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ANTIPA MINERALS LIMITED Capital/Financing Update 2021

Feb 8, 2021

64490_rns_2021-02-08_367e8aa9-3cd7-47dc-a295-d2051369c653.pdf

Capital/Financing Update

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MEDIA RELEASE
9 February 2021
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DRILLING RESULTS DELIVER FURTHER SIGNIFICANT HIGH-GRADE GOLD-COPPER INTERSECTIONS AT CALIBRE DEPOSIT

RIO TINTO – ANTIPA CITADEL JOINT VENTURE PROJECT

Highlights

  • Assay results received for the final five of the 27 diamond and RC drill holes drilled at the Calibre deposit in the 2020 field season

  • Significant widths of gold-copper±silver mineralisation intersected, including substantial high-grade gold mineralisation outside the existing Calibre Mineral Resource boundaries

  • Multiple narrow intersections grading between 9 to 16 g/t gold

  • New significant assay results include:

  • 14.0m at 1.28 g/t gold and 0.03% copper from 94.0m down hole in CALB0024, including:

    • 1.0m at 14.55 g/t gold, 0.05% copper and 1.19 g/t silver from 104.0m

  • 173.0m at 0.71 g/t gold and 0.05% copper from 150.0m down hole in CALB0024, including:

    • 0.5m at 9.78 g/t gold, 1.76% copper and 7.91 g/t silver from 158.0m

    • 0.8m at 8.74 g/t gold and 0.07% copper from 169.2m

    • 2.2m at 7.48 g/t gold, 0.36% copper and 2.40 g/t silver from 178.8m

    • 5.7m at 2.40 g/t gold and 0.10% copper from 200.6m

    • 1.0m at 8.73 g/t gold, 1.51% copper and 9.19 g/t silver from 230.0m

    • 7.6m at 2.47 g/t gold and 0.04% copper from 251.5m, also including:

      • 0.5m at 9.39 g/t gold, 0.61% copper and 4.14 g/t silver from 251.5m

      • 1.0m at 12.70 g/t gold and 0.01% copper from 258.0m

    • 0.4m at 9.04 g/t gold, 0.53% copper and 4.12 g/t silver from 302.8m

  • 59.0m at 0.61 g/t gold and 0.01% copper from 359.0m down hole in CALB0026, including:

    • 7.0m at 1.52 g/t gold and 0.01% copper from 359.0m

    • 5.1m at 2.02 g/t gold and 0.04% copper from 394.4m, also including:

      • 0.5m at 13.70 g/t gold, 0.01% copper and 1.73 g/t silver from 396.7m

  • 15.9m at 1.99 g/t gold, 0.03% copper and 1.15 g/t silver from 447.6m down hole in CALB0026

  • 12.2m at 2.08 g/t gold and 0.07% copper from 113.8m down hole in CALB0028, including:

    • 5.0m at 4.51 g/t gold and 0.04% copper from 121.0m, also including:

      • 1.2m at 13.55 g/t gold from 121.0m

  • 0.8m at 15.95 g/t gold, 1.71% copper and 8.92 g/t silver from 169.0m down hole in CALB0023

  • 8.4m at 2.25 g/t gold from 423.6m down hole in CALB0023, including: 

     - **1.0m at 12.55 g/t gold and 0.05% copper** from 431.0m

  • Citadel Joint Venture Project 2021 Exploration Programme budget $13.8m including ongoing Calibre and regional target drill testing

  • Calibre is located 45km east of Rio Tinto’s Winu copper-gold-silver deposit within a similar geological setting

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Citadel 2020 Exploration Programme

Antipa Minerals Limited (ASX: AZY ) ( Antipa or the Company ) is pleased to provide an update on the Citadel Joint Venture Project 2020 Exploration Programme in Western Australia’s highly prospective Paterson Province (Figures 1 and 2) that is being managed by its joint venture partner, Rio Tinto Exploration Pty Limited ( Rio Tinto ).

Assays for the outstanding five drill holes have been received of the 27 diamond core ( DD ) and reverse circulation ( RC ) drill holes completed at the Calibre deposit in 2020. Four of this recent batch of Calibre drill holes contribute to the evaluation of the northern zone and identified significant gold‐copper±silver mineralisation extending up to approximately 200 metres below the current (2017) Mineral Resource estimate. The remaining drill hole, CALB0019, intersected narrow widths of gold‐copper±silver mineralisation 300 metres south of the current limit of the Calibre Mineral Resource.

Significant results for this batch of assays are summarised below and in Figures 3 to 9 and Tables 1 and 2:

  • 8.0m at 1.42 g/t gold and 0.12% copper from 150.0m down hole in CALB0023, including:

  • 3.0m at 2.60 g/t gold and 0.08% copper from 155.0m, also including:

    • 1.0m at 5.67 g/t gold and 0.23% copper from 200.6m

  • 0.8m at 15.95 g/t gold, 1.71% copper and 8.92 g/t silver from 169.0m down hole in CALB0023

  • 18.1m at 0.65 g/t gold and 0.07% copper from 200.3m down hole in CALB0023, including:

  • 1.1m at 3.05 g/t gold and 0.27% copper from 217.3m

    • 1.0m at 2.81 g/t gold from 205.0m

  • 14.3m at 1.00 g/t gold and 0.06% copper from 276.7m down hole in CALB0023, also including:

    • 1.5m at 2.99 g/t gold and 0.07% copper from 281.5m

    • 1.0m at 2.60 g/t gold and 0.09% copper from 286.0m

  • 0.8m at 6.48 g/t gold from 297.6m down hole in CALB0023

  • 0.9m at 5.65 g/t gold from 402.2m down hole in CALB0023

  • 8.4m at 2.25 g/t gold from 423.6m down hole in CALB0023, including:

  • 1.0m at 12.55 g/t gold and 0.05% copper from 431.0m

  • 3.0m at 3.22 g/t gold from 87.0m down hole in CALB0024, including:

  • 1.0m at 5.89 g/t gold from 88.0m

  • 14.0m at 1.28 g/t gold and 0.03% copper from 94.0m down hole in CALB0024, including:

  • 1.0m at 14.55 g/t gold, 0.05% copper and 1.19 g/t silver from 104.0m

  • 173.0m at 0.71 g/t gold and 0.05% copper from 150.0m down hole in CALB0024, including:

  • 0.5m at 9.78 g/t gold, 1.76% copper and 7.91 g/t silver from 158.0m

  • 0.8m at 8.74 g/t gold and 0.07% copper from 169.2m

  • 2.2m at 7.48 g/t gold, 0.36% copper and 2.40 g/t silver from 178.8m, also including:

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    • 1.0m at 10.60 g/t gold, 0.28% copper and 2.71 g/t silver from 180.0m

  • 5.7m at 2.40 g/t gold and 0.10% copper from 200.6m, also including: 

  •  - **0.8m at 5.88 g/t gold and 0.14% copper** from 200.6m
    • 0.7m at 9.06 g/t gold, 0.13% copper and 1.88 g/t silver from 205.3m

  • 1.2m at 5.06 g/t gold, 0.21% copper and 1.47 g/t silver from 211.0m

  • 1.0m at 8.73 g/t gold, 1.51% copper and 9.19 g/t silver from 230.0m

  • 7.6m at 2.47 g/t gold and 0.04% copper from 251.5m, also including:

    • 0.5m at 9.39 g/t gold, 0.61% copper and 4.14 g/t silver from 251.5m

    • 1.0m at 12.70 g/t gold and 0.01% copper from 258.0m

  • 0.4m at 9.04 g/t gold, 0.53% copper and 4.12 g/t silver from 302.8m

  • 5.5m at 1.33 g/t gold, 0.24% copper and 1.69 g/t silver from 248.1m down hole in CALB0026, including:

  • 0.6m at 6.88 g/t gold, 2.01% copper and 13.50 g/t silver from 253.0m

  • 2.6m at 3.41 g/t gold and 0.01% copper from 259.9m down hole in CALB0026, including:

  • 1.1m at 7.33 g/t gold and 0.03% copper from 261.4m

  • 59.0m at 0.61 g/t gold and 0.01% copper from 359.0m down hole in CALB0026, including:

  • 7.0m at 1.52 g/t gold and 0.01% copper from 359.0m, also including:

    • 1.0m at 5.37 g/t gold and 0.01% copper from 365.0m

  • 0.5m at 5.15 g/t gold and 0.01% copper from 378.5m

  • 5.1m at 2.02 g/t gold and 0.04% copper from 394.4m, also including:

    • 0.5m at 13.70 g/t gold, 0.01% copper and 1.73 g/t silver from 396.7m

  • 15.9m at 1.99 g/t gold, 0.03% copper and 1.15 g/t silver from 447.6m down hole in CALB0026, including:

  • 1.4m at 6.95 g/t gold and 0.28% copper from 447.6m

  • 0.6m at 2.26 g/t gold and 0.04% copper from 462.8m

  • 12.2m at 2.08 g/t gold and 0.07% copper from 113.8m down hole in CALB0028, including:

  • 5.0m at 4.51 g/t gold and 0.04% copper from 121.0m, also including:

    • 1.2m at 13.55 g/t gold from 121.0m

    • 1.0m at 5.29 g/t gold and 0.02% copper from 125.0m

  • 1.0m at 3.35 g/t gold, 0.21% copper and 1.92 g/t silver from 156.0m down hole in CALB0028

  • 1.0m at 6.77 g/t gold and 0.01% copper from 203.0m down hole in CALB0028

  • 5.3m at 0.81 g/t gold and 0.03% copper from 283.0m down hole in CALB0019

  • 1.0m at 3.20 g/t gold and 0.01% copper from 314.0m down hole in CALB0019

  • 1.0m at 2.86 g/t gold and 0.02% copper from 373.0m down hole in CALB0019

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The results of the 2020 drilling received to date include significant intersections of gold‐ copper±silver mineralisation, including several significant intersections outside the existing Calibre Mineral Resource envelope. The available 2020 DD and RC drill hole assay results from Calibre confirm:

  • Significant gold‐copper±silver mineralisation along a 550m strike and up to 370m below the northern sector of the current Mineral Resource;

  • Mineralisation now extends up to 570m below surface, up to 300m across strike and over a total strike length of approximately 1,500m;

  • The mineralisation is interpreted to be partially open to the south, with the existing southern limit of the Mineral Resource having the potential to be extended; and

  • The mineralisation is interpreted to be closed off to the north, with the existing northern limit of the Mineral Resource likely to remain materially unchanged.

