We’re here today with Stephen Power Executive Chairman of Antipa minerals
David Tasker: [00:00:11] Are you able to share some of the history to the company.
Stephen Power: [00:00:14] Yes. Antipa essentially came about through an association between former executives of Lionel Mining international and workers. I was outside legal counsel to that company when I first became involved was at a market cap of a couple of hundred million.
By the time Nuris took them over several years later it was worth six billion. So that was a stunning success. After that we sort of looked around and a number of us decided that we’d like to get together with and find an asset we could work on together and build up through a company and you know sort of try and basically get the same sort of leverage. And that’s where we came across the asset which is our Citadel Project which is our most northern landholding in the Telfer region.
We acquired that and listed and then basically set about really bolting on a number of other tenements and landholding surrounding that too. Now we hold some four thousand four hundred square kilometres in the region. We have tenements which are within three kilometres of the Telfer mine. What attracted us in the first place was that region is a proven tier one, world class asset producer. Telfer had pre mining of 32 million ounces of gold and 1 million tonnes of copper. And that is worldclass.
Newcrest have also reported that there are Callahans tungsten deposit just to the south of Telfer has in excess of 5 percent of the world’s tungsten in resource. So you have this this province which is a proven tier one asset producer capable of you can discover Tier 1 assets there. So that’s what drew us and we listed and then notably we worked on it and it’s been hard yards as most explorers tell you over the years and we recently, a couple of years ago, had our faith in the asset confirmed when Rio Tinto approached us to farm into our northern serial project for a 60 million dollar farm-in.
So if they expend 60 million dollars they can acquire 75 percent of Citadel project only which is about 1300 square kilometres in the north and they continue to work on that. And this year confirm in April confirmed that they would move to phase two so that they’ve spent three million dollars. They’re now moving to phase two and by the end of this year we’ll spend another two and a half that will leave them with about five and a half or six million dollars more to spend to acquire a 51 percent interest.
David Tasker: [00:03:33] What are some of the milestones investors should be focussed on over the coming period?
Stephen Power [00:03:37] Look I think one of the strengths of the company is that is how we’ve positioned it is that we have short medium and long term development goals and I suppose in the short term we’re looking in our Southern tenements in the North Telfer Project. We’ve concentrated on the Minyari-WACA deposits. And we will be looking to declare a maiden mineral resource out of those Minyari-WACA deposits before the end of the year and complete a scoping study. So that’s a short term.
We’ll also be carrying out in the north Telfer, Minyari-WACA area. We’ll be looking to carry out another 11000 meters of air core drilling which will go on top of the 15000 meters of RC which we’ve carried out around that area to date this year. Also we’re very excited in the north where the joint venture with Rio will be conducting our sea drilling and air-core drilling this year around the Rimfire anomaly that anomaly is basically a five kilometre copper anomalous zone around a proven granite intrusion.
And basically we think that what we’ve got up there is is a skarn type opportunity skarn being the same sort of geological system as working down in a O’Callahan’s for Newcrest. With that tungsten deposit but we think it’s copper dominant. We think it sits about 150 meters below the surface shallowly dipping. We think it’s a few kilometres long. So that’s specially especially exciting.
David Tasker[00:05:37] Proven team and a proven province. Exciting times ahead. Stephen, thanks for your time…