Ann: Commencement of Drilling at 100% Owned Minyari Project, page-14

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Michael Scantlebury 15th April 2021 $0.08/sh from $0.06/sh
Is a Havieron lurking below Minyari?
Investment case
Antipa Minerals Limited recently announced encouraging diamond drill
results from beneath its 100% owned Minyari and WACA deposits, which
are strategically located ~45Km from Telfer (NCM). The Company is
comparing the recent drill results to the large 3.4Moz Havieron deposit.
In addition to its 100% owned ground the Company has 3 JV/farm-in
agreements with IGO, NCM and RIO in which AZY may be free carried on
a further ~A$120m (we estimate ~A$30m spent to date) over the life of
the agreements. AZY maintains its first movers advantage in the Paterson
Province securing a large proportion of relatively shallow cover ground
which became highly sought after, with the regional exploration success
at Havieron (NCM/GGP.LSE) and Winu (RIO). We have a Speculative Buy
recommendation and Valuation and Price Target 8cps.
Key points (100% owned Minyari & WACA)
y AZY recently released 6 diamond drill results from its 100% owned
Minyari and WACA deposits, which is located ~45km from Telfer.
y The drill results were testing mineralisation at depth including
outside the mineral resource, which is suggesting a strengthening of
mineralisation at depth, some of the better results included:
o 5.4m at 12.4 g/t Au and 0.06% Cu from 312m
– Incl. 1m at 65.4 g/t Au and 0.25% Cu
o 23m at 4.5 g/t Au and 0.41% Cu from 549m
– 2m at 32.5 g/t Au, 0.97% Cu
y The significance of these results drill results are the similarities to the
large Havieron deposit (3.4Moz at 2.0g/t and 160kt at 0.3% Cu):
o Similar sized mineralisation footprint area (see Figure 1).
o Same metasediment host rocks, with similar intense hydrothermal
alteration.
o ‘Breccia style mineralisation’ present beneath Minyari could
represent a similar style to the ‘Sulphide Crescent Zone’ within
Havieron.
o Drilling to date at Minyari is interpreted to have been limited to the
lower grade portion of mineralisation, although this will need to be
confirmed with deeper drilling (see Figure 2).
y Follow up RC and diamond drilling is planned to commence in early
May to confirm the Company’s current hypothesis, that mineralisation
is increasing at depth (down plunge), as you get closer to the
interpreted intrusive source.
y The Company also plans to utilise DHEM in an effort to identify
potential high-grade sulphide breccia similar to Havieron “Sulphide
Crescent Zone”.
y We believe that if DHEM identifies a significant anomaly/(ies)
beneath Minyari it would be a major catalyst for AZY and we urge
investors to keep a close eye on upcoming results.
y We note that Minyari and WACA host a combined high gradeade
resource of 723koz of Au at 2.0 g/t and 26kt Cu at 0.24%.