SP – 5c
Shares – 51m
Options – 26m
Cash – $2.5m
Citadel Project
The first phase of the 2012 Exploration Programme (Phase 1) commenced in April 2012 with the following objectives:
● Complete step-out diamond drilling at the Magnum Deposit with the aim of extending mineralisation to the north and south of the existing resource area and test for higher grade mineralised structures, thereby greatly enhancing both the understanding of the mineralised structures and the broader potential of the deposit.
● Carry out extensional drill testing of 20m to 50m wide zone, located along the western side of Magnum which hosts higher grade copper mineralisation.
● Drill test several Magnum structural targets, identifying higher grade mineralisation including testing the interpreted convergence of mineralised structures to the north.
● Drill test the Corker EM target identified during the 2011 Exploration Programme.
● Carry out a broader aircore drilling Programme to delineate the extent of mineralisation within the Magnum exploration corridor and strategically within the greater Magnum Structural Corridor including the Magnum Dome.
● Conduct ground based geophysical surveys to screen, refine and prioritise targets.
Corker Prospect
Antipa commenced Phase 1 with drilling at the ‘Corker’ prospect, which is a high quality, ‘bullseye’, late-time electromagnetic conductivity anomaly located less than 4 km north-northwest of the Magnum Deposit. This is the first prospect outside of Magnum which the Company has tested with drilling. Four diamond drillholes have been completed.
As announced on 13 June 2012 mineralisation was discovered in the first drillhole completed at Corker, 12AMD0015 which returned an intersection highlight of 0.13 metres grading: 772.0 g/t silver, 14.8% lead, 1.86% zinc, 0.85 g/t gold, 0.52% bismuth and 231.5 g/t tellurium.
Three of the four drillholes, 12AMD0015, 12AMD0018 and 12AMD0021, intersected narrow semi-massive sulphides with minor associated disseminated sulphides and strong alteration up to 10 metres wide, while the third drillhole, 12AMD0019, intersected minor copper sulphide (bornite and chalcopyrite) mineralisation with the expected location of sulphides in 12AMD0019 obscured by a post mineralisation (Cambrian) dolerite dyke.
Drill results include:
● 12AMD0015 = 0.13m @ 20.5 g/t equivAu* =
0.13m grading 772.0 g/t silver, 14.8% lead, 1.9% Zinc, 0.1% copper, 0.85 g/t gold
● 12AMD0018 = 0.12m @ 6.6 g/t equivAu* =
0.12m grading 113.8 g/t silver, 2.4% lead, 6.3% Zinc, 0.8% copper 0.24 g/t gold
● 12AMD0021 = 0.15m @ 2.1 g/t equivAu* =
0.15m grading 67.5 g/t silver, 1.0% lead, 0.1% Zinc, 0.4% copper
The Company believes that Corker has the potential to lead to a significant discovery as:
● The orientation of the mineralisation in 12AMD0015 when taken together with an interpreted DHEM off-hole conductor suggests untested targets exist to the north of the current drill section.
● The mineralisation encountered to date does not explain the strong electromagnetic conductivity anomalies generated by airborne, land and downhole surveys.
● The source of the Corker electromagnetic anomalies have been modeled as being up to 15 times more conductive than the nearby Magnum gold-copper mineralisation.
● There has been no material encountered to date by the drilling which could otherwise explain the electromagnetic conductivity anomalies.
● The style and intensity of hydrothermal alteration encountered to date, together with the associated mineralisation type, suggest that the fluids responsible have been derived from a nearby granite which accords with the Company’s exploration model.
Magnum Deposit
Magnum is a +2.2km gold, copper, silver and bismuth exploration prospect which hosts the Company’s maiden JORC Inferred Mineral Resource which was announced earlier this year.
The Magnum deposit has similarities to the Telfer gold-copper deposit.
As part of Phase 1 of the 2012 exploration Programme, a total of 7 diamond drillholes have been completed at Magnum, which intersected significant mineralisation 400m to the north and 600m to the south of the existing Inferred Mineral Resource.
Drilling at Magnum has confirmed copper-gold sulphide mineralisation occurs over an area of +1.8km x 600m, and remains open in all directions.
Assays for the drillholes at Magnum are expected to be received during the quarter and the Company expects to be in a position to announce those results by the end of Q3 2012.
Operations Review – North Telfer Project
Antipa has applied for additional exploration licences, now known as the North Telfer Project, covering approximately 1,322km² of land adjoining its current Citadel Project landholding and extending south to within 20km of Newcrest’s Telfer Mine.
Antipa expects the grant of the North Telfer Project applications to be made in the normal course following negotiations with relevant stakeholders including native title parties. Until grant, no on-ground exploration activities will be carried out on the North Telfer Project.
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