Antipa Minerals (ASX:AZY) has received a Research and Development Tax Incentive cash rebate from the Australian Tax Office of $1.56 million.
These funds boost Antipa's reserves to over $2.2 million; quite significant relevant to its current market valuation of $4 million.
Antipa's flagship asset is the 1,595 square kilometre Citadel project, which hosts an 800 metre long, 600 metre wide, 600 metre deep magnetic and electromagnetic conductivity anomaly known as Calibre in the Paterson province, Western Australia.
The Calibre Deposit holds an Inferred Resource of 48.4 million tonnes for 1.59 million gold equivalent ounces at 1.02 g/t, with mineralisation remaining open in all directions.
Only 15 to 25% of Calibre's mineralised body has been drill tested so far, with previous gold-silver-copper-tungsten intercepts up to 225 metres thick.
The company is currently seeking an appropriate joint venture partner to assist with further exploration of Citadel, including the Calibre deposit.
Interestingly, Mark Creasy is a 5.1% substantial shareholder after he acquired 10 million Antipa shares in return for one of his mining investments, Kitchener Resources, which was then merged with Antipa.
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