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Highlights
- Antipa Minerals (AZY) maintains full control over the strategic Paterson Project.
- The project boasts significant gold, copper, silver, and cobalt resources.
- Plans for an extensive 2025 drilling program are underway.
Antipa Minerals (ASX:AZY) has announced that it will retain full ownership of the Paterson Project in Western Australia, following the withdrawal of IGO’s (ASX:IGO) subsidiary, IGO Newsearch, from a farm-in agreement established in 2020. This development ensures that Antipa maintains complete control over the significant resource-rich project.
The Paterson Project, which encircles the Minyari Dome Development area, is known for its substantial mineral resources, including an estimated 2.3 million ounces of gold, 83,500 tonnes of copper, 661,000 ounces of silver, and 13,000 tonnes of cobalt. This diverse array of minerals highlights the project's potential as a multi-faceted development opportunity.
The original agreement with IGO, initiated in July 2020, involved a $30 million investment from IGO to earn up to a 70% joint venture interest. IGO initially committed $4 million towards the project and took over management in 2022. However, the next phase of the agreement, which required an additional $26 million investment, will no longer proceed as planned.
Roger Mason, the Managing Director of Antipa, expressed optimism about the outcome, emphasizing the strategic advantage of having the entire tenement package surround their flagship Minyari Dome Project. According to Mason, this not only enhances the project’s standalone development potential but also allows Antipa to explore several gold-dominant opportunities previously identified within the area.
Furthermore, Antipa has identified multiple high-potential gold and copper prospects within the Paterson Project. The area is ripe for both follow-up and initial drill testing, with additional project-scale interpretation and data modeling expected to reveal further targets.
Looking ahead, Antipa is in the advanced stages of planning an ambitious drilling program for 2025. This program will focus on priority targets around Minyari, including potential extensions to existing prospects such as GEO-01 and Rizzo, as well as new targets like PP-GRAV02 and AL01.
This retention and continued development of the Paterson Project underscore Antipa Minerals' commitment to leveraging its portfolio of assets in the Paterson Province to maximize shareholder value and contribute to the region’s mining sector. The company's focused approach towards exploring and developing these assets could pave the way for significant discoveries and developments in the future.
