The agreement caters for a staged-farm-in process whereby IGO must spend an initial $4 million on exploration on the landholding within 2.5 years and a further $26 million within 6.5 years to earn a 70% joint venture interest in the Project. Antipa is managing operations for the initial period and will receive a management fee from IGO.
The farm-in area is contiguous with the Citadel Joint Venture in the north and runs to within 20km of Newcrest Mining’s Telfer gold operation in the south. It includes a new gold-copper trend identified by Antipa in 2019 that covers the Reaper, Serrano and Poblano targets over a strike length of approximately 1.8km. The company’s interpretation is that Reaper, Poblano and Serrano could all form part of the same very large-scale mineral system. There are multiple other areas of interest within the project that are likely to be the focus of future exploration work, including the broader Grey prospect area.
Under the terms of the farm-in agreement with IGO, Antipa will be free-carried until the completion of a feasibility study on any proposed mining operation within the project area.