26 August 2024
MiningNews - Higher Calibre gold resource for Antipa's Rio JV
New resource reaffirms potential open pit development scenario
Gold explorer Antipa Minerals has bolstered the resources of the Calibre deposit within its Citadel asset in Western Australia's Paterson province by 19% to some 3.1 million ounces of gold equivalent.
On a headline basis, the inferred resource estimate now equals 111 million tonnes at 0.71 grams per tonne gold, 0.1% copper and 0.44gpt silver, using a 0.4gpt gold equivalent cut-off grade.
This compares to the former resource of 92Mt at 0.72gpt gold, 0.11% copper and 0.46gpt silver for 2.7Moz of gold equivalent.
The Calibre deposit forms part of the Citadel joint venture, owned 32% by Antipa and 68% by Rio Tinto.
While the new resource is still in the lower-confidence ‘inferred' status, Antipa managing director Roger Mason said it reaffirmed the deposit's potential for a large-scale open pit development scenario.
The Calibre resource update was based on drilling completed in 2021, and Antipa said the mineralisation in the area was still open at depth and along-strike to the north and south.
Alongside its partnership with Rio Tinto, Antipa counts Newmont as a major shareholder, with the gold giant in July exercising its right to maintain an 8.6% stake in the junior as part of a share placement.
Two weeks earlier, Antipa revealed investment firm Lion Selection Group had agreed to contribute $2 million to the $5.75 million equity raising, upped to $6.25 million thanks to Newmont's contribution. As of August, Lion held 4.3% of the company.
IGO is also on the register as a 3.2% shareholder.
Antipa's flagship asset remains its wholly owned Minyari Dome project near Port Hedland, which is expected to produce 975,000oz of gold at average all-in sustaining costs of A$1475/oz for an initial mine life of more than seven years.
The company will need around $275 million to build the mine.
At the end of June, it had $7.7 million in the bank and no debt.
Shares in Antipa were up 9% to 1.2c on Monday afternoon, capitalising the stock at $63 million. It has traded between 0.9-1.9c over the past year.
By Joshua Smith
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