Ann: Results Confirm High-Grade Gold-Copper at Depth at Minyari, page-46

The best of the deeper intersections, generally with broad halos of lower grade surrounding these:

• 34.6m at 2.87 g/t gold and 0.12% copper from 490.4m, including: 6.6m at 9.20 g/t gold and 0.25% copper from 490.4m
• 14.0m at 6.09 g/t gold, 0.70% copper and 0.14% cobalt from 290.0m
• 12.7m at 6.32 g/t gold from 594.3m
• 5.9m at 7.68 g/t gold from 693.5m

I don't think there is any problem with grade of this tenor in underground mining. With reference to Roger Mason's comments below I would love to know what happens in the diorite and in the down plunge position below the diorite. Has the diorite acted as a dam to collect rising gold rich fluids from the depths? Are the breccia grades increased at depth below the diorite?

The announcement said that Antipa had "increased the thick zones of high‐grade gold‐copper mineralisation extending Minyari’s northern mineralisation a whopping 210 metres down dip." 210m down dip increase is a massive increase given the size of the mineralised system, lots of tonnes in that. No reason to believe it won't keep going.

The geometry and the host breccia to the mineralisation at Minyari are certainly looking like Havieron.

We are not testing the deeper levels reached at Havieron. We simply don't know what happens at 1000m at Minyari or WACA. The deep holes at Havieron are mainly vertical and there certainly are some long intersections of high grade. I don't know how many of these drilled down through the mineralisation and what the real true widths are. People with better knowledge of Havieron might have a view.

Antipas Managing Director, Roger Mason, said:
“These deeper extensional results continue to highlight the development opportunity demonstrating the potential for significant resource upside and extend the thick high‐grade breccia style mineralisation at depth at Minyari." "Several of the Minyari step‐out drill holes also intersected zones of very high‐grade gold breccia mineralisation on the contact with and hosted within the northern diorite intrusion which crosscuts the meta‐sediment. Hits of 6 to 13 metres grading 6 to 8 g/t gold, including extremely high‐grade intervals of 0.5 metres at 150.5 g/t and 1.4 metres at 23 g/t gold, highlight further resource upside at depth associated with the diorite."

Perhaps Citadel will be sacrificed to fund Minyari-WACA but now is not the time. The Rimfire dome looks like it could host a very large mineralised system. There is no urgency for funds yet so why not wait until all the juicy targets have been tested and we know exactly what we would be giving up? We could continue exploration at Citadel whilst we drill out Minyari-WACA and surrounding prospects, upgrade the resource numbers, do a PFS or BFS, conduct background studies such as environmental, heritage, etc, apply for mining licence. When we are close to having these things in place we can consider finance options including the sacrifice Citadel option. It is far too prospective too give it up just yet.

It will be a relief when Minyari-WACA is upgraded soon to the 1 million ounce plus club. This is a very large deposit that will be well in excess of 2 million ounces and could be two or three times that. It seems that Antipa has really got on top of the geology, geometry and controls on mineralisation this past year. Now they are primed to hit the sweet spots. We should be in for a good year. Lots of nearby greenfield prospects which could just add something significant to the story and put further cream on the go-it-alone option. Minyari-WACA is probably worth $4-500 million to Newcrest right now.

DYOR.