Antipa Minerals Ltd (ASX:AZY) has obtained a substantial resource upgrade for the Minyari Dome Gold-Copper Project in the Paterson Province of Western Australia, increasing the total gold contained by 33% and upgrading 53% of the resource to the higher confidence "indicated' category.
The updated mineral resource estimate (MRE) now sits at 2.3 million gold-only ounces, an increase of 573,000 ounces from the May 2022 MRE.
AZY says that the strong MRE upgrade validates Minyari’s standalone development potential, situated just 35 kilometres from the Tefler gold-copper-silver mine and its 22-million-tonne per year processing facility.
The full updated MRE includes 47.6 million tonnes at 1.51 g/t gold, 0.18% copper, 0.43 g/t silver and 0.03% cobalt.
Contained metal 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, for a contained gold equivalent of 2.9 million ounces at 1.90 g/t.
The upgrade also includes a maiden resource for the GEO-01 deposit, of 6.7 million tonnes at 0.70 g/t gold for 151,000 ounces of gold.
Gold prices at all-time highs
“We are delighted to announce this substantial update to the mineral resource estimate for our Minyari Project, which significantly enhances the value of what was already a highly attractive and strategically important development project,” Antipa Minerals managing director Roger Mason said.
“The update includes a 573,000-ounce increase in contained gold and provides greater geological confidence, with 68% of the total material now residing in the Indicated category.
“The project now hosts a sizeable 2.3-million-ounce gold-only resource, with strong potential for future growth across multiple deposit areas.
“With gold prices reaching all-time highs and market momentum remaining strong, the value of these newly defined ounces is more pronounced than ever.”
Gold is currently stretching to fresh all-time highs in rapid succession, having today touched a new ceiling of US$2,610 per ounce.
That momentum is expected to continue as the first interest rate cuts begin to filter through the US economy, likely applying downward pressure on the US dollar.
Highly prospective province
“Recent corporate consolidation within the Paterson Province spotlights the region’s strategic importance as a world-class gold and copper district,” Mason continued.
“This activity, combined with our own progress, underscores the opportunity for large-scale developments and strengthens our position within this highly prospective area.
“We remain committed to further expanding our resource base through continued exploration at the GEO01 and Minyari extensional targets, along with other nearby prospects, which are the focus of our upcoming drilling program.
“We also look forward to providing an update to the August 2022 Scoping Study later this month, incorporating the updated resource and better reflecting prevailing gold market conditions.
Read: Antipa Minerals' scoping study presents strong technical and financial case for standalone Minyari Dome mining and processing
“Armed with a very strong balance sheet and with plenty of activity scheduled, we are excited about the months ahead as we continue unlock the full potential of this exceptional asset.”
Antipa is cashed up with an additional A$17 million in the bank, having recently sold its interest in the Citadel Joint Venture Project.
Read: Antipa Minerals to sell Citadel interest for $17 million to focus on Minyari MRE and scoping study
The company is confident Minyari is shaping up to have high potential for a combined scalable open pit and underground mining operation, with resources starting from surface and several deposits remaining open for further exploration in multiple directions.