- Antipa Minerals (AZY) has finalised the Citadel Joint Venture Project 2020 Exploration Program
- The $9.2 million Citadel Project will be fully funded and operated by Rio Tinto Exploration
- The exploration program is expected to begin this quarter
- Activities will include combined reverse circulation and diamond drilling at the Calibre deposit
- Antipa Minerals is up 6.67 per cent on the market today, trading for 1.6¢ per share
Antipa Minerals (AZY) has finalised the Citadel Joint Venture Project 2020 Exploration Program.
The $9.2 million Citadel Project will be fully funded and operated by Rio Tinto Exploration.
Citadel is located on the Paterson Province in north-west Western Australia, home to Newcrest Mining’s Telfer gold-copper mine, Rio Tinto’s Winu copper-gold deposit and other significant mineral deposits.
The exploration program is expected to begin this quarter.
The exploration activities will include combined reverse circulation and diamond drilling at the Calibre deposit, located 45 kilometres from Rio’s Winu project.
The company will also conduct a further Gradient Array Induced Polarisation Survey program across structural gold and copper mineralisation around the project.
Prior to the drilling completed in 2019, Calibre had a strike length of approximately 1.6 kilometres, was up to 480 metres thick and open in all directions.
This produced an Inferred Mineral Resource of 47.7 million tonnes at 0.85g/t of gold, 0.15 per cent of copper and 0.48g/t of silver for 1.2 million ounces of gold, 695,000 of copper and 0.73 million ounces of silver.
“Calibre represents a very large-scale mineral system with mineralisation open in several directions underneath approximately 80 metres of more recent sedimentary cover,” the company said.
Antipa said the exploration program has been designed to ensure the safety of the local indigenous groups, employees, contractors during the COVID-19 crisis.
In January, Rio Tinto proceeded with the next stage of its earn-in into the Citadel Project. Rio has the right to spend an addition $14 million within 5 years to increase its interest from 51 per cent to 65 per cent.
Antipa Minerals is up 6.67 per cent on the market today, trading for 1.6¢ per share at 11:07am AEST.