The agreement caters for a staged farm-in process whereby Newcrest Mining must spend an initial $6 million on exploration within two years of commencement; a further $10 million within five years of commencement to earn a 51% interest; and a further $44 million within eight years of commencement to earn a 75% interest. In certain circumstances, Newcrest Mining can extend this earn-in period by up to two years. Antipa will manage operations during the initial two years and will receive a management fee from Newcrest.
The Wilki Project area surrounds Newcrest Mining’s long-running Telfer gold-copper-silver mine and comes to within 9km of Newcrest-Greatland Gold’s Havieron high-grade gold-copper development project, and also includes existing gold Mineral Resources at the Tim’s Dome and Chicken Ranch deposits as well as multiple other defined greenfields exploration targets including a number of Havieron analogue targets.
The Chicken Ranch deposit is located 15km from the giant Telfer gold-copper-silver mine and 25km from the Minyari-WACA deposits. It hosts mineralisation along a 3km+ strike length within four or more parallel mineralised gold trends starting from as shallow as 1m and extending down for more than 130 metres vertical metres.
Chicken Ranch hosts an Inferred Mineral Resource of 791,000 tonnes at 1.6 g/t gold for 40,300 ounces of gold. The prospect retains excellent exploration upside with multiple untested mineralised trends displaying significant strike extents, while the primary mineralisation remains untested at depth.
Tim’s Dome South is located just 12km from the Telfer gold-copper-silver mine and is interpreted as the re-emergence of the Telfer Dome structure with the potential for high-grade Telfer reef-style mineralisation.
Gold +/- copper mineralisation starts from as shallow as 1m in a gold vein-bearing corridor of up to 200m wide over a 3.5km strike length (within a broader 8km trend).
Tim’s Dome contains a resource of 1.78 million tonnes at 1.1 g/t Au for 63,200 ounces of gold.