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

The mining explorer's shares are failing to catch bids after the latest company update.

| More on:
an unhappy miner poses with gloved hand on face wearing a hard hat with a light and frowning.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Shares in mining exploration company Antipa Minerals Ltd (ASX: AZY) are struggling to find range today and are now 4% in the red at 4.8 cents. That's after reaching as low as 4.2 cents soon after open.

Antipa's share price has been on the move as investors respond to a company announcement on its Wilki Farm‐in Project and Paterson Farm‐in Project exploration programmes. For reference, Newcrest Operations Limited and IGO Limited (ASX: IGO) respectively are fully-funding ongoing exploration activities at these sites.

With that in mind, let's what Antipa advised on its exploration activities today.

What did Antipa Minerals announce?

The company gave an overview of its Wilki Newcrest Farm-in Project 2021 Exploration Programme Results Summary.

A total of 43 drill holes (7,422m awaiting assay results for 610m) testing 12 greenfield and 2 brownfield targets and fixed‐loop ground electromagnetic (FLEM) surveys were completed at 6 targets.

Reverse circulation (RC) drilling intersected narrow zones of gold/copper mineralisation. Several holes failed to achieve target depth due to abnormally high volumes of groundwater in conjunction with very deep oxidation profiles extending down up to 200m below the surface.

36 RC holes and diamond core — one diamond tail for 283m — (DD) drill testing of 12 greenfields SkyTEM aerial electromagnetic (AEM), magnetic and geochemical targets intersected minor zones of anomalous copper/zinc/lead and other pathfinder elements. However, no ore grade mineralisation was identified.

The company completed a programme of FLEM surveys (a total of 15 FLEM loops each generally between 200 to 300m in size) over 6 greenfield targets. It aimed to identify bedrock massive sulphide-related electromagnetic conductivity anomalies. The company identified Bedrock conductors at 3 sites with modelling ongoing.

The review and interpretation of the 2021 drill hole and geophysical exploration data will be considered in conjunction with historic data to enhance geological modelling. It's hoped it will potentially identify further target areas for gold‐copper mineralisation. The review is ongoing.

Furthermore, the release notes the success of Antipa's Exploration Incentive Scheme (EIS) application for diamond core testing of a "Havieron look‐alike partially co‐incident magnetic and gravity target".

The Western Australian government subsequently awarded the company an EIS funding grant of $190,000.

With respect to the Paterson IGO Farm-in Project 2021 Exploration Programme, results are pending for the two major components of this year's programme. These included a regional /project scale stratigraphic and geochemical air core drill programme, covering an area of approximately 350km2 – 168 holes for 11,346m. It's also undertaking a soil geochemical sampling programme covering an area of approximately 650km2 from 2,589 samples.

Antipa says during the first quarter of next year, it will analyse the 2021 results in conjunction with other data sets to "define a tectono‐stratigraphic framework and identify and rank new greenfield exploration targets for direct drill testing in the CY 2022".

Antipa Minerals share price summary

In the past 12 months, the Antipa Minerals share price has gained almost 14% after rallying more than 8% this year to date.

Over the last month, however, it has reversed course and is down almost 27% in that time.

The author has no positions in any of the stocks mentioned. 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.

More on Resources Shares

Female miner standing next to a haul truck in a large mining operation.
Resources Shares

What's happening with the big 3 ASX 200 iron ore stocks today?

BHP, Rio Tinto and Fortescue are eyeing an ongoing economic slowdown in China.

Read more »

An engineer takes a break on a staircase and looks out over a huge open pit coal mine as the sun rises in the background.
Resources Shares

Should investors be bullish about BHP shares with the FY25 outlook?

The mining giant has slid lower. Is this a good time to invest?

Read more »

A yellow sign with the words 'Changes ahead' on a city backdrop, indicating volatile share price movement
Resources Shares

Buying Rio Tinto shares? Here's why this 'world-class' lithium project could be back on track

Rio Tinto’s lithium ambitions have been largely on hold since 2022. But is that about to change?

Read more »

A happy miner pointing.
Resources Shares

This fund returned 30% per annum for 3 years. Here are the ASX shares it's buying now.

These little known players could be gems, this fundie says.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Resources Shares

ASX 200 stock nosedives 10% on new lithium play

Investors have hit the sell button after news from the mining royalty company this morning.

Read more »

Two smiling men in high visibility vests and yellow hardhats stand side by side with a large mound of earth and mining equipment behind them smiling as the Carnaby Resources share price rises today
Broker Notes

See why this broker just upgraded South32 shares to a buy

Commodity prices continue to create tailwinds for ASX stocks.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Resources Shares

Why the best dividend days may be over for Fortescue shares

I’m not expecting huge payouts from Fortescue in the future.

Read more »

A worker in hi vis gear holds his hand up saying no.
Resources Shares

BHP share price slips as union takes legal action

The union move could impact 1,700 workers.

Read more »