Antipa Minerals (ASX:AZY) has increased the resource estimate for the Minyari Dome Gold Project in Western Australia by 33%, totalling 2.3 million ounces of gold.
The updated resource estimate totals 47.6 million tonnes of indicated and inferred material at 1.51 grams per tonne (g/t) gold, 0.18% copper, 0.43g/t silver, and 0.03% cobalt for 2.3 million ounces of gold, 83,500 tonnes of copper, 661,000 ounces of silver, and 13,000 tonnes of cobalt.
Antipa Minerals, which has a market capitalisation of $81 million, says the updated resource incorporated results from drilling completed post release of the maiden resource estimate in May 2022.
In May 2022, Minyari Dome’s mineral resource totalled 1.8 million ounces of gold, 643,000 tonnes of copper, 584,000 ounces of silver, and 11,100 tonnes of cobalt.
The company says the boost in resource scale further adds to Minyari Dome’s already substantial standalone development potential, underpinned by its strategic location, 35km from the Telfer Gold-Copper-Silver Mine and 22 million tonnes per year mineral processing facility.
Managing Director Roger Mason says this substantial update enhances the value of what was already a “highly attractive and strategically important” development project.
“The update includes a 573,000 ounce increase in contained gold and provides greater geological confidence, with 68% of the total material now residing in the indicated category,” Mason says.
“With gold prices reaching all-time highs and market momentum remaining strong, the value of these newly defined ounces is more pronounced than ever. Recent corporate consolidation within the Paterson Province spotlights the region’s strategic importance as a world-class gold and copper district.
“This activity, combined with our own progress, underscores the opportunity for large-scale developments and strengthens our position within this highly prospective area.”
Mason adds that the company is committed to further expanding the resource base through continued exploration work at the GEO–01 and Minyari extensional targets, along with other nearby prospects, which are the main focus of an upcoming drilling program.
“Armed with a very strong balance sheet and with plenty of activity scheduled, we are excited about the months ahead as we continue to unlock the full potential of this exceptional asset.”
The company is also preparing an update to the August 2022 Scoping Study to revisit mining and processing strategies for Minyari Dome, as well as re-evaluate operating and capital costs, along with scheduling aspects.
Antipa Minerals aims to deliver a current reflection of the project’s economic potential, development hurdles, and financing opportunities.
The update will include the latest resource estimate and include a refreshed medium-term gold price assumption, more closely reflecting current market dynamics that have seen it trade above $3,840 per ounce.
Snowden Optiro is assisting the company with updating the study, which is scheduled to be released at the end of this month.
The Minyari Dome Project lies in the Paterson Province of Western Australia. Seven deposits contributed to the mineral resource update, including the Minyari, Minyari North, Minyari South, WACA, WACA West, GEO-01, and Sundown deposits.
Antipa Minerals is a mineral explorer focused on copper-gold discoveries within its 5,100km2 tenement package in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Antipa Minerals
