Newmont (ASX:NEM) has withdrawn from a farm-in agreement with Antipa Minerals (ASX:AZY) for the Wilki Project in Western Australia.
In 2020, both companies entered into the $60 million farm-in agreement. In total, Newmont has invested $12 million in Wilki since the beginning of the deal.
As a result of Newmont’s withdrawal, Antipa will retain full ownership and resume management of the project.
Antipa will also receive $590,000 from Newmont in accordance with the withdrawal terms of the agreement.
Managing Director Roger Mason says the company’s balance sheet enables it to fully fund Wilki’s budgeted exploration work.
“Wilki contains a number of highly prospective gold targets, and we are particularly excited to drill test Parklands, a stand-out surface geochemical gold target, with no existing drillholes, that we have been eager to further explore,” Mason says.
“With Newmont’s withdrawal, we are well-positioned to confidently move forward with our calendar year 2025 exploration program.”
Antipa intends to proceed with a planned program to drill test the Parklands target, which is scheduled for the first half of this year.
Up to 16,000m of drilling is planned, comprising 100 to 140 aircore holes, 20 to 30 reverse circulation holes, and two to four diamond holes.
Antipa also plans to continue surface geochemical sampling within the project, as well as update resource estimates and identify additional resource growth opportunities.
The Wilki Project, covering 1,430km2, is located contiguous to the north and southwest of Telfer, which was previously owned by Newmont but has been sold, within Antipa’s tenure in the Paterson Province of Western Australia.
Antipa Minerals is a mineral explorer primarily focused on gold and copper deposits in the Paterson Province of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Antipa Minerals
