Explorer Antipa Metals announced encouraging maiden mineral resource numbers for its Minyari and WACA gold, copper and cobalt deposits in Western Australia today.

The total resource comes in at 11 million tonnes with grading of 2 grams of gold per tonne, 0.24 per cent copper and 380 parts per million of cobalt for 723,000 ounces of gold, 26,000 tonnes of copper and 4000 tonnes of cobalt.

Around 30 per cent, or 4 million tonnes, of the resource has been classified as “indicated”. Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.

The stock (ASX:AZY) gained as much as 9 per cent to hit intraday high of 2.5c. It has since slid back to 2.3c, where it started the day.

Antipa Metals shares over the past two years. Source: Investing.com

The deposits could potentially be mined by open pit or underground mining methods.

The deposits lie in a good neighbourhood, 40km north of Newcrest’s massive Telfer gold, copper and silver mine in the Paterson Province.

They lie in the Minyari Dome area, which has mineralisation similar to Telfer.

Consultants Optiro were engaged to complete the estimate.

Antipa is continuing with its exploration. The company has a market cap of about $28 million.