 5 per cent lead.
As part of the JV’s ongoing exploration, Sipa’s survey filled a critical data gap near an encouraging set of diamond holes plunged in 2022. The three holes, which were drilled to 500m and spaced 20km apart, achieved a “proof of concept”, with all hitting base metal sulphides in sizable sections of locally-sourced Pilbara limestones – the host rock for the Cadjebut mine.
The results of the latest survey will help to pinpoint targets for a diamond drilling campaign planned for next year.
Similar to a $360,000 diamond drilling program in 2022, Sipa also received co-funding for the project under the WA Government’s exploration incentive scheme (EIS), with 50 per cent of the survey costs again covered. The new gravity data will be integrated with existing datasets to support a comprehensive structural interpretation to guide the next phase of drilling.
Buru, more familiar with exploring for oil and gas in WA’s onshore north-west region. is gearing up for a busy end to the year. It has farmed out 70 per cent of the oil and gas assets adjoining its Rafael operation to Sabre Energy and expects to drill its Mars well before the year’s end in efforts to reopen the oilfield and generate a robust cash flow.
Rafael was discovered in 2021 as a wet gas reservoir holding a contingent resource of 85 billion cubic feet (Bcf) of gas and nearly 2 million barrels of condensate.
Additionally, the company is wooing partners to help fund the drilling of a shallow Rafael wildcat target, 100km inland from Broome and which is expected to be spudded at a similar time to Mars. Sabre can also grab 50 per cent of any commercial discovery and production at the prospective Rafael Shallow oil well, which is expected to be spudded late next month, by spending $6 million in drilling and testing costs.
Buru, under the refreshed chairmanship of ex-Cooper Energy boss David Maxwell, is already gearing up for what should be an intensive news flow period in the next few months with its oil and gas interests. Now, with the heightened chance of a new diamond drilling campaign at Barbwire, the company’s space may become a bigger one to watch.
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By James Pearson
