Antipa Minerals Ltd’s Paterson neighbour Newcrest Mining Ltd maintains 9.9%
A placement has been completed to Newcrest through the issue of 7.75 million new shares at A$0.042 per share to raise A$325,500.
’s () Paterson Province neighbour Newcrest Mining Ltd () (TSE:NCM) (OTCMKTS:NCMGF) continues to demonstrate support for the company by maintaining a 9.9% shareholding.
The company has completed a placement to Newcrest through the issue of 7.75 million new shares at A$0.042 per share to raise A$325,500.
This allows the gold and copper miner to maintain its 9.9% holding following the completion of Antipa’s recent share purchase plan (SPP).
Well-funded
After completion of a placement in April and SPP in May, Antipa has raised a total of A$25.3 million before costs.
With cash in excess of A$30 million, the company is well-placed to pursue its aggressive 2021 exploration programs in the Paterson Province where Newcrest, along with another major Rio Tinto Ltd (ASX:RIO) have considerable producing, development and exploration assets.
Antipa will use its existing capacity under ASX Listing Rule 7.1 to complete the placement to Newcrest.
From a low of A$0.026 on April 6, Antipa shares have risen to as much as A$0.064 and today are 6.67% higher to A$0.048 cents while the market cap is approximately A$139.3 million.
Noisy Paterson neighbours
Paterson Province is home to Newcrest’s world-class Telfer gold-copper mine, Rio Tinto’s Winu copper-gold deposit, Greatland Gold-Newcrest’s recent Havieron gold-copper discovery and other significant mineral deposits.
Antipa’s extensive interests include the ~1,300 square kilometre Citadel Joint Venture Project at which Rio holds a 65% JV interest, the ~2,200 square kilometre Wilki Project subject to a A$60 million farm-in and JV agreement with Newcrest and the 1,500 square kilometres Paterson Project subject to a A$30 million farm-in and JV agreement with IGO Ltd ().
The Citadel Project lies within 5 kilometres of the Winu discovery and contains a mineral resource of 1.64 million ounces of gold and 128,000 tonnes of copper from two deposits, Calibre and Magnum.
Antipa also retains 144 square kilometres of 100%-owned Minyari Dome Project tenements which contains an established resource, with the Minyari and WACA deposits containing 723,000 ounces of gold and 26,000 tonnes of copper plus other deposits and exploration targets.
Shallow cover
Unlike certain parts of the Paterson where the post mineralisation (younger) cover can be kilometres thick, making for difficult exploration, the company’s combined 5,200 square kilometre tenement portfolio features relatively shallow cover with about 80% being under less than 80 metres of cover.
Extensive drilling and geophysical surveys are planned for 2021 across Antipa’s combined Paterson portfolio as the company pursues a dual strategy of targeting tier-one greenfields discoveries and growing its existing resources through brownfields exploration.
Read More: Antipa Minerals Ltd’s Paterson neighbour Newcrest Mining Ltd maintains 9.9%