Here's why the Antipa Minerals (ASX:AZY) share price is moving higher today

A sliding gold price isn't slowing down exploration for the yellow metal.

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ASX gold share price.

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The Antipa Minerals Ltd (ASX: AZY) share price is marching higher today, up 1% after earlier posting gains of more than 4%.

Below we take a look at what's driving investor interest in the ASX resource explorer.

What did Antipa announce?

The Antipa share price is gaining today after the company reported more high-grade gold results at its 100% owned, Minyari Dome Project in Western Australia.

The company has received assays from 11 drill holes. Among the highlighted results, one of the drill holes returned copper and gold intersections including:

28.0m at 1.63 grams per tonne of gold and 0.18% copper from 161.0 metres down hole including:

– 14.0m at 2.67 g/t gold and 0.32% copper from 173.0m, also including:

  • 0m at 4.11 g/t gold and 0.38% copper from 176.0m; and
  • 0m at 7.88 g/t gold and 0.40% copper from 186.0m

Antipa reported it has now completed 21,400 metres of Resource infill, Resource extensional and brownfield discovery in its Phase 1 drilling campaign. It's still awaiting assays for 14,000 metres.

Commenting on the new results, Antipa's managing director, Roger Mason said:

Resource definition drilling continues to intersect strong gold mineralisation over wide intervals which will support a revised resource estimate and project development studies.

At Minyari, high‐grade gold and copper mineralisation has been intersected along 500 metres of strike, down to 600 metres below the surface and across a horizontal width of up to 275 metres, and mineralisation remains open in several directions.

Mason said the company's Phase 2 drill program has been expanded towards resource extension targets. Those include Minyari East and "a number of high priority greenfield targets".

These are all within 3 kilometres of Antipa's existing Minyari and WACA resources.

The company currently has 3 drill rigs on site and expects its Phase 2 drill program to finish in October.

Antipa Minerals share price snapshot

The Antipa Minerals share price is up 23% over the past 12 months, largely in line with the 25% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the Antipa Minerals share price is also up 23%.

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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