Antipa Minerals announces update on Newscrest funded $6 million Wilki exploration programme

by Leena Thomas
Image: Antipa Minerals Limited

Antipa Minerals Limited (ASX: AZY) has announced the latest update on the Wilki Farm‐in Project 2020 Exploration Programme funded by Newcrest Operations Limited in the Paterson Province in Western Australia.

The company reported that a large 1,200km2 aerial electromagnetic (AEM) survey aimed at identifying gold-copper, including high-grade, targets beneath cover is underway.

AZY said that the intrepid 2.5D enhanced processing of 2019 AEM survey data has been completed with target evaluation in progress.

Antipa announced that other 2020 exploration activities for the 2,180km2 Wilki Project are planned to include field reconnaissance programme including mapping and geochemical sampling; aeromagnetic survey covering 800km2; gravity survey; intrepid 2.5D processing and target evaluation of 2019 and 2020 AEM survey data; heritage survey; and reverse Circulation and diamond core drill programmes testing priority targets under cover, including Havieron high-grade gold-copper analogue magnetic anomalies.

Wilki project

The 2,180km2 southern portion of the Antipa’s 100%-owned ground in the Paterson Province of Western Australia has now been named as the Wilki Project.

Antipa had signed a $60 million exploration farm-in and joint venture agreements with Newcrest, under which Newcrest may acquire up to a 75% joint venture interest in the Wilki Project in a staged process.

Terms of agreement

The key terms of the Wilki Project Farm‐in Agreement entered into with Newcrest on the 28 February  include, initial $6 million minimum exploration expenditure within 2 years to be managed by Antipa; further $10 million exploration expenditure within 5 years of commencement to earn a 51% joint venture interest; and further $44 million exploration expenditure within 8 years of the commencement to earn a 75% joint venture interest.

Wilki 2020 exploration programme

Antipa reported that the Wilki 2020 Exploration Programme programme in the Paterson Province in Western Australia will consist of two phases, phase 1 and phase 2, to be operated by Antipa and fully funded by Newcrest Operations Limited.

Phase 1 exploration programme

The company announced that the Phase 1 greenfield exploration programme for Q2+Q3‐CY2020 would encompass field reconnaissance programme including mapping and geochemical sampling, track reestablishment earthworks programme in progress, to be completed during July and August.

AZY said that other principal activities in the Phase 1 exploration programme include Intrepid Geophysics (Intrepid) re‐processing and interpretation of the data from the AEM survey completed by Antipa in 2019, using proprietary 2.5D inversion MOKSHA‐EM software; and large 1,200km2 and 4,755 line‐km at a 250m line spacing SkyTEM™ AEM survey over areas not previously covered by modern AEM aimed at identifying gold‐copper, including high-grade, targets beneath cover, recently commenced and to be completed by early August.

Antipa said that the Phase 1 exploration program will also include Intrepid processing and interpretation of the data from the 2020 AEM survey; aeromagnetic survey covering 800km2 and 8,000 line‐km at a 100m line spacing over areas requiring enhanced magnetic resolution planned for completion during August; ground based gravity survey over selected target areas aimed at identifying gold‐copper, including high‐grade, targets beneath areas of deeper cover, planned to be completed during August; and an ongoing review and interpretation of historic exploration data to enhance geological modelling, and potentially identify further target areas for gold‐copper mineralisation.

Phase 2 exploration programme

Antipa reported that the Phase 2 exploration programme H2‐CY2020 contemplates drill testing of priority gold‐copper, including high‐grade, targets refined and/or identified during Phase 1.

The company said that the principal activities within the Phase 2 exploration programme would encompass Reverse Circulation (RC) and diamond core drill programmes testing priority targets under cover, including Havieron high‐grade gold‐copper analogue magnetic anomalies, during Q4‐CY2020.

Targets identified for drill testing

AZY said that Phase 2 drill programme will test Havieron high‐grade gold‐copper deposit lookalike aeromagnetic anomalies and follow up any AEM targets.

The company reported that nine priority Havieron lookalike aeromagnetic targets have been identified for drill testing, with further targets expected to be identified during the Phase 1 programme.

These targets include NP30, NP40 (Cloak prospect), NP39 (Black Hills North), MD5, NP46 (Dagga prospect), NP37 (Grilla prospect), Pacman, Tetris (MD2), and Pixel (MD1).

Similarities with Havieron

The company said that these aeromagnetic targets share many of the characteristics with the high-grade Havieron gold‐copper deposit.

This includes location within the fertile El Paso Structural Corridor, which hosts the Havieron, Winu and Minyari‐WACA deposits, displaying favourable structures (including folding and shearing / faulting); bull’s‐eye to sub‐circular magnetic high anomaly; interpreted meta‐sedimentary host rocks including possible Havieron type lithologies; and related gravity high / shoulder anomaly.

Exploration program to undergo continues monitoring

The company announced that the Wilki 2020 Exploration Programme is subject to continuous monitoring and will be adjusted according to results and field conditions.

AZY said that the programme has been designed to ensure the safety and wellbeing of all Wilki Project stakeholders including local indigenous groups, employees, and contractors, and to also comply with government restrictions aimed at stopping the spread of the COVID‐19 virus.

The company said that the Wilki 2020 Exploration Programme will be subject to ongoing review based on results, field conditions, contractor availability and pricing, and other relevant matters.

Other exploration updates

Antipa announced that it is very well-funded to continue exploration of its 100%-owned ground.

Citadel Project: AZY said that Rio Tinto continues to fully fund the 1,300km2 Citadel Project joint venture exploration activities. It may be noted that the Citadel Project is subject to a $60 million Farm‐in and Joint Venture Agreement with Rio Tinto, who currently holds a 51% joint venture interest.

Paterson Project: The company said that IGO will fully fund the 1,563km2 Paterson Project farm-in exploration activities. Antipa had inked a $30 million Farm‐in and Joint Venture Agreement with IGO, who is yet to earn a joint venture interest.