Citadel 2020 Exploration Programme Results Overview

The objective of the Citadel 2020 Exploration Programme was to test potential extensions and further define and improve ore body knowledge at the Calibre deposit as well as to test certain greenfield targets.

Calibre Exploration Programme

Status of the Calibre gold‐copper resource drill programme:

  • 10,510m (6,730m DD plus 3,780m RC) were drilled during 2020;

  • Two Calibre metallurgical drill holes completed;

  • Seven drill holes tested peripheral targets between 200m to 700m from the Calibre deposit (refer to Table 2); and

  • Assay results have now been received and reported for all of the 27 holes drilled.

Citadel 2021 Exploration Programme

The Citadel 2021 Exploration Programme consists of the following:

  • Calibre Deposit update to existing Calibre Mineral Resource of 47.7Mt at 0.9 g/t gold and 0.15% copper for 1.3 Moz gold and 69.5kt tonnes of copper;

  • Preliminary metallurgical test‐work and possible early stage project development options appraisal work in relation to the Calibre deposit;

  • An 11,000m to 14,000m drill programme focused on the Magnum Dome area (Figure 10), hosting the Calibre, Magnum and Corker deposits, and Rimfire area together with other select regional targets, including Boxer, with the drill programme scheduled to commence in March;

  • Continuation of Gradient Array Induced Polarisation (GAIP) survey programme across prospective structural corridors of Citadel tenements; and

  • Processing and interpretation of GAIP and drill hole data to identify further priority target areas.

The Citadel 2021 Exploration Programme, which was outlined in an ASX announcement on 21 December 2020, is operated and funded by Rio Tinto with a budgeted cost of $13.8m.

Antipa’s overall Paterson Province strategy is to deliver both greenfield discoveries and increase brownfield gold and/or copper resources with the ultimate aim of generating a short to medium

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term production opportunity. Exploration activities within the Citadel Joint Venture Project are complementary to this strategy.

The Citadel 2021 Exploration Programme has been designed to ensure the safety and well‐being of all Citadel Project stakeholders including local indigenous groups, employees, and contractors and to also comply with government restrictions aimed at stopping the spread of the COVID‐19 virus.

The Citadel 2020 Exploration Programme and budget will be subject to ongoing review based on results, field conditions, contractor availability and pricing and other relevant matters.

Overview of the Citadel Project and the Calibre and Magnum Deposits

The Calibre and Magnum deposits are part of the Citadel Project’s large 1,330km[2] tenure. Within the Citadel Project, the mineralised material is covered by desert sand and generally soft ‘free‐dig’ sediments to a depth ranging between just 10 to 100m.

Calibre and Magnum currently constitute global Mineral Resources of 63.8Mt at 0.8 g/t gold and 0.2% copper for 1.6Moz gold and 127kt copper with Calibre having a Mineral Resource of 47.7Mt at 0.9 g/t gold and 0.15% copper for 1.3Moz gold and 69,500t copper and Magnum having a Mineral Resource of 16.1Mt at 0.7 g/t gold and 0.37% copper for 339,000oz gold and 57,800t copper. The locations of the two deposits are shown in Figures 1 and 2.

Both deposits are located approximately 45km east of Rio Tinto’s Winu copper‐gold‐silver deposit, which Rio Tinto is continuing to explore and advance development studies on with first ore from Winu expected in 2024, subject to regulatory approvals, traditional owner and other consents and COVID‐19 restrictions. On 28 July 2020, a maiden JORC 2012 Inferred Mineral Resource of 503Mt at 0.35% copper, 0.27 g/t gold and 2.15 g/t silver (containing 4.4Moz of gold, 1.8Mt of copper and 35Moz of silver) was announced for Winu[1] .

Calibre represents a very large‐scale mineral system with material potential exploration upside under just 80m of cover, with a strike length of approximately 1.6km, up to 480m thick and open in several directions.

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1 Refer Rio Tinto (www.riotinto.com) and Australian Securities Exchange (ASX: RIO) (www.asx.com.au) and London Stock Exchange (LSE: RIO)

(www.londonstockexchange.com) news releases and report entitled “Rio Tinto reveals maiden Resource at Winu and new discovery” created on 28 July 2020

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Figure 1: Plan showing location of Antipa 100% owned tenements, Rio Tinto-Antipa Citadel Joint Venture Project, including the Calibre and Magnum deposits. Also shows Antipa-Newcrest Wilki Farmin, Antipa-IGO Paterson Farm-in, Newcrest Mining Ltd’s Telfer Mine and O’Callaghans deposit, Rio Tinto’s Winu deposit, Greatland Gold plc’s/Newcrest’s Havieron deposit and Metals X Nifty Mine. NB: Rio and IGO tenement areas include related third‐party Farm‐in’s/Joint Ventures. NB: Regional GDA2020 / MGA Zone 51 co‐ordinates, 50km grid.

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Figure 2: Plan showing location of Rio Tinto-Antipa Citadel Joint Venture Project, including the Calibre and Magnum deposits, and also Rimfire. Also shows Rio Tinto’s Winu deposit and a portion of the Antipa-IGO Paterson Farm-in including the Reaper, Poblano, Serrano and Grey gold-copper prospects. NB: Regional GDA2020 / MGA Zone 51 co‐ordinates, 20km grid.

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Figure 3: Calibre Deposit west looking vertical projection showing all Calibre drill (including 2020) holes depicting gold and copper grade distribution, with intersection labels for the five 2020 holes which are the subject of this report. Note significant gold-copper drill intersections substantially outside the limit of the current (2017) Mineral Resource boundary. NB: 500m horizontal x 200m vertical MGA Zone 51 / GDA 2020 grid.

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Figure 4: Calibre Deposit plan showing all Calibre drill (including 2020) holes depicting gold and copper grade distribution, with intersection labels for the five 2020 holes which are the subject of this report. NB: 500m MGA Zone 51 / GDA 2020 grid.

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Figure 5: Calibre Deposit interpreted east-west cross-section showing drill hole Au-Cu-Ag intersections including CALB0024. NB: 100m horizontal x 100m vertical MGA Zone 51 / GDA 2020 grid – Approx. north looking.

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Figure 6: Calibre Deposit interpreted east-west cross-section showing drill hole Au-Cu-Ag intersections including CALB0026. NB: 200m horizontal x 100m vertical MGA Zone 51 / GDA 2020 grid – Approx. north looking.

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Figure 7: Calibre Deposit interpreted east-west cross-section showing drill hole Au-Cu-Ag intersections including CALB0023. NB: 200m horizontal x 100m vertical MGA Zone 51 / GDA 2020 grid – Approx. north looking.

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Figure 8: Calibre Deposit interpreted east-west cross-section showing drill hole Au-Cu-Ag intersections including CALB0028. NB: 200m horizontal x 100m vertical MGA Zone 51 / GDA 2020 grid – Approx. north looking.

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Figure 9: Calibre Deposit interpreted east-west cross-section showing drill hole Au-Cu-Ag intersections including CALB0019 located approximately 300m south of the Calibre Mineral Resource boundary. NB: 200m horizontal x 100m vertical MGA Zone 51 / GDA 2020 grid – Approx. north looking.

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Figure 10: Magnum Dome plan showing Calibre, Magnum and Corker deposits, all drill (including 2020) holes depicting gold and copper grade distribution, with intersection labels for a selection of holes. NB: 2 km MGA Zone 51 / GDA 2020 grid.

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About Antipa Minerals: Antipa is a mineral exploration company focused on the Paterson Province in north‐west Western Australia, home to Newcrest Mining’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. Having first entered the Paterson in 2011 when it was a less sought‐after exploration address, the Company has used its early mover advantage to build an enviable tenement holding of ~5,200km[2] , including the ~1,300km[2] Citadel Project that is subject to a $60 million Farm‐in and Joint Venture Agreement with Rio Tinto (who currently holds a 51% joint venture interest), the ~2,200km[2] Wilki Project that is subject to a $60 million Farm‐in and Joint Venture Agreement with Newcrest (who is yet to earn a joint venture interest) and the ~1,500km[2] Paterson Project that is subject to a $30 million Farm‐in and Joint Venture Agreement with IGO (who is yet to earn a joint venture interest). The Citadel Project lies within 5km 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 retains 144km[2] of 100%‐owned Minyari Dome Project tenements which contains an established Mineral Resource, with the Minyari and WACA deposits containing 723,000 ounces of gold and 26,000 tonnes of copper plus other deposits and high quality exploration targets. Unlike certain parts of the Paterson where the post mineralisation (younger) cover can be kilometres thick, making for difficult exploration, the Company’s combined ~5,200km[2] tenement portfolio features relatively shallow cover; approximately 80% being under less than 80 metres of cover. Extensive drilling and geophysical surveys are planned for 2020 across Antipa’s combined Paterson tenement portfolio as the company pursues a dual strategy of targeting tier‐one greenfields discoveries and growing its existing resources through brownfields exploration.

