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. Resources include 950,000 ounces of gold, 41,100 tonnes of copper, 387,000 oz of silver, and 7,700 tonnes of cobalt in the Indicated Category, contained within 21.1 Mt with an average grade of 1.39 g/t gold, 0.20% copper, 0.57 g/t silver, and 0.04% cobalt plus 800,000 oz of gold, 23,200 tonnes of copper, 197,000 oz of silver and 3,400 tonnes of cobalt in the Inferred Category, contained within 12.8 Mt with an average grade of 1.94 g/t gold, 0.18% copper, 0.48 g/t silver, and 0.03% cobalt, based on cut off grades of 0.5 and 1.5 g/t gold equivalent (“AuEq”). For AuEq calculations refer to Antipa’s website at www.antipaminerals.com.au.
