Antipa Minerals Ltd (ASX:AZY) has regained sole rights to, and operational control of, several high priority Wilki Project targets from Newcrest Mining.
In return, Newcrest will gain 1.5% net smelter royalty entitlements from metal produced at the project.
Under the agreement, AZY will regain operational control over a 733-square-kilometre tenement package containing the Tetris, Pacman and Pixel targets.
Of particular interest to Antipa is the Tetris prospect’s Havieron analogue target, about 80 kilometres from Tefler and 50 kilometres from AZY’s Minyari Dome Project, the project these tenements will be incorporated into.
Drill-ready targets ripe for exploration
“We are delighted to have re-secured a 100% controlled interest in the Tetris, Pacman and Pixel targets,” Antipa Minerals managing director Roger Mason said.
“Our highly experienced Paterson Province exploration team is excited to test several Havieron look-alike magnetic and/or gravity targets, most of which are drill-ready.
“Over the last decade there’s been a heavy reliance on magnetics and AEM for target identification, and while this approach has led to a number of discoveries the use of gravity to detect high-grade copper targets under cover is arguably well overdue.
“With this regained interest our wholly owned landholding in this exciting gold-copper province expands to almost 900 square kilometres, all within 50 kilometres of Minyari, and provides us with significant future exploration optionality.
“The modified Wilki Farm-in Project footprint is more Telfer centric with the entire 1,470 square kilometres within 50 kilometres of the Telfer processing facility, further highlighting the mutually beneficial strategic nature of this transaction.”
Newcrest holds a 9.9% equity interest in Antipa, and has expressed its commitment to the Wilki Project, which is subject to a A$60 million farm-in and joint venture (JV) agreement between the parties.
Plan showing location of Antipa's project interests.