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Forward-Looking Statements: This document may include forward‐looking statements. Forward‐looking statements include, but are not limited to, statements concerning Antipa Mineral Ltd’s planned exploration programme and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward‐looking statements. Although Antipa Minerals Ltd believes that its expectations reflected in these forward‐looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward‐looking statements.

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Competent Persons Statement – Exploration Results: The information in this document that relates to Exploration Results is based on and fairly represents information and supporting documentation compiled by Mr Roger Mason, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Mason is a full‐time employee of the Company. Mr Mason is the Managing Director of Antipa Minerals Limited, is a substantial shareholder of the Company and is an option holder of the Company. Mr Mason has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements, all of which are available to view on www.antipaminerals.com.au and www.asx.com.au. Mr Mason, whose details are set out above, was the Competent Person in respect of the Exploration Results in these original market announcements.

Various information in this report which relates to Exploration Results have been extracted from the following announcements:

  • Report entitled “ Citadel Project ‐ Phase 2 Drilling Programme ‐ Twin Success ” created on 13 December 2012;

  • Report entitled “ Citadel Project ‐ Calibre Deposit ‐ Major Gold‐Copper Discovery ” created on 4 February 2013;

  • Report entitled “ Citadel Project ‐ 2013 Exploration Programme ‐ Calibre Deposit Focus of Phase 1 ” created on 11 February 2013;

  • Report entitled “ Calibre Exploration Update ” created on 25 February 2013;

  • Report entitled “ Calibre Deposit ‐ Third Drillhole ‐ Preliminary Results ” created on 7 March 2013;

  • Report entitled “ Calibre Deposit ‐ Third Drillhole ‐ Assay Results ” created on 27 March 2013;

  • Report entitled “ Calibre Deposit ‐ Assay Results and New DHEM Anomaly ” created on 15 April 2013;

  • Report entitled “ Calibre Deposit ‐ Fifth Drillhole ‐ Assay Results ” created on 19 April 2013;

  • Report entitled “ Calibre Deposit ‐ Sixth Drillhole ‐ Assay Results ” created on 29 April 2013;

  • Report entitled “ Calibre Deposit ‐ FLEM and Magnetics Survey Results ” created on 15 May 2013;

  • Report entitled “ Calibre Deposit ‐ Seventh Drillhole ‐ Assay Results ” created on 1 August 2013;

  • Report entitled “ Calibre Deposit ‐ Exploration Update ” created on 2 September 2013;

  • Report entitled “ Calibre Deposit ‐ Maiden Mineral Resource Estimate ” created on 28 October 2013;

  • Report entitled “ Calibre Deposit ‐ Positive Concept Study completed by Snowden ” created on 30 October 2013;

  • Report entitled “ Surveys extend and upgrade Calibre and Corker target areas ” created on 26 March 2014;

  • Report entitled “ Phase 2 Geochemical Surveys Define Calibre and Matilda Drill Targets ” created on 28 April 2014;

  • Report entitled “ 2014 Exploration Programme ‐ Drilling Commences at Calibre ” created on 16 May 2014;

  • Report entitled “ Positive Metallurgical Results for Calibre ” created on 28 May 2014;

  • Report entitled “ 2014 Drilling Programme Update ” created on 29 May 2014;

  • Report entitled “ 2014 Drilling Programme Update ” created on 25 July 2014;

  • Report entitled “ Citadel Project ‐ Calibre High Grade Opportunity ” created on 9 September 2014;

  • Report entitled “ Calibre & Magnum Mineral Resources JORC 2012 Updates ” created on 23 February 2015;

  • Report entitled “ Calibre Drilling Programme Commenced ” created on 15 May 2015;

  • Report entitled “ Calibre Deposit Drilling Update No. 1 ” created on 18 June 2015;

  • Report entitled “ Calibre Deposit Drilling Update No. 2 ” created on 2 July 2015;

  • Report entitled “ Calibre Deposit Drilling Update No. 3 ” created on 10 July 2015;

  • Report entitled “ Calibre Deposit Drilling Update No. 4 ” created on 28 July 2015;

  • Report entitled “ Rio Tinto – Antipa Citadel Project Joint Venture ” created on 9 October 2015;

  • Report entitled “ Calibre Drilling October 2015 No. 1 ” created on 16 October 2015;

  • Report entitled “ Calibre Drilling October 2015 No. 2 ” created on 22 October 2015;

  • Report entitled “ Calibre 2015 Phase 2 Drilling Update No. 3 ” created on 17 November 2015;

  • Report entitled “ Calibre 2015 Phase 2 Drilling Update ” created on 30 November 2015;

  • Report entitled “ Calibre 2015 Drilling Phase 2 Results ” created on 16 December 2015;

  • Report entitled “ Citadel Project IP Survey Identifies Multiple Chargeability Anomalies along 20km Calibre Trend ” created on 24 June 2016;

  • Report entitled “ Rio Tinto Elects to Proceed to Stage 2 of Citadel Farm‐In ” created on 12 April 2017;

  • Report entitled “ Citadel Project ‐ Rio Tinto Funded 2017 Exploration Programme ” created on 12 April 2017;

  • Report entitled “ Rio Tinto Elects to Proceed to Stage 2 of Citadel Farm‐In ” created on 12 April 2017;

  • Report entitled “ Citadel Project Exploration Update ” created on 2 October 2017;

  • Report entitled “ Citadel Project Exploration Update ” created on 8 November 2017;

  • Report entitled “ Calibre Deposit Mineral Resource Update ” created on 17 November 2017;

  • Report entitled “ Citadel Project 2018 Exploration Programme ” created on 27 March 2018;

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  • Report entitled “ Rio Tinto Resumes Drilling at the Citadel Farm‐in Project ” created on 4 September 2018;

  • Report entitled “ Citadel Project Rio JV – Additional AEM Survey ” created on 20 November 2018;

  • Report entitled “ Rio Tinto Citadel Farm‐in Project 2018 Exploration Update ” created on 11 December 2018;

  • Report entitled “ Multiple Gold‐Copper Targets identified on Rio Tinto‐Antipa Citadel Farm‐in Project” created on 25 March 2019;

  • Report entitled “ Indicative $3.4M 2019 Citadel Exploration Programme” created on 27 March 2019;

  • Report entitled “ Citadel Project $3.4M 2019 Exploration Programme” created on 16 May 2019;

  • Report entitled “ Exploration Update on Rio Tinto‐Antipa Citadel Farm‐in” created on 29 July 2019;

  • Report entitled “ Citadel Project ‐ Calibre Drilling Commences” created on 6 September 2019;

  • Report entitled “ Calibre Drilling Identifies Significant Deposit Extensions” created on 20 November 2019;

  • Report entitled “ Citadel Project ‐ New Airborne Gravity Survey” created on 22 November 2019;

  • Report entitled “ Significant Extensions to Mineralisation at Calibre” created on 20 December 2019;

  • Report entitled “ Rio Tinto Earns 51% JV Interest in Citadel Project” created on 9 January 2020;

  • Report entitled “ Rio Tinto Proceeds with Next $14M Earn‐in Stage at Citadel” created on 29 January 2020;

  • Report entitled “ Citadel Geophysical Survey Identifies New Targets” created on 18 February 2020;

  • Report entitled “ Citadel Project ‐ 2020 Exploration Programme Update” created on 31 March 2020;

  • Report entitled “ $9.2M Citadel Project 2020 Exploration Programme” created on 24 April 2020;

  • Report entitled “ Citadel Project‐$9.2M 2020 Exploration Programme Update No 2” created on 28 May 2020;

  • Report entitled “ Citadel JV GAIP Survey Highlights New Large Gold‐Copper Target” created on 20 August 2020;

  • Report entitled “ Calibre Drilling Delivers Significant Au‐Cu Intersections” created on 22 October 2020

  • Report entitled “ Calibre Delivers Further Significant Au‐Cu Intersections” created on 12 November 2020;

  • Report entitled “ Significant High‐grade Gold‐Copper Intersections at Calibre” created on 18 November 2020;

  • Report entitled “ More Significant High‐Grade Au‐Cu Intersections at Calibre” created on 25 November 2020;

  • Report entitled “ $13.8M 2021 Exploration Programme for Citadel JV Project” created on 21 December 2020; and

  • Report entitled “ Significant Gold‐Copper Intersections at Rimfire” created on 4 February 2021.

All of which are available to view on www.antipaminerals.com.au and www.asx.com.au.

The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. Mr Roger Mason, whose details are set out above, was the Competent Person in respect of the Exploration Results in these original reports.

Competent Persons Statement – Mineral Resource Estimations for the Minyari-WACA Deposits, Tim’s Dome and Chicken Ranch Deposits, Calibre Deposit and Magnum Deposit: The information in this document that relates to the estimation and reporting of the Minyari‐WACA deposits Mineral Resources is extracted from the report entitled “ Minyari/WACA Deposits Maiden Mineral Resources ” created on 16 November 2017 with Competent Persons Kahan Cervoj and Susan Havlin, the Tim’s Dome and Chicken Ranch deposits Mineral Resources is extracted from the report entitled “ Chicken Ranch and Tims Dome Maiden Mineral Resources ” created on 13 May 2019 with Competent Person Shaun Searle, the Calibre deposit Mineral Resource information is extracted from the report entitled “ Calibre Deposit Mineral Resource Update ” created on 17 November 2017 with Competent Person John Graindorge and the Magnum deposit Mineral Resource information is extracted from the report entitled “ Calibre and Magnum Deposit Mineral Resource JORC 2012 Updates ” created on 23 February 2015 with Competent Person Patrick Adams, all of which are available to view on www.antipaminerals.com.au and www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Gold Metal Equivalent Information - Calibre Mineral Resource AuEquiv cut-off grade: Gold Equivalent (AuEquiv) details of material factors and metal equivalent formula are reported in “ Calibre Deposit Mineral Resource Update ” created on 17 November 2017 which is available to view on www.antipaminerals.com.au and www.asx.com.au.

