At the time of writing, shares of Antipa Minerals Ltd [ASX:AZY] are up by 16.67% to 1.4 cents per share.
Why did Antipa Minerals Ltd shares do this?
The company generated a number of drill targets from the Gradient Array Induced Polarisation (GAIP) survey at Tim’s Done. Tim’s Dome is located in the prospective Paterson Province of Western Australia. The province sits around 12 kilometres of Newcrest Mining Ltd’s [ASX:NCM] world-class Telfer gold-copper-silver mine, which has produced more than 12 million ounces in the past.
What now for Antipa Minerals Ltd?
Eleven targets were identified at Tim’s Dome for drill testing. A 7,000 metre drill program has started at these targets.
Tim’s Dome’s prospective, in relation to Telfer, is shown on the map below:
Source: Antipa Minerals
There’s a lot of excitement about the Patterson’s Province in Western Australia. Given Telfer produced ~12 million ounces up the road, geologists wonder whether another big deposit exists close-by. If one exists, Antipa Minerals owns some of the most promising land in the district to make a world-class discovery.
Most exploration at Tim’s Dome has focused on the western side of the dome in the past, however. The western side is known for significant sub-cropping and generally has low to moderate grade gold mineralisation.
Anitpa Resources says the eastern side of the dome is more prospective for high-grade gold mineralisation. That’s where it’s found numerous Telfer reef style gold targets, which could potentially unearth a monster world-class discovery.
The bottom line: it’s certainly an exciting time for the company. But its early days for shareholders ― the proof will be in the pudding, as the saying goes. If the company taps high-grade gold during this drill program, the market could get excited and drive the share price significantly higher. That could attract significant capital towards the junior precious metals sector.
Resources Analyst, Markets & Money
PS: Interested in mining stocks? My free new investor report, ‘The Top 10 Mining Stocks for 2018’, does exactly what it says in the name. I look at 10 companies that I believe could potentially make you huge money this year, and beyond. To download that report free, go here.