The company has identified intrusion targets from aero magnetics flown late last year, with planned aircore drilling to "collect bottom of hole samples to identify bedrock character".

The drilling is planned to start in the next couple of months.

Capital markets firm Argonaut said "conceptually the similarities" between Sipa's ground and that which has been so bountiful for De Grey Mining at Hemi, "are clear".

However, "a similar structural setting does not guarantee mineral endowment".

De Grey recently reported a maiden mineral resource of nearly 7 million ounces.

Sipa started the recently completed June quarter with A$4.3 million cash.

Shares in Sipa were trading this week at 6c, capitalising the company at $11 million.

Fair to say Sipa is highly leveraged to drill success!