Gold Metal Equivalent Information - Magnum Mineral Resource AuEquiv cut-off grade: Gold Equivalent (AuEquiv) details of material factors and metal equivalent formula are reported in “ Citadel Project ‐ Calibre and Magnum Deposit Mineral Resource JORC 2012 Updates ” created on 23 February 2015 which is available to view on www.antipaminerals.com.au and www.asx.com.au.

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Mineral Resource Estimates

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19

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Table 1: Citadel Project Recent Calibre Drill Hole Intersections: Gold‐Copper‐Silver

(i.e. ≥ 0.5m with Au ≥ 0.40 g/t and/or Cu ≥ 1,000 ppm and/or Ag ≥ 1.00 g/t)

Hole ID Target From (m) To (m) Interval
(m)		 Gold
(g/t)		 Copper
(ppm)
Silver
(g/t)
CALB0019 Calibre 144.80 146.00 0.56 0.56 409 0.13
CALB0019 Calibre 158.76 160.00 1.24 1.69 9 0.49
CALB0019 Calibre 229.02 230.00 0.98 0.58 321 0.08
CALB0019 Calibre 254.00 255.00 1.00 0.97 614 0.19
CALB0019 Calibre 258.80 259.40 0.60 0.54 270 0.07
CALB0019 Calibre 264.47 265.00 0.53 0.65 49 0.06
CALB0019 Calibre 267.00 268.00 1.00 0.67 438 0.13
CALB0019 Calibre 279.50 280.00 0.50 0.40 337 0.13
CALB0019 Calibre 283.00 288.27 5.27 0.81 339 0.22
CALB0019 Calibre 314.00 315.00 1.00 3.20 148 0.31
CALB0019 Calibre 349.00 350.00 1.00 0.96 417 0.11
CALB0019 Calibre 373.00 374.00 1.00 2.86 167 0.10
CALB0019 Calibre 378.82 379.32 0.50 0.57 20 0.04
CALB0019 Calibre 407.20 408.30 1.10 0.39 652 0.30
CALB0023 Calibre 105.00 106.10 1.10 0.56 178 0.15
CALB0023 Calibre 112.18 113.00 0.82 1.45 8 0.07
CALB0023 Calibre 119.00 121.00 2.00 0.36 1,410 1.14
CALB0023 Calibre 150.00 158.00 8.00 1.42 1,217 0.94
Including 155.00 158.00 3.00 2.60 815 0.58
Also Incl. 155.00 156.00 1.00 5.67 2,285 1.54
CALB0023 Calibre 164.00 165.00 1.00 0.59 30 0.05
CALB0023 Calibre 169.00 169.80 0.80 15.95 17,050 8.92
CALB0023 Calibre 176.00 181.00 5.00 1.14 300 0.24
Including 176.00 177.00 1.00 2.33 738 0.64
And 179.00 181.00 2.00 1.64 198 0.16
CALB0023 Calibre 187.00 188.00 1.00 1.23 12 0.15
CALB0023 Calibre 200.32 218.40 18.08 0.65 713 0.30
Including 201.00 206.00 5.00 1.02 130 0.16
Also Incl. 201.00 202.00 1.00 1.85 331 0.39
Also Incl. 205.00 206.00 1.00 2.81 31 0.24
Including 217.30 218.40 1.1 3.05 2,700 0.60
CALB0023 Calibre 235.50 239.50 4.00 0.47 1,378 0.83
Including 238.90 239.50 0.60 1.48 5,670 4.25
CALB0023 Calibre 244.67 245.40 0.73 1.08 313 0.16
CALB0023 Calibre 263.00 264.15 1.15 0.46 11 0.04
CALB0023 Calibre 276.72 291.00 14.28 1.00 571 0.34
Including 281.50 287.00 5.50 1.52 420 0.38
Also Incl. 281.50 283.00 1.50 2.99 667 0.88
Also Incl. 286.00 287.00 1.00 2.60 876 0.38
Including 288.65 289.68 1.03 1.67 1,835 0.65
CALB0023 Calibre 296.83 303.15 6.32 1.14 162 0.33
Including 297.62 298.40 0.78 6.48 13 1.29
CALB0023 Calibre 317.81 318.42 0.61 0.49 6 0.03
CALB0023 Calibre 324.00 325.00 1.00 2.31 0 0.24
CALB0023 Calibre 331.37 332.00 0.63 3.70 0 0.28
CALB0023 Calibre 332.00 332.98 0.98 0.40 60 0.03
CALB0023 Calibre 355.00 356.00 1.00 0.58 22 0.03
CALB0023 Calibre 358.60 359.90 1.30 0.68 33 0.07
CALB0023 Calibre 364.00 365.50 1.50 1.39 725 0.52
CALB0023 Calibre 371.00 373.00 2.00 2.40 1,765 1.08
Including 371.00 372.00 1.00 4.58 2,020 1.57
CALB0023 Calibre 392.00 395.20 3.20 0.67 117 0.08
Including 392.00 393.20 1.20 1.30 236 0.18
CALB0023 Calibre 401.00 404.00 3.00 2.54 1,178 0.71
Including 402.20 403.10 0.90 5.65 1,590 1.12
CALB0023 Calibre 415.25 416.30 1.05 1.23 28 0.09
CALB0023 Calibre 423.60 432.00 8.40 2.25 28 0.12
Including 424.34 425.60 1.26 3.27 29 0.21
And 431.00 432.00 1.00 12.55 29 0.31
CALB0023 Calibre 445.73 447.96 2.23 0.42 6 0.05
CALB0024 Calibre 87.00 90.00 3.00 3.22 29 0.32
Including 88.00 89.00 1.00 5.89 33 0.46
CALB0024 Calibre 94.00 108.00 14.00 1.28 255 0.20
Including 104.00 105.00 1.00 14.55 489 1.19
CALB0024 Calibre 117.45 121.00 3.55 0.72 129 0.11
Including 117.45 118.00 0.55 2.51 98 0.19

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Hole ID Target From (m) To (m) Interval
(m)		 Gold
(g/t)		 Copper
(ppm)
Silver
(g/t)
CALB0024 Calibre 133.00 134.00 1.00 0.58 410 0.32
CALB0024 Calibre 137.00 137.40 0.40 0.91 818 0.38
CALB0024 Calibre 141.70 146.00 4.30 1.12 649 0.43
Including 141.70 142.13 0.43 4.34 2,230 1.32
CALB0024 Calibre 150.00 323.00 173.00 0.71 485 0.30
Including 150.00 151.00 1.00 2.58 145 0.31
And 154.63 155.30 0.67 2.68 1,280 1.77
And 158.00 164.00 6.00 1.72 1,829 0.96
Also Incl. 158.00 158.50 0.50 9.78 17,550 7.91
Also Incl. 162.30 163.00 0.70 2.59 93 0.18
Including 169.20 170.00 0.80 8.74 658 0.72
Including 178.85 181.00 2.15 7.48 3,556 2.40
Also Incl. 180.00 181.00 1.00 10.60 2,770 2.71
Including 187.00 187.40 0.40 2.10 1,200 1.06
Including 200.64 206.37 5.73 2.40 963 0.53
Also Incl. 200.64 201.43 0.79 5.88 1,410 0.59
Also Incl. 205.28 206.00 0.72 9.06 1,300 1.88
Including 211.00 212.23 1.23 5.06 2,110 1.47
Including 225.00 225.40 0.40 1.03 1,640 0.83
Including 230.00 231.00 1.00 8.73 15,050 9.19
Including 251.45 259.00 7.55 2.47 390 0.35
Also Incl. 251.45 251.90 0.45 9.39 6,100 4.14
Also Incl. 258.00 259.00 1.00 12.70 61 0.67
Including 289.00 295.40 6.40 1.06 263 0.22
Also Incl. 289.00 290.28 1.28 1.77 135 0.19
Also Incl. 293.25 294.13 0.88 2.44 31 0.31
Also Incl. 295.00 295.40 0.40 3.58 9 0.05
Including 302.83 303.20 0.37 9.04 5,250 4.12
Including 320.85 322.00 1.15 1.28 294 0.13
CALB0024 Calibre 350.00 351.00 1.00 0.84 2,830 1.59
CALB0024 Calibre 359.00 361.16 2.16 0.76 133 0.09
Including 360.30 361.16 0.86 1.06 105 0.13
CALB0024 Calibre 367.00 368.00 1.00 0.73 250 0.11
CALB0024 Calibre 371.30 374.00 2.70 1.50 1,205 0.43
including 373.00 374.00 1.00 2.33 1,190 0.43
CALB0024 Calibre 380.00 383.00 3.00 0.50 876 0.46
Including 380.00 381.00 1.00 1.16 57 0.07
CALB0024 Calibre 391.28 392.00 0.72 1.12 967 0.37
CALB0026 Calibre 103.79 107.00 3.21 0.67 2,405 1.59
CALB0026 Calibre 134.00 135.00 1.00 2.74 9 0.27
CALB0026 Calibre 139.21 140.63 1.42 1.16 962 0.59
CALB0026 Calibre 155.00 158.50 3.50 0.48 1,117 0.63
Including 157.00 158.50 1.50 0.61 2,570 1.43
CALB0026 Calibre 173.51 182.57 9.06 0.96 1,935 1.22
Including 178.35 179.07 0.72 1.76 62 0.44
and 181.40 182.57 1.17 3.73 162 0.49
CALB0026 Calibre 210.16 211.00 0.84 0.85 4 0.11
CALB0026 Calibre 221.00 224.00 3.00 0.94 1,308 0.95
Including 221.78 222.55 0.77 2.07 1,450 1.18
CALB0026 Calibre 231.12 232.37 1.25 0.50 13 0.11
CALB0026 Calibre 240.76 243.80 3.04 0.40 79 0.11
CALB0026 Calibre 248.15 253.62 5.47 1.33 2,352 1.69
Including 253.00 253.62 0.62 6.88 20,100 13.50
CALB0026 Calibre 259.90 262.50 2.60 3.41 136 0.45
Including 261.40 262.50 1.10 7.33 281 0.89
CALB0026 Calibre 264.05 265.28 1.23 0.45 119 0.08
CALB0026 Calibre 277.83 279.00 1.17 0.69 89 0.28
CALB0026 Calibre 284.00 290.00 6.00 1.37 141 0.21
Including 284.00 285.00 1.00 4.75 106 0.40
and 289.00 290.00 1.00 2.07 45 0.49
CALB0026 Calibre 298.00 299.00 1.00 1.05 24 0.13
CALB0026 Calibre 307.00 308.00 1.00 0.86 78 0.33
CALB0026 Calibre 345.26 346.50 1.24 1.86 93 0.16
Including 345.26 346.00 0.74 2.58 78 0.21
CALB0026 Calibre 355.00 356.00 1.00 0.65 31 0.08
CALB0026 Calibre 359.00 418.00 59.00 0.61 134 0.13
Including 359.00 366.00 7.00 1.52 87 0.19
Also Incl. 365.00 366.00 1.00 5.37 70 0.66
Including 371.00 372.00 1.00 2.50 190 0.35
and 378.49 379.00 0.51 5.15 82 0.42
and 388.00 389.00 1.00 1.27 18 0.29

