11th Dec 2018 10:04
LONDON (Alliance News) - Rio Tinto PLC's Citadel project joint venture partner Antipa Minerals Ltd said Tuesday the drilling programme at the project in Paterson, Western Australia, returned "weak mineralisation".
Rio Tinto completed reverse circulation drilling, totalling 2,052 metres, at several prospective copper-gold targets.
The drilling was part of a AUD60 million, about GBP34 million, staged farm-in by Rio Tinto. The FTSE 100-listed miner can increase its holding in the project to 75% if it spends AUD60 million on exploration activities.
Eight holes were drilled at the Folly target area, returning "weak mineralisation". Antipa said no follow-up is targeted for Folly.
One hole was drilled at the MB1 target where no mineralisation was discovered. The joint venture partners will not conduct a follow-up there either.
Three holes were drilled at the GT1 target, which is located 15 kilometres northwest of Folly, and returned "strong" anomalous mineralisation across downhole intervals of up to 38 metres. Antipa said the geochemical signatures are "consistent with an intrusion related hydrothermal system", with a follow-up considered a "priority".
Antipa said work is still ongoing at the Citadel project with aerial electromagnetic data still to be evaluated, which will inform the planning for the 2019 exploration programme.
Shares in Rio Tinto were up 2.0% Tuesday at 3,596.50 pence each.
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