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Antipa Minerals Ltd (ASX:AZY) has announced a significant upgrade to the mineral resource estimate (MRE) for its Minyari Dome Gold-Copper Project located in the Paterson Province of Western Australia. This upgrade represents a 33% increase in the total gold resources, with 53% of the resource now classified in the higher confidence "indicated" category.
The revised MRE now totals 2.3 million ounces of gold, marking an increase of 573,000 ounces from the previous estimate provided in May 2022. This substantial upgrade highlights Minyari’s robust potential for standalone development, particularly as it is situated just 35 kilometers from the Telfer gold-copper-silver mine, which boasts a processing capacity of 22 million tonnes per year.
The updated resource estimate for Minyari Dome includes 47.6 million tonnes at an average grade of 1.51 grams per tonne (g/t) gold, 0.18% copper, 0.43 g/t silver, and 0.03% cobalt. The contained metal in this resource is estimated at 2.3 million ounces of gold, 84,000 tonnes of copper, 661,000 ounces of silver, and 13,000 tonnes of cobalt, yielding a total gold equivalent of 2.9 million ounces at a grade of 1.90 g/t.
Additionally, the resource update introduces a maiden estimate for the GEO-01 deposit, which stands at 6.7 million tonnes at 0.70 g/t gold, equating to 151,000 ounces of gold.
Antipa Minerals managing director Roger Mason expressed enthusiasm about the significant MRE upgrade. He highlighted the increase of 573,000 ounces of contained gold and the enhanced geological confidence, noting that 68% of the material now falls into the Indicated category. Mason emphasized the project's considerable potential for future growth across various deposit areas.
With gold prices reaching new all-time highs, now approaching US$2,610 per ounce, the value of the newly defined resources has become increasingly significant. This surge in gold prices is anticipated to persist, influenced by anticipated interest rate cuts in the US, which could apply downward pressure on the US dollar.
The Paterson Province continues to attract attention, with recent corporate consolidation underscoring its strategic importance as a premier gold and copper district. This consolidation, combined with Antipa's own progress, highlights the opportunity for large-scale developments within the region.
Antipa Minerals remains focused on expanding its resource base, with ongoing exploration planned for the GEO-01 and Minyari extensional targets, among other nearby prospects. The company is also preparing to update the August 2022 Scoping Study to better reflect the new resource estimate and prevailing market conditions.
With a strong balance sheet, bolstered by the recent sale of its interest in the Citadel Joint Venture Project, Antipa is well-positioned to further develop the Minyari Dome Project. The project’s potential for scalable open-pit and underground mining operations remains promising, with resources accessible from the surface and several deposits open for exploration in multiple directions.