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Hole ID Target From (m) To (m) Interval
(m)		 Gold
(g/t)		 Copper
(ppm)
Silver
(g/t)
and 394.90 400.00 5.10 2.02 406 0.40
Also incl. 396.70 397.15 0.45 13.70 98 1.73
Including 411.00 412.00 1.00 1.08 22 0.61
and 413.97 415.00 1.03 1.67 46 0.29
CALB0026 Calibre 423.00 425.00 2.00 0.65 1,195 0.27
Including 423.60 424.40 0.80 1.39 1,350 0.35
CALB0026 Calibre 427.00 428.00 1.00 0.65 371 0.15
CALB0026 Calibre 434.83 436.45 1.62 1.01 738 0.25
CALB0026 Calibre 447.60 463.46 15.86 1.99 348 1.15
Including 447.60 449.00 1.40 6.95 2,790 0.89
with 457.00 458.00 1.00 2.87 27 0.11
and 462.85 463.46 0.61 2.26 437 0.22
CALB0026 Calibre 467.06 468.10 1.04 0.45 275 0.07
CALB0026 Calibre 469.20 470.00 0.80 0.44 140 0.03
CALB0028 Calibre 113.80 126.00 12.20 2.08 687 0.68
Including 121.00 126.00 5.00 4.51 422 0.59
Also Incl. 121.00 122.20 1.20 13.55 12 0.78
Also Incl. 125.00 126.00 1.00 5.29 201 0.38
CALB0028 Calibre 150.00 160.00 10.00 0.59 673 0.54
including 150.00 151.00 1.00 0.83 1,630 1.25
Including 156.00 157.00 1.00 3.35 2,090 1.92
CALB0028 Calibre 168.00 169.00 1.00 0.54 954 0.82
CALB0028 Calibre 185.00 186.00 1.00 1.42 56 0.14
CALB0028 Calibre 199.00 207.70 8.70 0.91 168 0.13
Including 203.00 204.00 1.00 6.77 115 0.38
CALB0028 Calibre 353.00 354.00 1.00 0.56 30 0.05

Notes: Table 1 intersections are length‐weighted composite assay intervals reported using the following criteria: Intersection Interval = Nominal cut‐off grade scenarios:

  • ≥ 0.40ppm (g/t) gold which also satisfy a minimum down‐hole interval of 0.5m; and/or

  • ≥ 1,000ppm (0.1%) copper which also satisfy a minimum down‐hole interval of 0.5m; and/or

  • ≥ 1.0ppm (g/t) silver which also satisfy a minimum down‐hole interval of 0.5m.

  • No top‐cutting has been applied to the assay results above for gold (NB: maximum Au grade 15.95 g/t over 0.80m), copper (NB: maximum Cu grade 20,100 ppm over 0.62m) or silver (NB: maximum Ag grade 13.50 g/t over 0.62m).

  • Intersections are down hole lengths, true widths not known with certainty, refer to JORC Table 1 Section 2.

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Table 2: Citadel Project All 2020 Drill Hole Collar Locations (MGA Zone 51/GDA 94)

Hole ID Deposit / Target
Area		 Hole
Type		 Northing
(m)		 Easting
(m)		 RL (m) Hole
Depth
(m)		 Azimuth
(°)		 Dip
(°)		 Assay Status
CALB0001 Calibre RC 7,703,316 416,757 261 324 74 ‐70 Received
CALB0002 Calibre DDH 7,703,027 416,700 264 477 80 ‐60 Received
CALB0003 Calibre DDH 7,703,360 416,640 262 403 79 ‐61 Received
CALB0004 Calibre RC 7,703,535 416,579 263 330 78 ‐70 Received
CALB0005 Calibre RC 7,702,956 416,918 263 300 77 ‐71 Received
CALB0006 Calibre RC 7,703,424 416,463 264 300 75 ‐70 Received
CALB0007 Calibre DDH 7,703,201 416,520 265 605 76 ‐61 Received
CALB0008 Calibre DDH 7,703,361 416,545 263 553 74 ‐60 Received
CALB0009 Magnum North RC 7,701,726 416,419 275 264 0 ‐90 Received
CALB0010 Magnum North RC 7,701,996 416,205 279 78 1 ‐90 Abandoned
CALB0011 Calibre RC 7,703,607 416,505 265 330 85 ‐70 Received
CALB0012 Calibre East RC 7,703,698 416,648 263 324 76 ‐70 Received
CALB0013 Calibre RC 7,703,233 416,906 260 300 76 ‐70 Received
CALB0014 Calibre DDH 7,702,888 416,694 264 557 75 ‐61 Received
CALB0015 Calibre Southwest RC 7,702,020 416,750 199 312 72 ‐70 Received
CALB0016 Calibre DDH 7,703,342 416,868 260 500 255 ‐60 Received
CALB0017 Calibre RC 7,703,435 416,692 262 330 90 ‐71 Received
CALB0018 Calibre RC 7,703,543 416,437 265 282 70 ‐71 Received
CALB0019 Calibre South DDH 7,702,173 416,899 188 412 79 ‐61 Received
CALB0020 Calibre West DDH 7,703,284 416,356 178 398 80 ‐60 Received
CALB0021 Calibre Southeast RC 7,702,087 417,374 268 306 1 ‐70 Received
CALB0022 Calibre DDH 7,703,456 416,549 248 400 75 ‐61 Received
CALB0023 Calibre DDH 7,703,346 416,868 248 450 214 ‐60 Received
CALB0024 Calibre DDH 7,703,231 416,899 248 401 245 ‐70 Received
CALB0025 Calibre DDH 7,702,959 416,919 248 415 343 ‐60 Received
CALB0026 Calibre DDH 7,703,319 416,756 248 472 162 ‐60 Received
CALB0027 Calibre DDH 7,703,066 416,802 248 382 70 ‐61 Received
CALB0028 Calibre DDH 7,703,447 416,737 248 400 79 ‐70 Received
LETI0001 Le Tigre DDH 7,694,860 420,066 256 387 225 ‐80 Received
RMFR0001
Rimfire		 RC 7,699,868 395,536 274 324 0 ‐90 Received
RMFR0002
Rimfire		 RC 7,700,251 394,570 270 324 0 ‐90 Received
RMFR0003
Rimfire		 RC 7,700,629 393,440 270 324 0 ‐90 Received
RMFR0004
Rimfire		 RC 7,700,716 394,834 270 312 0 ‐90 Received
RMFR0005
Rimfire		 RC 7,700,341 395,098 270 324 0 ‐90 Received
RMFR0006
Rimfire		 RC 7,695,836 395,104 270 240 0 ‐90 Received
RMFR0007
Rimfire		 RC 7,695,893 395,340 270 252 0 ‐90 Received

Notes: Drill Hole Collar Table:

  • Refer to JORC Table 1 Section 1 for full drill hole information; including drill technique, sampling, and analytical details.

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PATERSON PROVINCE – 2020 Citadel Project Calibre Area Drill Hole Sampling

JORC Code 2012 Edition: Table 1 - Section 1 Sampling Techniques and Data (Criteria in this section shall apply to all succeeding sections)

  • Criteria JORC Code explanation Commentary

  • SamplingNature and quality of sampling (e.g. cut channels, random 2020 Reverse Circulation (RC) Drilling techniques chips, or specific specialised industry standard measurement  A total of 13 holes for 3,780m of RC drilling occurred at the Calibre deposit. tools appropriate to the minerals under investigation, such as  RC samples were collected from a static cone splitter on a 1m interval. The samples sent for analysis down hole gamma sondes, or handheld XRF instruments, etc). consisted of 12% of the drilled 1m interval.

  • These examples should not be taken as limiting the broad  Cyclone/splitter hygiene audits were carried out regularly to ensure the best quality samples were

  • meaning of sampling.

