Newmont exits emerging Wilki project

Antipa Minerals will develop its emerging Wilki gold project alone after Newmont chose to withdraw from a farm-in agreement involving the WA asset.

Newmont inherited the farm-in agreement through its acquisition of Newcrest, but having sold its Telfer operation and a 70 per cent interest in the Havieron gold-copper project, the company decided to part ways, paying Antipa $590,000 in accordance with withdrawal terms.

The Wilki project, which spans 1430km², hosts a mineral resource of 103,500 ounces gold at 1.3 grams per tonne. It forms part of Antipa’s 2540km² land package in the Paterson Province.

Having gained full ownership of Wilki, Antipa will carry out drill testing at the Parklands prospect, which has a “Telfer-sized” anomaly under 15m of cover. This forms part of a 16,000m drill program planned at the project, comprising 100 to 140 aircore drill holes, 20 to 30 reverse circulation drill holes and two to four diamond drill holes.

“We are very pleased to retain full, unencumbered, ownership of the Wilki project and to now be in a position to provide clarity on our near-term exploration plans for this exciting ground connecting our Minyari Dome to Telfer and Havieron,” Antipa managing director Roger Mason said.

“Wilki contains a number of highly prospective gold targets, and we are particularly excited to drill-test Parklands, a stand-out surface geochemical gold target with no existing drill holes.”

Antipa entered into a $60 million farm-in agreement with Newcrest in February 2020, with the former gold major meeting its initial $6 million exploration commitment by November 2021 and choosing to assume management of Wilki in July 2022.

Having inherited the farm-in agreement in 2023, Newmont spent $6 million of a required $10 million to earn a 51 per cent stake in Wilki.

In total, $12 million has been invested in Wilki exploration, spent solely by Antipa partners.