- Mineral exploration company Antipa Minerals (AZY) has expanded its exploration program at the Citadel Joint Venture Project in northern WA
- Rio Tinto (RIO) will provide $24.5 million to fund the expanded the program, increasing its interest in the project from 51 per cent to 65 per cent
- The extra funds will add up to a further 7000 metres of drilling, bringing the program's total to around 19,000 metres
- Drilling has already begun and is targeting mineralisation and resource extensions at the Calibre and Magnum gold-copper deposits
- Just before the market opens today, Antipa is trading at 4.8 cents per share
Antipa Minerals (AZY) has expanded the exploration program at the Citadel Joint Venture Project in northern Western Australia.
JV partner Rio Tinto (RIO) will provide $24.5 million in funding to the expanded program.
As a result of the funding, the mining giant's interest in the project will increase from 51 per cent to 65 per cent.
Citadel is located in the Patersons Province, 80 kilometres north of Newcrest's Telfer gold mine. The mine is home to the Calibre gold–copper–silver–tungsten deposit and the Magnum gold–copper–silver deposit.
The extra funds will add a further 6000 to 7000 metres of drilling, bringing the program to around 19,000 metres in total. Drilling will target mineralisation and resource extensions at the Calibre and Magnum gold-copper deposits.
The exploration program has already commenced with two reverse circulation drill rigs at the Rimfire prospect and a diamond drill rig testing Calibre resource extensions.
Antipa is anticipating another diamond drill rig to arrive on site later this month.
Notably, under the terms of the farm-in agreement signed in 2015, Rio Tinto can earn up to 75 per cent of the project.
"The recent increase in the Citadel JV’s 2021 budget is a testament to the joint venture’s strong belief in the potential of this project.," Antipa's Managing Director Roger Mason said.
"The 2021 program will be the largest yet and we look forward to continuing to advance the high potential Calibre and Magnum resources as well as test
numerous greenfield target," he added.
Just before the market opens today, Antipa is trading at 4.8 cents per share.