  • Include reference to measures taken to ensure sample collected. representivity and the appropriate calibration of any  All assay results from the 2020 RC drilling programme have been received. measurement tools or systems used.  RC drill holes were generally drilled on the northern and southern regions of the deposit to test for

  • Aspects of the determination of mineralisation that are extensions to the mineralisation at Calibre. Material to the Public Report.  Drill hole locations and orientations for all 2020 holes are tabulated in the body of this report.

  • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling Reverse Circulation (RC) Sampling was used to obtain 1 m samples from which 3 kg was  RC sampling was carried out under Rio Tinto Exploration Pty Ltd (RTX) protocols and QAQC pulverised to produce a 30 g charge for fire assay’). In other procedures as per industry best practice. cases more explanation may be required, such as where there  RC drilling was used to obtain 1 m samples which generally range from 1.5 to 4kg. A subset of each is coarse gold that has inherent sampling problems. Unusual RC sample is retained in chip trays (per metre) and the coarse reject (residual material from the

  • commodities or mineralisation types (e.g. submarine nodules) primary crush at the lab) is kept in Perth for repeat or tertiary analyses as needed.

  • may warrant disclosure of detailed information. 2020 Diamond Core Holes  A total of 15 holes for 6,730m of DD drilling occurred at the Calibre deposit.  All diamond core assay results from the 2020 drilling programme have been received.  Diamond core holes were drilled on a range of hole spacings along line and across line.  Two diamond holes were drilled for metallurgical analysis.  Drill hole locations and orientations for all 2020 holes are tabulated in the body of this report.

  • Diamond Core Sampling  Diamond core sampling was carried out under RTX protocols and QAQC procedures as per industry best practice.

  • All diamond drill core samples were cut in half with an automatic core saw. All available half core was sampled, nominally as one metre samples but at times adjusted for major geological changes. Samples range between 0.3m and 1.2m. Half diamond drill core samples are prepared for assay and the remaining half core archived. All drill core was logged and photographed by the geology team prior to cutting.

  • DrillingDrill type (e.g. core, reverse circulation, open‐hole hammer, Reverse Circulation (RC) Drilling techniques rotary air blast, auger, Bangka, sonic, etc) and details (e.g.  A face sampling RC bit was used. core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and

24

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Criteria JORC Code explanation Commentary
if so, by what method, etc). Diamond Core Holes

The drilling consisted of rock‐roll drilling to several metres above the Permian‐Proterozoic
unconformity (no core samples returned), followed by PQ diamond core drilling to designated
competent ground, followed by HQ diamond core drilling to the end of hole.

A triple tube assembly was employed for all diamond drilling that returned core samples.

The core was orientated using the ACT III RD tool. At the end of each run, the low side of the core
was marked by the drillers and this was used at the site for marking the whole drill core with a
reference line.
Drill sample
recovery
Method of recording and assessing core and chip sample
recoveries and results assessed.

Measures taken to maximise sample recovery and ensure
representative nature of the samples.

Whether a relationship exists between sample recovery and
grade and whether sample bias may have occurred due to
preferential loss/gain of fine/coarse material.		 Reverse Circulation (RC) Drill Samples

RC sample recovery was maximized by endeavoring to maintain a dry drilling conditions as much as
practicable.

Relationships between recovery and grade are not evident and are not expected given the generally
excellent and consistently high sample recovery.

RC samples were also weighed on arrival at the laboratory. Sample weights were reviewed to
identify potential loss. There is potential for a minor loss of sample in the running sand cover in the
Permian due to the unconsolidated nature of this unit. No evidence for loss exists in basement
samples.
Diamond Core Holes

Core recovery was measured and recorded continuously from the start of the casing to the end of
the hole for every hole.

Each core run length (PQ 1.5m, HQ 3m) was marked by a core block which provided the depth, the
core drilled and the core recovery.

Generally, core recovery was > 99%.
Logging
Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies and
metallurgical studies.

Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc) photography.

The total length and percentage of the relevant intersections
logged.		 Reverse Circulation (RC) Drill and Diamond Core Logging

Geological logging of 100% of all intervals was carried out recording colour, weathering, lithology,
mineralogy, alteration, veining and sulphides.

Logging includes both qualitative and quantitative components.

The logging of the RC chips was done after sieving and washing of the material collected from the RC
rig’s cyclone.

For diamond core holes structural and geotechnical measurements were also recorded.

All the drill holes were logged before sampling.

All logging is entered directly into a ruggedized Toughbook and is only uploaded into an acQuire
database once a series of QAQC checks have been ran.

The core was photographed both wet and dry inside the core trays.

The RC chip trays were photographed wet.

25

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Criteria JORC Code explanation Commentary
Sub‐sampling
techniques and
sample
preparation
If core, whether cut or sawn and whether quarter, half or all
core taken.

If non‐core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness
of the sample preparation technique.

Quality control procedures adopted for all sub‐sampling
stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative
of the in situ material collected, including for instance results
for field duplicate/second‐half sampling.

Whether sample sizes are appropriate to the grain size of the
material being sampled.		 Reverse Circulation (RC) Samples

All samples are crushed and pulverised at the laboratory to produce material for assay.
Diamond Core Samples

Diamond core samples were sawn in two and half was collected in a calico bag and submitted for
analysis. The other half was kept in core trays and archived.

The core was typically sampled at 1 m intervals with breaks for major geological changes, with
sample interval lengths ranging from 0.3m to 1.2m.

CALB0023 and CALB0024 were analysed with CoreScan’s Hyperspectral Core Imager, or similar
technology, which integrates high resolution reflectance spectroscopy (0.5mm), visual imagery
(0.05mm) and 3D laser profiling to map mineralogy and geochemistry.

Selective samples were taken for petrographic analysis.

All samples are crushed and pulverised at the laboratory to produce material for assay.
Reverse Circulation (RC) and Diamond Core Sample Preparation

Sample preparation of RC samples was completed at ALS Limited laboratory in Perth following
industry best practice in sample preparation involving oven drying, coarse crushing of the RC sample
down to nominal 70% passing ‐2 mm to produce a 750 gram sub‐sample, followed by pulverisation
of the entire sample (total prep) using a LM2 grinding mill to a grind size of 85% passing 75 µm and
split into 30 gram sub–sample/s for analysis.

Duplicate samples were collected at each stage of the preparation, with a rate of 1:20 (field
duplicates) or 1:55 (crush and pulp duplicates) samples. Duplicate results show acceptable levels of
precision for the style of mineralisation.

The sample sizes are considered appropriate to correctly represent the vein hosted style of
mineralisation encountered in the region, the thickness and consistency of the intersections and the
sampling methodology.
Quality of assay
data and
laboratory tests
The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is
considered partial or total.

For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading times,
calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (e.g. standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (i.e. lack of bias) and precision
have been established.		 Analytical Techniques

All samples were submitted to an ALS Limited laboratory in Perth.

51 elements were analysed for using 4‐acid digest followed by ICP‐OES/MS measurements including
qualitative Au, Pt and Pd.

30 grams of sample were used for Au analysis by fire assay with ICP‐AES finish. Any Au samples which
trigger the over range analysis method (>10ppm Au) will be analysed with AAS finish.

Portable XRF analysis on pulp for Cr, Nb, S, Si, Ta, Ti, Y and Zr was done using a SciAps X200
instrument.

Quality control samples consisted of field duplicates (1:20), crush duplicates (1:55), pulp duplicates
(1:55), blanks (1:50) and commercial certified reference materials (3:100) with the grade of the
inserted standards not revealed to the laboratory. All the results are verified by a competent
geologist in the acQuire database before being used, and the analysed batches are continuously
reviewed to ensure they are performing within acceptable accuracy and precision limits for the style

  • Quality of assayThe nature, quality and appropriateness of the assaying and data and laboratory procedures used and whether the technique is laboratory tests considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

  • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Analytical Techniques

  • All samples were submitted to an ALS Limited laboratory in Perth.

  • 51 elements were analysed for using 4‐acid digest followed by ICP‐OES/MS measurements including qualitative Au, Pt and Pd.

  • 30 grams of sample were used for Au analysis by fire assay with ICP‐AES finish. Any Au samples which trigger the over range analysis method (>10ppm Au) will be analysed with AAS finish.

  • Portable XRF analysis on pulp for Cr, Nb, S, Si, Ta, Ti, Y and Zr was done using a SciAps X200 instrument.

  • Quality control samples consisted of field duplicates (1:20), crush duplicates (1:55), pulp duplicates (1:55), blanks (1:50) and commercial certified reference materials (3:100) with the grade of the inserted standards not revealed to the laboratory. All the results are verified by a competent geologist in the acQuire database before being used, and the analysed batches are continuously reviewed to ensure they are performing within acceptable accuracy and precision limits for the style

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Criteria JORC Code explanation Commentary
of mineralisation. Any failures during this quality control process requires the batch to be re‐
analysed prior to acceptance in the database.

Sample preparation checks for fineness were carried out by the laboratory as part of its internal
procedures.

No geophysical tools were used to determine any element concentrations in this report.

Inter laboratory cross‐checks analysis programmes have not been conducted at this stage.

In addition to RTX supplied CRM’s, ALS Limited laboratory includes in each sample batch assayed
certified reference materials, blanks and up to 10% replicates.

Selected anomalous samples are re‐digested and analysed to confirm results.
Verification of
sampling and
assaying
The verification of significant intersections by either
independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data.
All the sample intervals were visually verified using high quality core and chip tray photography
through Imago.

All logging is entered directly into the acQuire interface in a Toughbook laptop which is backed up
daily. Further data validation is carried out during upload to the acQuire database prior to data being
available for use.

No adjustments or calibrations have been made to any assay data collected, which are electronically
uploaded from the laboratory to the database.

