Antipa Minerals closes out 2024 with volley of high-grade gold hits at Minyari Dome

Antipa Minerals drilling confirms discovery of more high-grade zones at Minyari Dome
Results expected to deliver resource growth and increases priority of Fiama prospect
Assays pending for further 37 holes from Phase 2 drilling, PFS might start in Q1 2025

Special Report: Antipa Minerals is breaking out the bubbles after assays from the second batch of holes from its recently completed Phase 2 campaign at Minyari Dome confirmed the discovery of multiple new zones of near-surface, high-grade gold.

These zones were found in the southern part of the GEO-01 prospect – now referred to as Fiama – Minyari South, and Minyari Southeast in assays from 23 reverse circulation holes.

At Minyari South, step-out hole 24MYC0653 returned a high-grade intersection of 17m grading 6.8g/t gold and 0.5% copper from a down-hole depth of 65m with higher grade zones of 4m at 12.2g/t and 1% from 68m and 4m at 13.3g/t and 0.65% from 76m.

Antipa Minerals’ (ASX:AZY) drill campaign also returned a 16m intersection at 3.8g/t gold and 0.09% copper from 113m including 2m at 25.4g/t and 0.21% from 120m (24MYC0632) from Fiama.

Meanwhile, resource drilling at Minyari Southeast topped out at 20m grading 1.0g/t gold and 0.07% copper from just 5m (24MYC0641).

Minyari Dome resource locations. Pic: Antipa Minerals

“Our Phase 2 CY2024 programme at Minyari Dome continues to deliver outstanding results, with this second batch of 23 holes confirming significant intersections across multiple target areas,” Managing Director and CEO Roger Mason said.

He highlighted the successful intersection of gold at the newly renamed Fiama prospect, saying that it reinforced its potential and warranted its elevation in priority status.

“With assays pending for 37 additional holes, there remains tremendous scope for further success and potential Minyari Dome resource expansion.”

Minyari Dome

These results follow the assays from the first batch of 12 holes that returned results such as 23m at 2.8g/t from 77m, including 8m at 7.7g/t from 88m and 3m at 18.2g/t from 90m that highlighted both brown and greenfields growth opportunities.

Minyari Dome currently has a contained resource of 2.3Moz gold, 84,000t copper, 661,000oz silver and 13,000t cobalt.

It sits within WA’s Paterson Province where one major has exited, in favour of a hungry mid-tier player keen to focus solely (or primarily) on the region.

Newmont recently announced the US$475M sale of its Telfer and Havieron gold-copper projects to Andrew Forrest-backed Greatland Gold, though the massive Telfer processing facility is well known to be short on ore.

This could provide AZY with a potential development route for Minyari Dome, but if they aren’t interested in that option, Greatland Gold may need to run the ruler over AZY.

Meanwhile, Rio Tinto (ASX:RIO) recently formed a joint venture with Japanese conglomerate Sumitomo Metal Mining to develop the Winu copper-gold project in the Great Sandy Desert.

SMM is acquiring a 30% stake in the project for $615m.

Road ahead

Antipa expects the continued receipt of strong results from its Phase 2 drilling to increase existing Minyari Dome resources, which will in turn enhance the existing stand-alone gold development opportunity.

Based on the highly positive outcomes from the updated scoping study, which estimated the project could deliver post-tax NPV of $598m and IRR of 46% using a conservative A$3,000/oz gold price, AZY is expected to start a pre-feasibility study for Minyari Dome in Q1 2025 pending approval from its board.

This article was developed in collaboration with Antipa Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.