Antipa Minerals (ASX: AZY) has released a hotly-anticipated Mineral Resource upgrade for its 100%-owned Minyari Dome Project in WA’s Paterson Province, delivering a 250% increase in contained gold to 1.8 million ounces.
The updated Indicated and Inferred Resource also includes 64,300 tonnes of copper, 584,000 ounces of silver and 11,100 tonnes of cobalt for a total 2.3 million gold-equivalent ounces from 33.9 million tonnes.
Importantly, the higher-confidence Indicated-category component now accounts for 1 million gold ounces.
Addressing the update, Antipa Minerals Managing Director Roger Mason said: “This outstanding result confirms that our 100% owned Minyari‐WACA gold‐copper‐silver‐cobalt resource is very large‐scale with significant continued growth opportunities and strong potential to support a stand‐alone development. To have achieved a massive 250% increase in the resource at a discovery cost of an extremely low $7.20 per gold equivalent resource ounce is a credit to the entire Antipa team.
The strategic significance of this resource to Antipa is huge, providing us with the potential to deliver a standalone mining and processing operation located in the rapidly advancing tier‐one Paterson Province, nestled between Newcrest’s Telfer mine and Rio’s Winu development project, and surrounded by our Paterson Farm‐in Project with IGO.
“To have achieved a massive 250% increase in the resource at a discovery cost of an extremely low $7.20 per gold equivalent resource ounce is a credit to the entire Antipa team.”
We have kicked‐off the Scoping Study, which will provide us with the pathway forward, which is expected to comprise the commencement of a Pre‐feasibility Study. The majority of the 1Moz Indicated resource is within 300m of the surface, which delivers strong potential for open pittable reserves. The other exciting resource highlight was the high‐grade 1.0 million gold equivalent ounces at 3.06 g/t gold equivalent, which provides the potential for underground development opportunities.
The Minyari Dome Project represents a significant opportunity for Antipa shareholders. The current Minyari resource delivers approximately 3,000 oz per vertical metre from surface. Given Greatland Gold’s recently revised Havieron resource of 5.5Moz of gold is contained over an approximate 1,000m vertical deposit extent (equating to approx. 5,500 oz per vertical metre), and also noting that the Havieron deposit starts below approximately 430m of cover, Antipa believes that there is further substantial growth potential down plunge at Minyari.
We think there is strong potential to continue to grow this resource through both extensional and greenfields drilling and therefore we are pleased to have been able to attract globally recognised mineral exploration consultants Dr. Scott Halley and Dr. Steve Garwin to seriously boost our discovery capability. The plan for this year’s drilling programme is being finalised, with the priorities being to further increase the Project’s resources, enhance potential development options and address any Scoping Study recommendations”.
The 100%-owned Minyari Dome Project encompasses the Minyari and WACA deposits, and is situated less than 35km from Newcrest’s major Telfer Gold‐Copper‐Silver Project, and 54km along strike from the Greatland‐Newcrest Havieron gold‐copper development project.
Antipa notes that the project provides ‘strong’ potential for further resource growth from extensional targets at Minyari, WACA, Minyari South and Sundown, along with a series of other nearby prospects.
The current Scoping Study is expected for delivery in Q3 2022.