No twinned holes have been drilled at Calibre.

A systematic analysis of duplicate samples was carried out at each stage of sampling including field,
crush and pulp duplicates. The results from this analysis were within acceptable range for this type of
mineralisation.
Location of data
points
Accuracy and quality of surveys used to locate drill holes
(collar and down‐hole surveys), trenches, mine workings and
other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.
km = kilometre; m = metre; mm = millimetre.

Drill hole collar locations are initially surveyed using a handheld Garmin 64S GPS which has an
accuracy of ± 3 m.

These locations are confirmed by an independent survey contractor using a Differential GPS (Leica
Viva GNSS base and rover system operating in RTK mode to a stated accuracy of +/‐ 20mm).

The drilling co‐ordinates are all in Geocentric Datum of Australia GDA94 MGA Zone 51 co‐ordinates.

Inclined RC and DD drill holes are checked for drill rig set‐up azimuth using a Suunto Sighting
Compass from two directions.

Drill hole inclination is set by the driller using a clinometer on the drill mast and checked by the
geologist prior the drilling commencing.

Drill hole down hole surveys were ran for the majority of RC and DD holes at Calibre with exception
to any RC holes drilled vertical.

The topography is relatively flat, and if defaulted the topographic surface is set to 250m RL.

Prior to 2019 the Company has utilised and referenced a local grid at Calibre which is defined below.
References in the text and the Calibre deposit diagrams are all in the Local Grid. Table 1 is in GDA94 /
MGA Zone 51:

Calibre Local Grid 0.00m east is 421,535.53m east in GDA94 / MGA Zone 51;

27

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Criteria JORC Code explanation Commentary

Calibre Local Grid 0.00m north is 7,691,393.40m north in GDA94 / MGA Zone 51;

Calibre Local Grid North (360°) is equal to 315° in GDA94 / MGA Zone 51; and

Calibre Local Grid elevation is equal to GDA94 / MGA Zone 51.
Data spacing
and distribution
Data spacing for reporting of Exploration Results.

Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.
The reporting of both RC and diamond core assay results as broader intersection intervals may occur
on the basis tabulated in the body of this report.

Regional Geophysical Targets (AEM ± aeromagnetic):

Drill spacing was variable depending on target rank, target dimensions (along strike and/or
across strike); if more than one drill line per target then drill lines were generally spaced
approximately 250 to 750 m apart with an average drill hole spacing on each section
between 50 to 100 m.

The typical section spacing/drill hole distribution is not considered adequate for the
purpose of Mineral Resource estimation.

Calibre deposit 2020 RC and diamond core holes may be used for the purpose of Mineral Resource
estimation in conjunction with other drill holes (i.e. pre 2020 RC and diamond core drill holes,
including the 2019 RC and diamond core holes).
Orientation of
data in relation
to geological
structure
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which this is
known, considering the deposit type.

If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and
reported if material.
No consistent and/or documented material sampling bias resulting from a structural orientation has
been identified for the “regional” geophysical targets at this point in time.

For the Calibre deposit drilling is mainly orientated perpendicular to the dominant structural trend.

However, both folding, multiple vein directions and faulting have been variously recorded in the
region via diamond core drilling, surface mapping and geophysical datasets.
Sample security
The measures taken to ensure sample security.
Samples were assigned a unique sample number. All RC and DD samples were placed in calico bags
clearly marked with the assigned sample number, and placed in bulka bags, wrapped in plastic and
transported by company transport to Port Hedland and by private haulage to the ALS sample
preparation facility in Wangara, Perth, Western Australia.

Each sample was given a barcode at the laboratory and the laboratory reconciled the received
sample list with physical samples. Barcode readers were used at the different stages of the analytical
process.

The laboratory uses a LIMS system that further ensures the integrity of results.
Audits or reviews
The results of any audits or reviews of sampling techniques
and data.
Sampling techniques and procedures are regularly reviewed internally, as is the data.

Consultants Snowden, during completion of the 2013 Calibre Mineral Resource estimate, undertook
a desktop review of the Company’s sampling techniques and data management and found them to
be consistent with industry standards.

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PATERSON PROVINCE – 2020 Citadel Project Drill Hole Reporting

Section 2 – Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section)

Criteria JORC Code explanation Commentary
Mineral
tenement and
land tenure
status
Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as joint ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.

The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to
operate in the area.
The Calibre deposit drilling is located within Exploration License E45/2877.

Currently Antipa Mineral Ltd has a 49% interest and Rio Tinto has a 51% in all Citadel Project
tenements and there are no royalties on these tenements.

On 9 October 2015 Farm‐in and JV Agreements were executed between Antipa and Rio Tinto
Exploration Pty Limited (Rio Tinto). Refer to the main body of the report for further information
pertaining to these agreements.

E45/2877 are contained completely within land where the Martu People have been determined to
hold Native Title rights. No historical or environmentally sensitive sites have been identified in the
area of work.

The tenements are all in ‘good standing’ with the Western Australian DMIRS.

No known impediments exist, including to obtain a licence to operate in the area.
Exploration done
by other parties
Acknowledgment and appraisal of exploration by other
parties.
Prior to 1991 limited to no known mineral exploration activities.

1991 to 1996 BHP Australia completed various regional airborne geophysical surveys (e.g.
aeromagnetics, radiometrics, GeoTEM, ground magnetics, surface EM), geochemical Air core and
selected diamond core drilling programmes across a significant area which covered the Citadel
Project. Whilst this era of exploration highlighted a number of areas as being variously anomalous,
BHP did not locate any basement (Proterozoic) precious or base metal mineralisation. In 1995 BHP
Minerals completed an MMI‐A/MMI‐B soil programme over an area which was ultimately found to
be the region within which the Magnum deposit was located.

1997 to 2002 JV partners Croesus‐Gindalbie completed minor surface geophysical surveys (e.g.
electromagnetics) and various drilling programmes across parts of the Citadel Project (i.e. 17 x
Diamond core, 10 x RC and 134 x Air core drill holes) leading to the discovery of the Magnum Au‐Cu‐
Ag deposit, and its partial delineation, in 1998.

2002 to 2003 JV partners Teck Cominco and Croesus‐Gindalbie completed detailed aeromagnetic
and radiometric surveys over the entire Citadel Project, Pole‐Pole IP over 8 targets and limited
drilling (i.e. 4 x Diamond core holes) within the Citadel Project.

2004 to 2005 JV partners NGM Resources and Croesus‐Gindalbie completed limited drilling (i.e. 3 x
Diamond core holes) at selected Citadel Project prospects intersecting minor Au‐Cu‐Ag
mineralisation at the Colt prospect.

2006 to 2010 Glengarry Resources/Centaurus Metals undertook re‐processing of existing data and
re‐logging of some drill core. No drilling or geophysical surveys were undertaken, and so no new
exploration results were forthcoming.

2011 to 2015 Antipa Minerals Ltd completed exploration of the Citadel Project including both
regional and prospect/area scale geophysical surveys (i.e. VTEM, ground EM, DHEM, ground

29

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Criteria JORC Code explanation Commentary
magnetics and ground gravity) and geochemical surveys (i.e. MMI‐M™ and SGH™ soil programmes)
and drilling programmes (i.e. diamond core and RC) resulting in two greenfield discoveries in 2012,
i.e. Calibre and Corker, and subsequent drilling programmes.

October 2015 to March 2017 Antipa Minerals Ltd operators under a Farm‐in Agreement executed on
the 9 October 2015 between Antipa and Rio Tinto Exploration Pty Limited (“Rio Tinto”), a wholly
owned subsidiary of Rio Tinto Limited. RC drilling at Calibre in late 2015, and in 2016 an extensive IP
survey, a regional target RC drilling programme and single (deep) diamond core hole were
completed.

April 2017 to March 2019 Rio Tinto as operators under the Farm‐in Agreement (see above).

2017 and 2018 exploration activities included:
o
Further extensive IP survey (2017) in the southeastern portion of E45/2877;
o
Air Core drilling Programme (2017) in the central region (Rimfire area) of E45/2876;
o
RC drilling programme (2017) testing targets located on E45/2876 (Rimfire area) and
45/2877 (Calibre area);
o
RC drilling programme (2018) testing several targets located on E45/2876 and 45/4561;
and
o
Two (2017 and 2018) aerial electromagnetic surveys primarily over various portions of all
of the Citadel Project tenements have been completed.

March to December 2019 inclusive Antipa Minerals Ltd operators under the Farm‐in Agreement (see
above).

2019 exploration activities included:
o
Further extensive GAIP surveys across various project tenements;
o
Airborne Falcon® AGG gravity survey across the entire project;
o
RC drill programme testing various greenfield targets across various project tenements;
and
o
Diamond core drill programme at the Calibre deposit on tenement E45/2877.

January 2020 onwards Rio Tinto Ltd operators under the Joint Venture Agreement.

2020 exploration activities, which are variously ongoing, include:
o
Diamond core and RC drill programme at the Calibre deposit on tenement E45/2877;
o
RC and diamond core drill programme testing various greenfield targets across various
project tenements; and
o
Further extensive GAIP surveys across various project tenements.
Geology
Deposit type, geological setting and style of mineralisation.
The Citadel Project region of the Paterson Province is located on the Anketell Shelf of the Yeneena
Basin, a Neoproterozoic aged sequence of meta‐sedimentary rocks, mafic intrusives and granitoids
that has been intruded by post‐mineralisation Cambrian dolerite dykes and is entirely covered by
younger Phanerozoic sediments typicallyrangingin thickness of between 10 to 130 m.

