Why the Antipa Minerals (ASX:AZY) share price is surging today

Though down from its records, gold is still trading at historic highs.

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The Antipa Minerals Ltd (ASX: AZY) share price is surging today, up 6.38% after gaining more than 9% in earlier trading. At the time of writing, Antipa shares are changing hands for 5 cents.

Below, we look at the ASX resource explorer's latest drill results.

What assay results did Antipa report?

The Antipa Minerals share price is soaring after the company reported promising gold results from the remaining first-batch assays of its 2021 drill campaign. Antipa is exploring on its 100%-owned Minyari Dome Project in Western Australia.

The company has now received full assay results for the 11 reverse circulation drill holes from the campaign. These total 3,282 metres.

It said the results prove there are "significant zones of very high‐grade gold‐copper‐silver‐cobalt mineralisation" outside the existing Minyari deposit boundary.

Antipa also highlighted its discovery of new high‐grade gold‐copper mineralisation at Minyari East. It said this extended the overall width of the Minyari mineralisation envelope to roughly 275 metres.

Commenting on the latest batch of results, Antipa's managing director Roger Mason said:

These exciting 21MYC0216 results confirm the potential for significant resource growth at the Minyari deposit as well as potential for a stand‐alone development opportunity based on an open pit and underground mining operation that is close to Telfer.

We are in the middle of the most active drilling year in Antipa's history with nine rigs currently drilling across our four Paterson Province projects and we are delighted with the early success of this year's program to date.

Looking ahead, the company said it would update the market as new drill samples are batched and dispatched for assay.

Antipa Minerals share price snapshot

Over the past 12 months the Antipa Minerals share price has gained 25%. That is largely in line with the 24% gains by the All Ordinaries Index (ASX: XAO) over that same time.

Year to date Antipa Minerals shares are also up 25%.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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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