Antipa Minerals (ASX:AZY) has identified 11 “priority one and two” targets within earshot of Rio Tinto’s (ASX:RIO) Winu copper-gold discovery in WA’s Paterson Province.
As part of a joint venture with Rio at its Citadel project, Antipa told the market this morning that it had wrapped up analysis on data taken during a 600 sq.km airborne electromagnetic survey conducted late last year.
The survey completed 2000 line kilometres at a line spacing of 300m, for a combined strike length of 80km.
Crucially, the 11 high-order targets identified from the survey are within just 9km to 42km of Rio’s Winu discovery — which has been the source of much buzz in the basin.
The survey was done to identify “semi-massive to massive sulphides” which are normally associated with gold or copper mineralisation.
Prior to the AEM survey, the area hadn’t been tested using modern techniques — and given cover within the survey area tends to be just 20 to 80m, the upside could be very promising for the company.
Drilling targets identified from the 2018 AEM survey over Citadel
The joint venture is now in the throes of planning for an exploration campaign to take place this year at Citadel, as part of the arrangement between the two companies.
As part of a staged deal, Rio can earn a 75 percent interest in the Citadel project in return for a spend of $60 million.
The JV is now in its second stage, with Rio slated to spend $8 million by 11 April 2020 to earn a 51 percent interest — previously having spent at least $3 million in the first stage of the agreement.
Prior to welcoming Rio as a partner, Antipa had defined a resource of 1.64 million ounces of gold and 127,000 tonnes of copper at Citadel.
The latest exploration program is aimed at extending this and making new discoveries.
More on Antipa Minerals
Antipa Minerals has emerged as one of the key players in Western Australia’s Paterson region, having first snapped up acreage in 2011.
At that time, the company was of the belief that the province could yet throw up more tier-one discoveries such as Newcrest Mining’s Telfer gold and copper operation, 80km to the south of Citadel.
Antipa has since built a portfolio of more than 5500 square kilometres of prime exploration ground.
Earlier in the year it outlined the 2019 greenfields and brownfields exploration program for its 100 percent-owned ground.
While its JV with Rio has attracted attention, its 100 percent-owned North Telfer project has a resource of 723,000 ounces of gold and 26,000 tonnes of copper across the Minyari and WACA deposits.
This content is produced by Star Investing in commercial partnership with Antipa Minerals. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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