Antipa Minerals has upgraded its Minyari Project resource to 3.6 million ounces gold equivalent with a strong increase in indicated resources, while launching a major 41,000m drilling campaign and advancing its Pre-Feasibility Study with encouraging metallurgical and geotechnical results.
- Minyari Project Mineral Resource Estimate rises to 3.6 Moz AuEq
- Indicated resources now represent 76% of total gold
- 41,000m CY2026 drilling campaign underway targeting growth and new discoveries
- PFS metallurgical and geotechnical work supports conventional processing and improved pit design
- Quarter-end cash balance of A$39.1 million with zero debt
Significant Resource Upgrade Strengthens Minyari Project
Antipa Minerals (ASX:AZY) has delivered a material boost to its flagship Minyari Gold-Copper-Silver Project in Western Australia's Paterson Province, increasing its Mineral Resource Estimate (MRE) to 69 million tonnes at 1.33 g/t gold for 3.6 million ounces gold equivalent (AuEq). This upgrade includes 2.9 million ounces of gold, 91,000 tonnes of copper, 880,000 ounces of silver, and 13,000 tonnes of cobalt, underpinning the project's development potential.
The Minyari Dome, the core of the project and basis for the ongoing Pre-Feasibility Study (PFS), now hosts 51Mt at 1.54 g/t gold for 3.2 million ounces AuEq, including 2.5 million ounces of gold. Notably, the indicated portion of the Minyari Deposit has grown to 1.8 million ounces, representing 97% of its total gold content, reflecting improved confidence in the resource base.
Alongside the Minyari Dome, the maiden Mineral Resource Estimate for the RPS deposit was declared at 11Mt grading 0.64 g/t gold for 230,000 ounces of gold, adding further depth to the portfolio.
Major 41,000m Drilling Campaign Targets Growth and Discovery
Antipa has kicked off an ambitious Phase 1 CY2026 drilling program comprising 321 holes across air core, reverse circulation (RC), and diamond core methods, totalling approximately 41,000 metres. The campaign is designed to expand existing resources and test high-priority greenfield targets within the Minyari Project corridor.
Initial RC drilling has focused on the Fiama and Yolanda prospects, with the rig now progressing to Tim’s Dome, where it targets conductive zones associated with known mineralisation. Air core drilling commenced along the 4km AL01 corridor, while diamond core drilling began at the GEO-01 Main Zone, a key area within the Minyari Dome.
Early assay results from 15 RC holes at Fiama North have extended mineralisation to about 160 metres strike and 200 metres depth, with notable intercepts including 26 metres at 1.5 g/t gold and 0.09% copper. These findings confirm the lode remains open in all directions, offering promising upside for resource expansion Fiama North lode extended 160m strike.
Pre-Feasibility Study Advances with Positive Metallurgical and Geotechnical Results
The Minyari Dome PFS continues to progress across multiple fronts including technical, environmental, regulatory, heritage, commercial, and financing workstreams. Recent metallurgical test-work has affirmed a conventional standalone gold-copper processing route, achieving gold recoveries between 89% and 98% across oxide, transitional, and primary ore types. Rapid leaching kinetics and low reagent consumption support efficient processing.
Flotation of the CIL residue from primary material yielded a commercial-grade copper concentrate at approximately 22% copper. Geotechnical studies have indicated the potential for steeper open pit slope angles than previously assumed, which could lower strip ratios and reduce or eliminate the need for underground mining in the development schedule Gold recoveries between 89% and 98%.
Strong Financial Position and Corporate Developments
Antipa closed the quarter with a robust cash balance of A$39.1 million and zero debt, supporting its fully funded exploration and development activities. The company spent approximately A$8 million on exploration during the quarter, reflecting its aggressive growth strategy.
Two Western Australian Government Exploration Incentive Scheme grants totalling A$400,000 were awarded for drilling at Tim’s Dome and Mollie, providing non-dilutive funding support. Additionally, the company issued zero exercise price options (ZEPOs) to key employees as long-term incentives, with plans to seek shareholder approval for director allocations at the upcoming annual general meeting.
Next Steps Target Further Resource Expansion and Project Advancement
Antipa plans to progressively release assay results from its extensive drilling program, with ongoing diamond drilling at GEO-01 Main Zone and Tim’s Dome, and continued air core drilling along prospective corridors. Planned diamond drilling at the Mollie target is also on the horizon.
Simultaneously, the company aims to finalise and integrate PFS components including mine planning, processing flowsheet, capital and operating cost estimates, approvals schedule, and development execution plan. Environmental and regulatory workstreams, alongside Native Title and heritage engagement with the Martu people, remain active priorities as Antipa prepares for project financing and potential development.
Bottom Line?
Antipa’s substantial resource upgrade and well-funded drilling campaign position Minyari for accelerated development, but upcoming assay results and regulatory progress will be critical to validating this trajectory.
Questions in the middle?
- Will ongoing drilling confirm further extensions of high-grade mineralisation beyond Fiama North?
- How will updated geotechnical parameters influence the balance between open pit and underground mining in the final mine plan?
- What are the timelines and key hurdles for securing environmental and Native Title approvals to advance Minyari Dome development?