30

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Criteria JORC Code explanation Commentary



The Paterson is a low to moderate grade metamorphic grade (i.e. greenschist to lower‐amphibolite)
terrane, with local hydrothermal alteration and/or contact metamorphic mineral assemblages and
styles are indicative of a high‐temperature local environment.
Precious and/or base metal mineralisation is hydrothermal in nature and is shear, fault and
strata/contact controlled and is typically sulphide bearing.
Mineralisation styles include vein, stockwork, breccia and skarns.
Mineralisation includes chalcopyrite, pyrite, pyrrhotite, bismuthine, sphalerite, galena, scheelite and
wolframite.
Drill hole
Information
A summary of all information material to the understanding
of the exploration results including a tabulation of the
following information for all Material drill holes:

easting and northing of the drill hole collar

elevation or RL (Reduced Level – elevation above sea level in
metres) of the drill hole collar

dip and azimuth of the hole

down hole length and interception depth

hole length.

If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent
Person should clearly explain why this is the case.



A summary of all available information material to the understanding of the exploration region
exploration results can be found in the main body of the report (including drill hole collar table
providing collar co‐ordinates, orientations and length for all reported drill holes).
A summary of all available previously reported information material to the understanding of the
exploration region exploration results can also be found in previous Western Australia (WA) DMIRS
publicly available reports.
All the various technical and exploration reports are publicly accessible via the WA DMIRS’ online
WAMEX system.
The specific WA DMIRS WAMEX and other reports related to the exploration information the subject
of this public disclosure have been referenced in previous public reports.
Antipa Minerals Ltd publicly disclosed reports provide details of all exploration completed by the
Company since 2011; these reports are all available to view onwww.antipaminerals.com.au and
www.asx.com.au.
Data
aggregation
methods
In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations
(e.g. cutting of high grades) and cut‐off grades are usually
Material and should be stated.

Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the
procedure used for such aggregation should be stated and
some typical examples of such aggregations should be shown
in detail.

The assumptions used for any reporting of metal equivalent
values should be clearly stated.


This release has no reference to previously unreported drill results, sampling, assays or
mineralisation.
Antipa Minerals Ltd publicly disclosed reports provide details of all exploration completed by the
Company since 2011; these reports are all available to view onwww.antipaminerals.com.au and
www.asx.com.au.
The reported average intersection grades may be length‐weighted averages, with a minimum
downhole intersection interval length of generally 1m and maximum internal dilution allowed is
generally 10m.
Metal equivalence is not used in this report.
Relationship
between
mineralisation
widths and
intercept lengths
These relationships are particularly important in the reporting
of Exploration Results.

If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (e.g. ‘down
hole length, true width not known’).		 Calibre Deposit:

The reported intersection lengths are down hole in nature and the true width, which will
be dependent on the local mineralisation geometry/setting, is not known with complete
certainty.

For the RC and diamond core holes down hole intersections represent between 25 to 75%
of the mineralisation domain/envelope true width depending on the drill hole orientation,
both azimuth and dip.

31

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Criteria JORC Code explanation Commentary
Regional Geophysical Targets (AEM ± aeromagnetic):

The drill section spacing and sampling, at this stage, is insufficient to establish the
geometrical relationships between the drill holes and any mineralised structures.

Therefore, at this stage the reported intersection lengths are down hole in nature and the
true width, which will be dependent on the local mineralisation geometry/setting, is not
known.
Diagrams
Appropriate maps and sections (with scales) and tabulations
of intercepts should be included for any significant discovery
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate
sectional views.

All appropriate maps and sections (with scales) and tabulations of intercepts are reported or can
sometimes be found in previous WA DMIRS WAMEX publicly available reports.
This release has no reference to previously unreported drill results, sampling, assays or
mineralisation.
Antipa Minerals Ltd publicly disclosed reports provide maps and sections (with scales) and
tabulations of intercepts generated by the Company since 2011; these reports are all available to
view on www.antipaminerals.com.auandwww.asx.com.au.
Balanced
reporting
Where comprehensive reporting of all Exploration Results is
not practicable, representative reporting of both low and high
grades and/or widths should be practiced to avoid misleading
reporting of Exploration Results.

All significant results are reported or can sometimes be found in previous WA DMIRS WAMEX
publicly available reports.
This release has no reference to previously unreported drill results, sampling, assays or
mineralisation.
Antipa Minerals Ltd publicly disclosed reports provide details of all significant exploration results
generated by the Company since 2011; these reports are all available to view on
www.antipaminerals.com.au andwww.asx.com.au.
Other
substantive
exploration data
Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological
observations; geophysical survey results; geochemical survey
results; bulk samples – size and method of treatment;
metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious or
contaminating substances.






This announcement refers to previous exploration results including geophysics, drill results and
geology which can be found in previous public reports.
All meaningful and material information has been included in the body of the text or can sometimes
be found in previous WA DMIRS WAMEX publicly available reports.
Zones of mineralisation and associated waste material have been measured for their specific gravity
(“density”) at both the Calibre and Magnum deposits located on exploration licence E45/2877. The
measurement used the hydrostatic/gravimetric method (Archimedes Principle of buoyancy).
Multi element assaying has been conducted variously for a suite of potentially deleterious elements
including arsenic, sulfur, lead, zinc and magnesium.
Hyperspectral and high‐resolution core imagery may be collected in 2020 for the 2019 diamond core
using a CoreScan Hyperspectral Core Imager, or similar technology.
To date no downhole ‘logging’ surveys have been completed for the 2020 drill holes.
Geotechnical logging (e.g. Recovery, RQD and Fracture Frequency) is not possible for RC drill
material; however, all diamond core holes (i.e. Calibre, Magnum, Corker, Blue Steel, etc) receive
geotechnical logging. No geotechnical logging was obtained from the WA DMIRS WAMEX reports.
Downhole information on structure type, dip, dip direction, alpha angle, beta angle, gamma angle,

32

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Criteria JORC Code explanation Commentary








texture and fill material is not possible for RC drill material; however all diamond core holes (i.e.
Calibre, Magnum, Corker, Blue Steel, etc) receive structural logging which can be obtained from the
Company’s pre‐existing SQL database and WA DMIRS WAMEX reports.
Metallurgical test‐work results available on these particular tenements is restricted to the Calibre
gold‐copper‐silver‐tungsten deposit. Preliminary metallurgical test‐work results are available for the
Calibre deposit, this report is available to view onwww.antipaminerals.com.auand
www.asx.com.au.
The Calibre deposit’s simple and coarse grained copper mineralogy, is almost exclusively
chalcopyrite. Very limited to no copper oxide or other copper sulphide minerals were observed. The
gangue mineralogy is dominated by quartz and feldspar. The straightforward mineralogy has
produced very favourable metallurgical outcomes from the low copper ore grades of Calibre.
Preliminary metallurgical test work was completed at the Bureau Veritas Minerals Pty Ltd
laboratories in Perth, Western Australia under the management of Bureau Veritas metallurgists and
Antipa’s Managing Director.
A master 39 kilogram metallurgical composite sample was composed of material from 90 individual
samples. All samples were collected from diamond core representative of the Calibre gold‐copper‐
silver‐tungsten mineralisation. As no oxide mineralisation is known to occur at Calibre the samples
were all of primary and transitional mineralisation.
The master metallurgical composite sample was constructed to have precious and base metal grades
comparable to the Calibre Inferred Mineral Resource. The head grade for the composite used in the
definitive metallurgical test was 0.63 g/t gold, 0.23% copper, 0.80 g/t silver, 0.02% tungsten tri‐oxide
and 0.97% sulfur.
The preliminary metallurgical test work which focused on the precious and base metals has
comprised:

Mineralogical, and metallurgical data investigation via the QEMSCAN® micro‐analysis
system;

HLS density beneficiation test work;

Sulphide Flotation;

Tungsten Flotation; and

Cyanide leaching of sulphide flotation tailings for recovery of remaining gold and silver.
The Calibre mineralisation is planned to be crushed and ground with the following products being
produced:

A sulphide concentrate containing copper, gold and silver;

Gold doré (containing gold and silver); and

A tungsten concentrate.
Preliminary metallurgical test work has shown that saleable products for copper, gold and silver can
be produced from the Calibre mineralisation at good metallurgical recoveries.
Further test‐work is required with respect to tungsten concentrate specifications; however, the

33

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Criteria JORC Code explanation Commentary
initial results are considered encouraging, including mineralogy investigation using QEMSCAN® which
revealed the tungsten minerals to be comparatively coarse grained and well liberated. As a
consequence, a conservative recovery of 50% was assumed for tungsten.

Heavy Liquid Separation (HLS) test work was used to assess the amenability of the ore to physical
upgrade processes such as gravity. The HLS results highlighted the excellent density beneficiation
qualities of the Calibre mineralisation.

Geophysical surveys carried out over significant regions of the Citadel Project include airborne
electromagnetics, aeromagnetics, airborne radiometrics, some induced polarisation/resistivity and
ground gravity surveys, and magnetic susceptibility from drill sample material. Satellite imagery is
also available.
Further work
The nature and scale of planned further work (e.g. tests for
lateral extensions or depth extensions or large‐scale step‐out
drilling).

Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future
drilling areas, provided this information is not commercially
sensitive.
Planned further work:

Ongoing review and interpretations of the 2019 data, historical data, and 2020 exploration
data;

Planning and execution of follow‐up exploration activities to identify potential high‐grade
mineralisation;

Ongoing modelling/interpretation of airborne gravity survey data;

Full geological interpretation including 3D modelling where data supports; and

Possible Calibre gold‐copper‐silver deposit Mineral Resource estimate update.

All appropriate maps (with scales) and tabulations of GAIP anomalies are reported or can sometimes
be found in previous WA DMIRS WAMEX publicly available reports.

34

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