Antipa Minerals (ASX: AZY) has commenced a Phase 2 drilling campaign comprising up to ten holes for 3500 metres at the company's Citadel Project in the Proterozoic Paterson Province of Western Australia.
Importantly - the company is well-funded after recently completing a $3 million placement to sophisticated and professional investors, and a fully underwritten rights issue.
The new drilling will concentrate on initial diamond drilling (1 hole each) at several high priority targets located within two kilometres of Magnum and Corker.
Worth noting the Phase 1 drilling at Corker earlier this year discovered narrow high-grade precious and base metal mineralisation across 230 metres, which remain open in all directions.
The Corker mineralisation has a high dollar per tonne value (i.e. up to 20.5 g/t equivAu) such that mineralisation thicknesses in excess of several metres has the potential to be economic.
The volume of sulphides intersected by drilling to date is considered insufficient to explain the Corker electromagnetic anomalies, suggesting that thicker zones of sulphides may reasonably be expected.
Antipa has a land holding of over 1700 kilometre in the Proterozoic Paterson Province, which also hosts Newcrest Mining’s (ASX: NCM) Telfer gold-copper mine - located 100 kilometres to the north.
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