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ANTIPA MINERALS LIMITED

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Antipa Minerals : Paterson Province Farm-in Projects Exploration Update

12/19/2021 | 04:40pm EDT

MEDIA RELEASE

20 December 2021

For personal use only

PATERSON PROVINCE FARM-IN PROJECTS EXPLORATION UPDATE

ANTIPA - NEWCREST WILKI PROJECT AND ANTIPA - IGO PATERSON PROJECT

Highlights

  • Wilki Farm-in Project 2021 exploration programme fully funded by Newcrest as part of its $60 million farm-in:
    • Forty-threedrill holes (7,422m) testing twelve greenfield and two brownfield targets, intersections including:
      • 2.0m at 1.15 g/t gold from 146.0m down hole in 21CRC0002
      • 7.0m at 1.29 g/t gold from 156.0m down hole in 21CRC0002, including:
        • 3.0m at 2.70 g/t gold from 156.0m down hole in 21CRC0002, also including:
          • 1.0m at 6.56 g/t gold and 0.11% copper from 156.0m
      • 4.0m at 1.09 g/t gold and 0.17% copper from 211.0m down hole in 21CRC0002
      • 1.0m at 3.65 g/t gold from 138.0m down hole in 21CRC0004
      • 9.0m at 0.74 g/t gold from 82.0m down hole in 21TDC0044, including:
        • 1.0m at 2.57 g/t gold from 83.0m
    • Drill testing and ground EM at greenfield targets Protos-9 and WEM-20 identifies co-incident geochemical and EM conductivity anomalies for follow- up in CY 2022
    • WA state government EIS drilling grant of $190,000 awarded for testing the Havieron look-alike partially co-incident magnetic and gravity target Tetris
    • Newcrest elect to proceed to the next ($10m) stage of the farm-in agreement
  • Paterson Farm-in Project 2021 exploration programme fully funded by IGO as part of its $30 million farm-in:
    • Regional /project scale stratigraphic and geochemical air core drill programme completed covering an area of approximately 350km2 (168 holes for 11,346m)
      • Results pending
    • Regional /project scale soil geochemical sampling programme completed covering an area of approximately 650km2 (2,589 samples) - Results pending

Antipa Minerals Limited (ASX: AZY) (Antipa or the Company) is pleased to provide an update on the Wilki Farm‐in Project and Paterson Farm‐in Project exploration programmes (refer Figure

  1. where Newcrest Operations Limited (Newcrest) and IGO Limited (IGO) respectively are fully funding ongoing exploration activities.

Wilki Newcrest Farm-in Project 2021 Exploration Programme Results Summary

The Wilki Farm‐in 2021 exploration programme had an emphasis on both greenfield discovery with a focus on Havieron, Winu, Telfer and Nifty analogue targets within 10 to 50km of the Telfer gold‐copper mine and processing facility, and brownfield gold±copper resource growth opportunities within 15km of Telfer. A total of forty‐three drill holes (7,422m awaiting assay results for 610m) testing twelve greenfield and two brownfield targets and fixed‐loop ground

For personal use only

electromagnetic (FLEM) surveys were completed at six targets. Available results for the programme are summarised below.

Brownfield 2021 Exploration Programme Results

Reverse circulation (RC) drilling (seven holes for 1,238m) evaluating Mineral Resource extensional and conceptual targets at the Chicken Ranch and Tim's Dome deposits, both located within 15km of the Telfer processing facility, intersected narrow zones of gold±copper mineralisation. Several holes failed to achieve target depth due to abnormally high volumes of groundwater in conjunction with very deep oxidation profiles extending down up to 200m below the surface (refer to Tables 1 and 2 and Figure 2). Intersections included:

  • 2.0m at 1.15 g/t gold from 146.0m down hole in 21CRC0002 (Chicken Ranch)
  • 7.0m at 1.29 g/t gold from 156.0m down hole in 21CRC0002 (Chicken Ranch), including:
    • 3.0m at 2.70 g/t gold from 156.0m down hole in 21CRC0002 (Chicken Ranch), also including:
      • 1.0m at 6.56 g/t gold and 0.11% copper from 156.0m
  • 4.0m at 1.09 g/t gold and 0.17% copper from 211.0m down hole in 21CRC0002 (Chicken Ranch)
  • 1.0m at 3.65 g/t gold from 138.0m down hole in 21CRC0004 (Chicken Ranch)
  • 9.0m at 0.74 g/t gold from 82.0m down hole in 21TDC0044 (Tim's Dome), including:
    • 1.0m at 2.57 g/t gold from 83.0m

Greenfield 2021 Exploration Programme Results

RC (36 holes for 5,901m) and diamond core (DD) (one diamond tail for 283m) drill testing of 12 greenfields SkyTEM™ aerial electromagnetic (AEM), magnetic and geochemical targets intersected minor zones of anomalous copper±zinc±lead and other pathfinder elements, however no ore grade mineralisation was identified. Refer to the summary below and Tables 1 and 2 and Figure 2:

