Antipa Minerals Ltd (ASX:AZY) is trading higher on returning high-grade gold during a diamond drilling (DD) program of six holes for 2,696 metres at the Minyari Dome Project in Western Australia’s Paterson Province with additional copper, silver and cobalt.
Drilling intersected multiple high-grade zones of mineralisation grading up to 141 g/t gold, 13.8% copper, 25.8 g/t silver and 2.64% cobalt.
Four of the five drill holes at the Minyari and WACA prospects intersected highly encouraging high-grade gold-copper mineralisation.
Shares have been as much as 40% higher to A$0.039 intra-day while Antipa's market cap is approximately A$70 million.
Notable results include:
- 5.35 metres at 12.35 g/t gold and 0.06% copper from 311.65 metres, including 1-metre at 65.40 g/t gold and 0.25% copper from 316 metres;
- 23 metres at 4.53 g/t gold, 0.41% copper and 1.04 g/t silver from 549 metres, including 2.05 metres at 32.53 g/t gold, 0.97% copper and 1.93 g/t silver from 549.95 metres, also including 0.35 metres at 141 g/t gold, 9.64% copper and 18.65 g/t silver from 549.95 metres;
- 19.65 metres at 2.59 g/t gold, 0.44% copper and 1.47 g/t silver from 292.35 metres, including 0.8 metres at 29.7 g/t gold, 5.79% copper and 19.7 g/t silver from 298.35 metres;
- 5.25 metres at 5.16 g/t gold, 0.59% copper and 2.66 g/t silver from 390.4 metres, including 1.6 metres at 12.55 g/t gold, 1.61% copper and 6.97 g/t silver from 390.4 metres;
- 4.3 metres at 6.41 g/t gold, 0.71% copper and 2.36 g/t silver from 424.4 metres;
- 3 metres at 8.53 g/t gold, 1.01% copper and 2.9 g/t silver from 534.55 metres, including 1-metre at 16.05 g/t gold, 1.87% copper and 4.83 g/t silver from 535.45 metres;
- 5.45 metres at 4.87 g/t gold, 1.37% copper and 1.05 g/t silver from 223.55 metres, including 1.5 metres at 11.12 g/t gold, 1.62% copper and 1.11 g/t silver from 226 metres; and
- 8.45 metres at 3.51 g/t gold, 0.22% copper and 0.54 g/t silver from 198.60 metres, including 1-metre at 12.10 g/t gold, 0.17% copper and 0.90 g/t silver from 202 metres.
The project is within 35 kilometres of Newcrest Mining Ltd’s (ASX:NCM) Telfer gold-copper-silver mine and mineral processing facility and 54 kilometres along strike from Greatland Gold PLC (LON:GGP)-Newcrest’s Havieron gold-copper development project.
Notably, these drilling results are analogous to Havieron, with mineralisation hosted by the same lithologies with intrusion-related hydrothermal alteration and sulphide breccias.
Antipa managing director Roger Mason said: “The Minyari Dome 2020 diamond drilling results confirm the potential for significant resource growth and a standalone development opportunity based on an open pit and underground mining operation close to Telfer.
“We are particularly excited given the similarities between Minyari and Havieron, with the Minyari mineralisation hosted by the same rocks, with intense intrusion-related hydrothermal alteration and very high-grade gold-copper sulphide breccia style mineralisation occurring over a similar ‘footprint’ to Havieron.
“Critically, only five drill holes at Minyari have penetrated deeper than 430 metres below surface, the depth to the top of the Havieron deposit, with four of these five holes intersecting significant high-grade gold-copper-silver breccia mineralisation - suggesting that both the volume and grade of mineralisation may be increasing with depth.
“The mineralisation remains open in all directions which, together with the several untested Minyari geophysical anomalies, provides a very exciting framework for this year’s Minyari Dome Project exploration program which will be the largest program we have ever undertaken at Minyari.”
The Minyari Dome exploration program for the remainder of 2021 will include a DD (6,000 metres) and reverse circulation (RC) (15,000 metres) drill program focused on the Minyari and WACA deposits.
The program is scheduled to commence in April and will test for both extensions to and new zones of high-grade gold-copper mineralisation and to upgrade the mineral resource estimate.
The company will also:
- Undertake a downhole electromagnetic (DHEM) survey to identify the location of potential high‐grade sulphide-rich breccias similar to the Havieron Sulphide Crescent Zone;
- RC drill program follow-up of encouraging 2020 aircore results in the GAIP09 and Judes areas;
- Systematic surface geochemical program to identify further priority drill target areas;
- Continue the Gradient Array Induced Polarisation (GAIP) survey program to identify further priority target areas; and
- Undertake a detailed ground magnetic survey to enhance drill targeting.