DEI – Australian junior mining firm Sipa Resources says that its Uganda mining project at Akelikongo in Kitgum district, northern Uganda, is “currently being marketed to potential JV partners to fund future work.”
As part of the pitch to investors, Sipa says that its Nickel-Copper discovery at Akelikongo is rare and of high value.
The Akelikongo project which is still under exploration has undergone a difficult period after global mining giant Rio Tinto pulled out of the project in April 2020, two years after it agreed to invest up to $57 million for 75% shareholding in the project.
The emergence of Covid-19, which forced a number of junior mining firms to issue a force majeure on their projects, has also narrowed the options of available finance for risky ventures such as mining.
Sipa has over the last couple of months focused on its Murchison Gold project in Western Australia as it scouts for new partners for its Uganda project.
Sipa says the Akelikongo project has similarities with the Nova mine in Australia, one of the most prominent in that country.
Sipa believes that additional capital will give it an opportunity to explore more areas outside Akelikongo and open up that region as a lucrative nickel discovery.