Antipa Minerals Ltd (ASX:AZY) has received assay results revealing high-grade gold intersections on multiple drill sections from early drilling at the North Telfer Project in Western Australia.
Conveniently, the project is located just 20 kilometres north of the Telfer gold and copper mines in the Great Sandy Desert in the East Pilbara region of Western Australia, owned by Newcrest Mining Ltd (ASX:NCM).
Best results from the Minyari drilling included 35 metres at 3.57 g/t gold, 0.05% copper from 87 metres and 30 metres at 2.55 g/t gold, 0.31% copper from 14 metres.
Assay results have been received for the first 11 drill-holes out of 36 reverse circulation (RC) drill-holes for 5,518 metres.
The drilling has confirmed the existing mineralisation over 150 metres in strike length, 130 metres in width and 60+ metres in thickness.
Importantly, the Infill RC drill-hole results are broadly comparable to historic drilling results and demonstrates continuity within this zone.
The North Telfer Project is part of the world‐class Proterozoic Paterson Province in Western Australia.
In addition to North Telfer, Antipa owns the Citadel Project, also situated in the Proterozoic Paterson Province.
Under the terms of a farm‐in agreement with Rio Tinto Exploration, Rio Tinto can fund up to $60 million of exploration expenditure to earn up to 75% interest in the Citadel Project.
The drilling of gold/copper targets at Citadel will commence during Q4 2016, and will involve drill testing of IP chargeability anomalies generated during ongoing Phase 1 activities.
In May, Antipa raised $3.34 million after receiving almost complete take up from option-holders, who chose to exercise their options.
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