Antipa Minerals Ltd (ASX:AZY) has welcomed a firm commitment from Netherlands-based Commodity Discovery Fund (CDF) to raise A$1 million through the issue of 23,809,524 new shares at A$0.042 per share.
The company is confident that the commitment validates the high prospectivity of its combined tenement portfolio of about 5,200 square kilometres across the Paterson Province in Western Australia.
It also believes that the placement will further expose the company to the European investment community.
“Tier 1 potential in known mining region”
The Paterson Province is home to Newcrest Mining Ltd’s (ASX:NCM) (TSE:NCM) (OTCMKTS:NCMGF) world-class Telfer gold-copper mine, Rio Tinto Ltd’s (ASX:RIO) Winu copper-gold deposit, and Greatland Gold PLC (LON:GGP) (FRA:G8G)-Newcrest’s recent Havieron gold-copper discovery.
CDF is focused on precious and base metals exploration and development stage companies and currently has more than 100 holdings in its portfolio.
CDF chief executive officer Willem Middelkoop said: “The Commodity Discovery Fund seeks investment opportunities in undervalued companies with projects that have tier 1 potential.
“The Antipa projects provide for precisely this outlook, in a known mining region hosting deposits with an interesting geological signature and mineralisation.
“We feel that Antipa’s management team will be able to draw on its vast experience to advance the projects and create value for investors.”
World-class Paterson Province
Antipa’s extensive interests include the ~1,300 square kilometre Citadel Joint Venture Project at which Rio holds a 65% JV interest, the ~2,200 square kilometre Wilki Project subject to a A$60 million farm-in and JV agreement with Newcrest and the 1,500 square kilometres Paterson Project subject to a A$30 million farm-in and JV agreement with IGO Ltd (ASX:IGO).
The Citadel Project lies within 5 kilometres of the Winu discovery and contains a mineral resource of 1.64 million ounces of gold and 128,000 tonnes of copper from two deposits, Calibre and Magnum.
Antipa also retains 144 square kilometres of 100%-owned Minyari Dome Project tenements which contains an established resource, with the Minyari and WACA deposits containing 723,000 ounces of gold and 26,000 tonnes of copper plus other deposits and exploration targets.
Following the recent successful completion of the institutional placement and the SPP, the company now holds cash in excess of $31 million and is well placed to pursue aggressive 2021 exploration programs.