Antipa Minerals Ltd (ASX:AZY) has completed an 8029-metre Phase 1 drilling program at the Minyari Deposit of the North Telfer Project in Western Australia’s Paterson Province.
The project is located just 20 kilometres north of the Telfer mine owned by Newcrest Mining Ltd (ASX:NCM) where 520,309 ounces of gold and 23,119 tonnes of copper were produced in FY2015.
In July, Antipa had announced results from the first 11 holes at the Minyari Deposit which included 35 metres at 3.57 g/t gold and 0.05% copper from 87 metres.
The next batch of results is expected to be received and reported prior to the end of this month.
The main objective of the drilling program was to investigate potential extensions to the limits of the Minyari gold-copper mineralisation over a total strike length of 450 metres from near surface to vertical depths of up to 240 metres.
Also, further possible regions of mineralisation were explored through the testing of induced polarisation anomalies 300 metres south and 250 metres north of the main target region.
In addition to North Telfer, Antipa owns the Citadel Project, also situated in the 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.
During the June quarter, an extensive induced polarisation survey was conducted at Citadel, as part of the initial $3 million expenditure commitment from Rio Tinto.
Antipa had $4.6 million in cash as at 30 June 2016.
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