A major joint venture has launched an airborne electromagnetic (AEM) survey to identify gold-copper targets as part of a $60mn investment.
Antipa Minerals announced in a statement this week that, with its joint venture partner Rio Tinto, it has commenced an AEM survey at its Citadel Project in the Paterson Province, Australia.
The Citadel Project AEM survey has commenced with approximately 2,000 line‐km being flown covering an area of 600km2 to identify a new generation of EM conductivity targets for evaluation during 2019.
Under the terms of Farm-in and Joint Venture agreements, announced in October 2015, Rio Tinto Exploration Pty Ltd can fund up to $60 million of exploration expenditure to earn up to a 75% interest in the Citadel Project.
It consists of seven exploration licenses covering an area of approximately 1,335km2 of highly prospective but grossly underexplored Proterozoic stratigraphy.
The Citadel Project hosts the Calibre gold-copper-silver-tungsten deposit and the Magnum gold-copper-silver deposit with combined (JORC 2012) Mineral Resources, open in all directions, of 1.64M ounces of gold and 127,300 tonnes of copper, being testimony to the project's significant potential.
Antipa is focused on its own exploration activities on the North Telfer Project, located approximately 40 kilometres north of Newcrest’s world-class Telfer copper-gold-silver mine. The North Telfer Project includes the Minyari Dome, which contains the Minyari-WACA gold-silver deposits. The Company aims to progress studies into the development of the Minyari-WACA deposits, while continuing to explore other highly prospective targets in the nearby vicinity