Antipa Minerals' Minyari Dome Project Sees Resource Growth
AZY (AZY) Share Update September 2024 Wednesday 18th
Antipa Minerals Announces Significant Resource Update at Minyari Dome Project
Antipa Minerals Limited (ASX: AZY) has announced a significant update to its resource estimates at the Minyari Dome Project in Western Australia, highlighting a substantial increase in gold resources.
Instant Summary:
- Minyari Dome Project's gold resource increased by 573,000 ounces.
- Total gold resource now stands at 2.3 million ounces.
- Project confirmed as technically and commercially robust.
- Updated scoping study expected in September 2024.
Resource Update Details
Antipa Minerals Limited has reported a major update to its resource estimates at the Minyari Dome Project. The project, which is 100% owned by Antipa, has seen its gold resources increase by 573,000 ounces, bringing the total to 2.3 million ounces. This update is based on recent exploration and drilling activities that have significantly expanded the resource base.
The company has also confirmed that the Minyari Dome Project remains technically and commercially robust. The updated scoping study, expected to be released in September 2024, will provide further details on the project's economic viability and development plans.
Project Highlights
The Minyari Dome Project is strategically located in a world-class gold-copper district in Western Australia. The project benefits from its proximity to major mining operations and infrastructure, making it a highly attractive asset for development. The project has an initial open pit and underground mine plan with a scheduled gold output of 975,000 ounces over the first five years.
The scoping study completed in August 2022 estimated a pre-tax Net Present Value (NPV) of A$392 million and an Internal Rate of Return (IRR) of 34% at a gold price of A$2,430 per ounce. The capital cost for the project is projected to be A$275 million, including A$68 million for pre-production mining.
Exploration and Development
Antipa Minerals has been actively exploring and developing the Minyari Dome Project, with a focus on expanding the resource base and improving the project's economic metrics. The company has completed a Phase 1 drilling program, which included 15,242 meters of drilling and identified multiple zones of high-grade gold mineralization.
The Phase 2 drilling program is set to commence in October 2024, with the aim of further expanding the resource base and testing new targets. The company is also planning to recommence the Pre-Feasibility Study in Q4 2024, which will provide more detailed information on the project's development timeline and economic potential.
The significant increase in gold resources at the Minyari Dome Project is expected to have a positive impact on Antipa Minerals' stock price. The updated resource estimates and the confirmation of the project's technical and commercial viability will likely boost investor confidence and attract new investments. The upcoming scoping study and Phase 2 drilling program will provide further insights into the project's potential, which could lead to additional stock price appreciation.
Investor Reaction:
Analysts have reacted positively to the resource update, noting the substantial increase in gold resources and the project's strategic location. The confirmation of the project's technical and commercial robustness has also been well-received, with many investors expressing optimism about Antipa Minerals' future prospects. However, some analysts have cautioned that the project's development timeline and capital costs will need to be closely monitored.
Conclusion:
Investors should keep an eye on Antipa Minerals' upcoming scoping study and Phase 2 drilling program, as these will provide crucial information on the Minyari Dome Project's development potential. The significant increase in gold resources and the project's strategic location make it a highly attractive investment opportunity. Investors are encouraged to stay informed about the company's progress and consider the potential long-term benefits of holding Antipa Minerals' stock.