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- Antipa Minerals (AZY) shares have dropped after reporting drilling results from the Patersons Project in Western Australia
- Last year, the company entered a $30 million farm-in agreement with ASX-lister IGO (IGO), which can now earn up to 70 per cent of the project
- IGO is currently funding a $4 million exploration program over a the next two and a half years
- Results from this exploration have extended the Poblano prospects gold and silver mineralisation strike by 500 metres to over 1.6 kilometres of mineralised strike
- On the market this morning, Antipa is down 6.45 per cent and trading at 2.9 cents per share, while IGO is also down 3.99 per cent, trading at $6.26
Antipa Minerals (AZY) shares have dropped after reporting drilling results from the Patersons Project in Western Australia.
Last year, the company entered a $30 million farm-in agreement with ASX-lister IGO (IGO), which can now earn up to 70 per cent of the project.
IGO is currently funding a $4 million exploration program over the next two and a half years.
Phase one of the program included 79 holes, for 4026 metres, and was completed in the fourth quarter of 2020.
Assay have now been received for the 79 holes, and results include 45 metres at 0.12 g/t of gold from 24 metres down hole, intersected 500 metres north of the Poblano gold‐copper‐silver prospect.
The results have extended Poblano’s gold and silver mineralisation strike by 500 metres to over 1.6 kilometres.
Managing Director Roger Mason is pleased with the results
“These results are very encouraging and provide firm direction and support for the exploration programme to be carried out this year and ongoing evidence of the exploration opportunities offered by the El Paso structural trend which stretches across the entire Paterson Project,” he told the market.
Notably, several anomalies have been found for follow-up drilling, which is expected to occur later this year.
On the market this morning, Antipa is down 6.45 per cent and trading at 2.9 cents per share, while IGO is also down 3.99 per cent, trading at $6.26 at 11:47 am AEDT.
