Why the Antipa Minerals (ASX:AZY) share price is soaring 9% today

The resource explorer has reported high-grade gold results at one of its projects

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The Antipa Minerals Ltd (ASX: AZY) share price is rocketing today. It is currently up 8.7% to 5 cents per share.

The ASX resource explorer is posting strong gains even as the All Ordinaries Index (ASX: XAO) succumbs to wider global market selling pressure, down 1.15% at the time of writing.

Below, we take a look at Antipa's latest drill results that appear to be driving investor interest.

What drill results were reported?

The Antipa Minerals share price is taking off after the company reported strong assay results from the ongoing drill campaign at its 100% owned Minyari Dome Project in Western Australia.

The company's drill program kicked off in May to test for extensions at Antipa's Minyari and WACA resources.

According to the release, the 2 sites have a combined JORC 2012 Mineral Resource Estimate of 723,000 ounces of gold at 2.0 grams per tonne, and 26,000 tonnes of copper at 0.24%.

The results returned significant high-grade gold and copper intersections. Among these were 134.0m at 1.70 g/t gold and 0.30% copper from 212.0m down hole. This included:

  • 0m at 5.93 g/t gold, 4.42% copper, 10.75 g/t silver and 0.10% cobalt from 217.0m
  • 0m at 4.49 g/t gold, 0.71% copper, 1.79 g/t silver and 0.13% cobalt from 241.0m

Commenting on the results possibly fuelling the Antipa Minerals share price, managing director Roger Mason said:

Minyari drill hole results continue to demonstrate the capacity of this intrusion related breccia system to generate strong gold‐copper intersections over wide intervals and highlight significant zones of mineralisation outside the resource to the east and west which will support a revised resource estimate and project development studies for a potential standalone open pit and underground mining operation.

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

The explorer has also extended its drill program into November based on the program's recent success.

Antipa Minerals share price snapshot

Antipa shares have gained 25% so far in 2021. By comparison, the All Ords is up 8% year-to-date.

Over the past month, the Antipa share price is down 17%.

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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