01 May 2023
ProActive Investors - Antipa to embark on A$2.1 million exploration campaign at highly prospective Citadel Project
Antipa Minerals Ltd (ASX:AZY) is planning to kick off drilling at the highly prospective Citadel Project in the Paterson Province of Western Australia in the September quarter this year.
The program, which will evaluate three targets is expected to cost A$2.1 million and will be entirely funded by Rio Tinto, one of Antipa's partners in the joint venture.
Antipa will assume operatorship of the Citadel Project, including the execution of the exploration program, comprising 1000 to 1,400 metres of reverse circulation (RC) drilling to evaluate the Rimfire Southwest target and two targets at the Junction target.
The company’s joint venture interest will dilute from 32.6% to 31.6% at Antipa’s election, upon CY23 program completion and assuming the entire budgeted amount is spent.
Highly prospective targets
Antipa managing director Roger Mason said: "Our experience and expertise in the Paterson Province is evidenced by our previous exploration success, confirming we are well placed to continue to advance the Project.
“We look forward to getting out in the field during the second half of the year and interrogating these highly prospective targets."
The Citadel exploration program is scheduled to comprise 1,000 to 1,400 metres of RC drilling and is set to evaluate:
- The Rimfire Southwest target: An interpreted synformal fold hinge of north-south oriented folded metasediment and amphibolite in the Rimfire area; and
- Two Junction targets: Discrete magnetic high anomalies on a major NNW-trending structure on the margins of large granite and along strike from a known gold occurrence.
Change of Operatorship
Antipa will resume operatorship of the Citadel Project, including the execution of the 2023 exploration program, effective immediately.
In return, the company will receive a management fee on the programme expenditure.
The joint venture partners have agreed that Antipa is well-positioned to continue to advance the exploration of the Citadel Project.
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