Antipa Minerals (ASX: AZY) has commenced copper-gold drilling, designed to target the untested region of the Calibre ground magnetic anomaly in Western Australia.
The Calibre anomaly lies approximately 150 metres southeast of the existing Calibre deposit, and has a coincident surface electromagnetic conductivity anomaly and with soil anomalism, potentially due to an increase in sulphides.
The aim is to extend the combined strike extent of the Calibre-Magnum mineralisation to in excess of 2.9 kilometres, guided by the soil anomaly and geophysics, as well as to test for increases in grade.
This phase 1 drilling is expected to continue for 4 to 6 weeks and consist of up to 2,000 metres of diamond drilling, to be followed by further geophysical surveys and possible DHEM surveying of completed drillholes.
As an aside, late last year Antipa entered into an agreement to acquire the Mark Creasy controlled company Kitchener Resources in the Paterson Province, Western Australia.
Kitchener Resources holds 15 exploration licences covering 3367 square kilometres, largely adjacent to the existing mineral tenements and applications held by Antipa, and include substantial ground near the Telfer Gold-Copper Mine.
The consideration for the acquisition of Kitchener Resources was a 1% net smelter royalty over Kitchener Resources’ tenements, and the issue of 10 million shares in Antipa at an issue price of $0.055.
Mark Creasy, through Yandal Investments, is thus a 5.1% substantial shareholder in Antipa; a ringing endorsement by one of Australia's most successful prospectors.
Capped at under $5 million, with large targets and drilling underway, Antipa could be one to watch over the next few months.
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