Advanced Exploration

North Telfer

Antipa Minerals Limited




2019 / 11 / 14




1.0% NSR

The North Telfer project is located in the Paterson Province of Western Australia approximately 20 kilometres north of Newcrest’s large-scale Telfer mine. The Minyari and WACA gold-copper-silver-cobalt deposits at North Telfer are hosted within a geological structure referred to as the Minyari Dome. Both deposits are potentially amenable to open pit and underground mining methods, bearing a number of similarities to the mineralization at the Telfer deposit.

Strong gold results from exploration drilling programs completed in 2016 and 2017 enabled Antipa to establish its maiden Minyari and WACA deposit JORC Mineral Resource Estimates and to commence evaluation of the economic potential of the Minyari Dome area.

In August 2022, Antipa announced positive results from the Minyari Dome project Scoping Study, which outlined an initial combined open pit and underground mine schedule of 21.4 Mt at 1.6 g/t gold for 1.1 Moz gold and envisions total initial gold output of 975,000 oz with an average of 170,000 oz per annum for the first five years. Mineral Resource Estimate is based on a 0.5 g/t COG for open pit mineralization and 1.7 g/t for UG mineralization. The study indicated post-tax NPV of A$278 million and 29% IRR (at US$1,750/ oz gold based on an exchange rate of A$0.72 per US$1.00), with a post-tax payback of approximately 2.5 years from first production.

The Minyari Dome Mineral Resource Estimate was updated in May 2022 and Resources increased by 250% to 1.8 Moz gold. The Indicated Resources contain 21.1 Mt at 2.0 g/t AuEq containing 1.35 Moz AuEq (1.4 g/t gold, 0.5 g/t silver, 0.2% copper, 0.04 % cobalt). This includes 0.95 Moz gold, 0.39 Moz silver, 41.1 Kt of copper and 7,700 t of cobalt. Inferred Resources contain 12.8 Mt at 2.4 g/t AuEq containing 1.0 Moz AuEq (1.94 g/t gold, 0.48 g/t silver, 0.18% copper, and 0.03% cobalt). Inferred Resources contain 0.80 Moz gold, 0.20 Moz silver, 23.2 Kt copper and 3,400 t cobalt. Resources were estimated using AuEq cut‐off grades of 0.5 g/t (open pit) and 1.5 g/t (underground mining).

Recent Activity

    May 2024

    Results from the Phase 1 drill program at Minyari Dome indicate zones of high-grade gold mineralization. Drill highlights include:

    • 23MYC0441: 66.0 m at 1.4 g/t gold and 0.04% copper from 118.0 m,
      • including 6.0 m at 1.9 g/t gold and 0.11% copper from 118.0 m,
      • including 17.0 m at 4.4 g/t gold from 157.0 m,
      • including 4.0 m at 15.5 g/t gold from 168.0 m
    • 23MYC0442: 26.0 m at 1.3 g/t gold from 37.0 m,
      • including 6.0 m at 2.4 g/t gold from 37.0 m,
      • including 4.0 m at 2.4 g/t gold from 59.0 m.

    April 2023

    Assay results from the second phase of drilling at Minyari Dome in 2022 have led to the identification of two new highly prospective targets, Minyari North and GEO-01. The positive results warrant a more aggressive exploration focus, with an expanded exploration program comprising up to 15,000 m.

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