Here's why the Antipa Minerals (ASX:AZY) share price is up 37% today

The Antipa Minerals Ltd (ASX: AZY) share price is up today following the company's news of newly discovered high-grade mineral intersections.

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The Antipa Minerals Ltd (ASX: AZY) share price is going gangbusters today following news of freshly discovered high-grade mineral intersections.

The Antipa share price reached an intraday high of 3.9 cents around midday – a 39% gain from yesterday's close. Since then, it has retreated to 3.7 cents, up 32%.

Let's look closer at the miner's announcement today.

Striking gold

Antipa advised this morning that a drilling program at its 100% owned Minayari and WACA mines has found significant mineral intersections.

These intersections include high-grade gold and copper, as well as significant zones of gold, copper, silver and cobalt. All were found outside existing mineral resource boundaries.

The company considers the newly found mineral resources to be analogues for the nearby Havieron Project.

Of the 6 holes making up the drilling program, only 1 was deeper than the top of the Havieron Project. While the 5 holes were far shallower than the Havieron Project, 4 struck high-grade copper, gold and silver breccia mineralisation.

Antipa plans to conduct a follow-up drilling program this month.

Further drilling and testing will continue at Minayari throughout 2021.

Commentary from management

Antipa's managing director Roger Mason said the find confirmed the potential for a stand-alone development.

We are  particularly excited given the similarities between Minyari and Havieron (gold-copper development project), with  the  Minyari mineralisation hosted by the same rocks, with intense intrusion related hydrothermal  alteration and very high‐grade gold-copper sulphide breccia style mineralisation occurring over  a similar 'footprint' to Havieron.

The mineralisation remains open in all directions which, together with the several untested Minyari geophysical anomalies, provides a very exciting framework for this year's Minyari Dome  Project exploration programme which will be the largest programme we have ever undertaken  at Minyari.

Antipa Minerals share price snapshot

The Antipa Mineral share price isn't enjoying 2021 on the ASX. Even with today's gains, it's down 10% year to date. Although, it has gained 260% since this time last year.

The miner has a market capitalisation of around $70 million, with 2.5 billion shares outstanding.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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