Antipa Minerals grows Minyari Dome gold resource 33% to 2.3Moz

AZY ups Minyari Dome gold resource to 2.3Moz gold
Update includes resource confidence increase for 53% more tonnes to indicated
Company confident of more resource growth

Special Report: Antipa Minerals has updated the Mineral Resource estimate for its 100%-owned Minyari Dome gold-copper project in WA by 33% to 2.3Moz at 1.51g/t gold, an increase of 573,000 ounces from its May 2022 estimate.

The update also takes the total to 84kt copper, 661koz silver and 13kt cobalt, along with a maiden resource for the GEO-01 deposit of 6.7Mt at 0.70 g/t gold for 151,000oz of gold.

It also included a 33% increase in contained gold of more than 570,000oz and an upgrade in Mineral Resource confidence for 53% more tonnes of the material – meaning that 68% of the resource is now in the Indicated Resource category.

Antipa Minerals (ASX:AZY) says the boost in resource scale further adds to the project’s already substantial standalone development potential.

But it also enhances its attractiveness given its strategic location, just 35km from the Telfer gold-copper mine and massive processing facility, which London-listed Greatland Gold recently bought from Newmont in a US$475 million backed by Andrew Forrest’s Wyloo Metals.

That places a premium on resources in the area, with Greatland’s role as the single-asset operator of Telfer and its nearby Havieron discovery meaning the project will see increased investment and no longer fight for capital in the portfolio of an international gold giant like Newmont.

Standalone development

The update substantially boosts the scale of the Minyari project, further enhancing its standalone development potential.

It also highlights the potential for a scalable open pit and underground development, with resources starting from surface and several deposits remaining open in multiple directions.

The resource upgrade comes as gold prices run above US$2600/oz for the first time.

“With gold prices reaching all-time highs and market momentum remaining strong, the value of these newly defined ounces is more pronounced than ever,” AZY MD Roger Mason said.

“Recent corporate consolidation within the Paterson Province spotlights the region’s strategic importance as a world-class gold and copper district.

“This activity, combined with our own progress, underscores the opportunity for large-scale developments and strengthens our position within this highly prospective area.”

Not to mention, with the recently announced sale of its interest in the Citadel Joint Venture Project for A$17 million, the company is very well funded to progress the Minyari Project through advanced studies towards a mine development decision.

Exploring further growth on the cards

The seven deposits which contribute to the resource are distributed along a 3.2km long strike corridor, and of these, the Minyari, WACA and GEO-01 deposits contain the majority, hosting 2.2Moz or 95% of the total gold resource.

The maiden resource for the GEO-01 and Minyari North deposits alone added an additional 171,000 ounces of gold.

AZY says these two deposits are proximal to the 1.9Moz Minyari deposit and provide excellent potential for further resource growth.

“We remain committed to further expanding our resource base through continued exploration at the GEO-01 and Minyari extensional targets, along with other nearby prospects, which are the focus of our upcoming drilling programme,” Mason said.

Scoping study update pending

Looking forward, the company will update its 2022 scoping study to include the resource update, and will include a refreshed medium-term gold price assumption, more closely reflecting current market dynamics that have seen it trade above $3,840/oz Aussie.

“Armed with a very strong balance sheet and with plenty of activity scheduled, we are excited about the months ahead as we continue unlock the full potential of this exceptional asset,” Mason said.

The study is currently scheduled for release around the end of September 2024.

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.