Key Highlights

  • Previously unsampled diamond core from the Minyari Deposit returned 22m at 8.2g/t gold and 0.35% cobalt from 100m, including 5.1m at 27.4g/t gold and 1.04% cobalt from 107.9m
  • Maximum individual 1m grades in Batch 5 drilling reached 82.2g/t gold, 2.91% copper, 39.8g/t silver and 0.18% cobalt at Minyari Dome
  • Tim's Dome intersections returned gold-copper-lead-silver mineralisation over approximately 600m of strike, including 9m at 1.5g/t gold, 0.11% copper and 0.53% lead from 178m
  • Two drill rigs remain active across the Minyari Project, with drilling continuing at Tim's Dome and the AL01 target

Thick, High-Grade Gold from Previously Untested Core

Antipa Minerals Ltd (ASX:AZY) delivered its fifth batch of assay results from the Phase 1 CY2026 drilling campaign at its Minyari Gold-Copper Project in Western Australia's Paterson Province on 28 October 2026, and the headline number demands attention: 22 metres at 8.2 grams per tonne gold and 0.35% cobalt from 100 metres, including 5.1 metres at 27.4 grams per tonne gold and 1.04% cobalt from 107.9 metres.

The source of this result is instructive. These assays came from previously unsampled sections of a diamond core hole drilled through the Minyari deposit in 2025 — a reminder that significant mineralisation can sit uncharacterised within existing hole infrastructure, waiting for systematic re-analysis.

Batch 5 in Detail

The fifth assay batch covers 22 reverse circulation holes totalling 4,588 metres at Tim's Dome and Minyari Dome, three diamond core holes at Minyari Dome, and 79 air core holes at the Chicken Ranch target. The scale of drilling underway at the Minyari Project is significant by junior explorer standards.

At Minyari Dome, results beyond the headline intercept include further mineralisation at GEO-01 Main Zone, where 26.6 metres at 1.4 grams per tonne gold and 0.04% copper was returned from 640.4 metres in diamond hole 26XMDD0555, extending mineralisation approximately 230 metres down dip. The WACA target contributed 44 metres at 0.5 grams per tonne gold from 386 metres in hole 26XMDD0556, extending mineralisation approximately 80 metres down plunge. Additional gold-copper mineralisation at Rizzo returned 12 metres at 1.3 grams per tonne gold and 0.35% copper from 70 metres, with that mineralisation remaining open.

Tim's Dome: Building a Broader Mineralised System

At Tim's Dome, Batch 5 results added to what is emerging as a substantial multi-metal mineralised corridor. The RC drilling intersected gold-copper-lead-silver mineralisation over approximately 600 metres of strike, highlighted by 9 metres at 1.5 grams per tonne gold, 0.11% copper and 0.53% lead from 178 metres, and 51 metres at 0.24% copper from 241 metres. Maximum single-metre grades reached 10.1 grams per tonne gold, 2.51% copper, 1.47% lead and 6.4 grams per tonne silver.

Diamond core drilling at Tim's Dome is actively testing the 1.2 kilometre-long AEM geophysical conductor that sits beneath these mineralised zones. Two holes have been completed, and a third is nearing completion — making the AEM conductor result one of the more anticipated near-term developments from the program. If the conductor proves to correlate with significant sulphide mineralisation, it could substantially extend the vertical and lateral scale of the Tim's Dome system.

Chicken Ranch: Shallow Gold Targets Emerge

The 79 air core holes drilled at Chicken Ranch defined additional shallow, high-grade gold targets to the east of the previously identified Chicken Ranch area. Shallow gold systems, particularly where they are near-surface, carry potential for lower-cost Mining scenarios — a relevant consideration for any company working through the Economics of project development.

Sector Context

The Paterson Province in Western Australia is one of the continent's most prospective unexplored terranes, having yielded major discoveries including Greatland Gold's Havieron deposit and Rio Tinto's Winu copper-gold project in recent years. Antipa's 3,840 square kilometre Minyari Project sits entirely within this province, giving the company a substantial footprint in a geological setting that has attracted considerable major company interest.

The presence of cobalt credits within the Minyari mineralisation adds a layer of Commodity Diversification that is relevant in a market increasingly focused on critical minerals for battery Supply chains. The 1.04% cobalt grade in the high-grade intercept is particularly notable given cobalt's strategic positioning.

Risks

The Minyari Project remains at the exploration and resource definition stage. Phase 1 CY2026 drilling continues, and a resource update incorporating the growing dataset has not yet been announced. The translation from drill intercepts to a defined mineral resource — and from there to a scoping or feasibility study — involves multiple steps, each with technical and economic uncertainty.

Antipa is a small-cap explorer with a large landholding but a relatively modest market capitalisation. Sustained drilling at this scale requires ongoing access to capital markets, and any deterioration in Equity market conditions could affect the company's capacity to drill at pace.

What to Watch Next

The most immediate development to track is the outcome of diamond core drilling testing the Tim's Dome AEM conductor. With two holes complete and a third in progress, results from this work could fundamentally reshape understanding of the Tim's Dome system. Batch 6 assays from the ongoing RC and diamond programs across the project will add further definition to all the active targets.

Any announcement of a resource update incorporating Phase 1 CY2026 drilling results — expected once the campaign is complete — would represent a material catalyst for the stock.