  • WEM-20= Strongly anomalous zinc‐lead‐molybdenum (including 24.0m at 0.10% zinc and 300ppm lead from 100.0m downhole in 21WKC0016). Several FLEM conductivity anomalies identified with modelling in progress. Review ongoing.
  • Protos-9= Patchy calc‐silicate hydrothermal alteration, similar to early stage Minyari alteration, with minor gold‐copper‐zinc and pathfinder anomalism. Strong bedrock FLEM conductivity anomaly identified in proximity to drill hole 21WKC0022 with modelling in progress. Review ongoing.
  • Tyama = Localised hydrothermal calcite‐quartz‐chlorite‐pyrite narrow veins and breccias anomalous in zinc ± lead, possibly representing a distal mineralisation phase above the target magnetic anomaly. Review ongoing.
  • Triangle North = Intense goethite "altered" with minor zinc‐lead anomalism. Review ongoing.
  • Weak anomalism detected = WEM‐04, Golden Web, Hastie's Far East and Pajero/Big Banana returned weak copper ± pathfinder (arsenic and/or bismuth and/or antimony) anomalism; no follow up exploration is planned for these targets.
  • No anomalism detected = AEM20‐02, Hastie's West and Joy's Gossan targets did not return any significant results; no follow up exploration is planned for these targets.
  • Dagga = Awaiting results for six RC drill holes (366m).

2

For personal use only

Fixed‐loop Ground Electromagnetic Survey Results

A programme of FLEM surveys (total of 15 FLEM loops each generally between 200 to 300m in size) were completed over six greenfield targets with the aim of identifying bedrock massive sulphide related electromagnetic conductivity anomalies. Preliminary review of the FLEM data has identified interpreted bedrock EM conductors at WEM‐20, Protos‐9 and the newly identified target WEM‐44, with processing and modelling ongoing.

Ongoing Exploration Activities

The review and interpretation of the 2021 drill hole and geophysical exploration data in conjunction with historic data to enhance geological modelling, and potentially identify further target areas for gold‐copper mineralisation is ongoing.

Tetris Havieron Look‐alike Gold‐Copper Target EIS Grant

Antipa's Exploration Incentive Scheme (EIS) application for diamond core testing of a Havieron look‐alike partially co‐incident magnetic and gravity target called Tetris (Figures 1 and 3) was successful with an EIS funding grant of $190,000 being awarded by the Western Australian Government. Antipa would like to acknowledge the ongoing support provided by the WA Government for its EIS programme which preferentially funds high quality, technical projects that are assessed by a panel on the basis of geoscientific and exploration targeting merit.

Paterson IGO Farm-in Project 2021 Exploration Programme Summary

The Paterson Farm‐in 2021 activities form part of a regional or project scale staged exploration programme with an emphasis on greenfield discovery of Nifty, Winu, Telfer and Havieron analogue targets.

Results are pending for the two major components of this year's programme which were a regional /project scale stratigraphic and geochemical air core drill programme covering an area of approximately 350km2 (168 holes for 11,346m) and soil geochemical sampling programme covering an aera of approximately 650km2 (2,589 samples) (refer to Figure 3).

During the first quarter of next year the 2021 results will be analysed in conjunction with other data sets to define a tectono‐stratigraphic framework and identify and rank new greenfield exploration targets for direct drill testing in the CY 2022.

E45/2519 Havieron Look‐alike Gold‐Copper Targets EIS Grant

Antipa's Exploration Incentive Scheme (EIS) application for diamond core testing of two Havieron look‐alike magnetic targets located 15km along trend from Rio Tinto's Winu copper‐ gold‐silver deposit on tenement E45/2519 (Figure 1) was successful with an EIS funding grant of $150,000 being awarded by the Western Australian Government.

3

For personal use only

Figure 1: Plan showing location of Antipa 100% owned tenements, Antipa-RioTinto Citadel Joint Venture, Antipa-NewcrestWilki Farm-in, Antipa-IGOPaterson Farm-in,Newcrest Mining Ltd's Telfer Mine and O'Callaghans deposit, Rio Tinto's Winu deposit, Newcrest/Greatland Gold plc's Havieron deposit, and Cyprium Metal's Nifty Mine in WA's Paterson Province. NB: Rio and IGO "100%" tenement areas include some related third‐party Farm‐in's. NB: Regional GDA2020 / MGA Zone 51 co‐ordinates, 50km grid.

4

personal use only

Figure 2: Plan showing Wilki Project 2021 priority electromagnetic conductivity, aeromagnetic and gravity targets identified for RC drill testing. NB: Over Airborne magnetic image; TMI‐RTP grey‐scale NESUN and Regional GDA2020 / MGA Zone 51 co‐ordinates, 20km grid.

5

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Disclaimer

Antipa Minerals Ltd. published this content on 19 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 December 2021 21:39:03 UTC.


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