MINERAL RESOURCE

Upon acquisition of the Citadel Project in 2011, Antipa Minerals immediately undertook a significant drilling program with the goal of defining a mineral resource for the Magnum Project. In March 2012 the company announced the maiden, Inferred Mineral Resource of:

  • 27.8 million tonnes at 0.5 g/t gold, 0.3% copper, 0.7 g/t silver and 0.02% bismuth for a total contained metal of 415,000 oz gold, 77,000 tonnes copper, 641,000 oz silver and 6,400 tonnes bismuth at a 0.3 g/t gold equivalent1 lower cut-off grade.

This includes a higher grade Inferred Mineral Resources of:

  • 7.2 million tonnes2 at 1.0 g/t gold, 0.3% copper, 1.0 g/t silver and 0.04% bismuth for a total contained metal of 241,000 oz gold, 24,000 tonnes copper, 233,000 oz silver and 2,600 tonnes bismuth at a 0.5 g/t lower gold cut-off grade.
  • 7.8 million tonnes2 at 0.5 g/t gold, 0.5% copper, 1.6 g/t silver and 0.02% bismuth for a total contained metal of 117,000 oz gold, 43,000 tonnes copper, 397,000 oz silver and 1,800 tonnes bismuth at a 0.3% copper lower cut-offgrade.

              Table 1:Inferred Mineral Resource Statement March 2012

(0.3 g/t gold equivalent lower cut-off grade)


Mt

Gold g/t

Copper %

Silver g/t

Bismuth %

Gold Eq1 g/t

Transitional

4.5

0.4

0.2

0.4

0.02

0.8

Primary

23.3

0.5

0.3

0.8

0.02

1.0

Total

27.8

0.5

0.3

0.7

0.02

1.0

Gold Ounces

Copper 
Tonnes

Silver Ounces

Bismuth 
Tonnes

Gold Eq1 Ounces

Metal

415,000

77,000

641,000

6,400

880,000


The completion of the Mineral Resource, together with detailed technical studies undertaken by the Company have confirmed that the Magnum deposit constitutes a very large mineralised system which has the potential to deliver a large scale development project exceeding 100 million tonnes and that there is significant potential for improvement of the average grade of the mineralisation due to possible convergence of mineralised zones and delineation of existing higher grade zones.  

1 Gold Equivalent:

 $1,735.70/oz Au, $3.80/lb Cu, $33.56/oz Ag and $10.25/lb Bi (20/02/2012 commodity prices)

Using the following formula:
Gold equivalent grade = Au (g/t) + %Cu x (83.78/55.80) + Ag (g/t) x (1.08/55.80) + %Bi x (225.97/55.80)
Grades have not been adjusted for the metallurgical or refining recoveries

2 Mineral Resource Higher Grade Sub-sets:

Some regions of the Magnum deposit display higher grades of gold or copper mineralisation. The separate tonnages reported for the higher grade material are not mutually exclusive, but instead overlap to some degree.

3 Magnum Prospect Potential

The Magnum prospect potential of 75 to 155 Mt is based on the addition of the maiden Mineral Resource (27.8 Mt) plus surrounding “Exploration Target” potential (45 to 125 Mt) based on exploration being successful in extending mineralisation to the north, south and at depth as described below:

  Magnum Exploration Target - Large tonnage low-grade multi-commodity opportunity:

Exploration Target is 45 to 125 Mt grading:

  • 0.5 to 0.8 g/t gold
  • 0.3 to 0.5% copper
  • 0.7 to 1.0 g/t silver and
  • 0.02% to 0.04% bismuth 
  • Based on the following criteria and dimension ranges:
    • 750 to 1,200m north-south strike length
      Note: The Mineral Resource on average extends for approximately 500m north-south
    • 350m east-west across strike
      Note: Percentage of mineralisation assumed to be similar to the Mineral Resource
    • 650 to 800m vertical extent (including 70m of barren Permian sedimentary cover)
      Note: The Mineral Resource on average extends to approximately 450m below the surface
    • Available assays
    • Density of 2.95 g/cm3 based on limited SG determinations
      Note: The Magnum Exploration Target was derived using available drilling information and geophysical modelling of Landtem™, Induced Polarisation (IP) and aeromagnetics. The potential quantity and grade of the Magnum Exploration Target is conceptual in nature and exceeds the limits of current Central Zone drilling and Mineral Resource (both along strike to the north and south and at depth). At this stage of exploration there is insufficient exploration (drillhole) data available to define a Mineral Resource in the Exploration Target area and it is uncertain if further exploration will result in the determination of a Mineral Resource within the Exploration Target area.

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