Rio Tinto subsidiary Rio Tinto Exploration is going ahead with Stage 2 of the Citadel project farm-in agreement with Antipa Minerals.
The $60 million project covers 1.3sqkm of prospective granted exploration licenses in Western Australia’s under-explored Proterozoic Paterson Province. It contains the Calibre gold-copper-silver-tungsten deposit and Magnum gold-copper-silver deposit, with significant mineral resources.
Under the second stage of the farm-in, Rio is required to invest $8 million of exploration funding over the next three years in order to earn a 51 per cent interest in the project.
Rio has also opted to become the project’s operator.
Additional stages of the project include further investment by Rio of $60 million, allowing it to earn a 75 per cent interest in the project.
Antipa’s managing director Roger Mason said Rio’s decision to proceed with Stage 2 highlights an endorsement of the quality of the project.
“Rio Tinto’s commitment to also take over the operations will bring valuable technical expertise and insights to the project, and provides further endorsement of Antipa’s exploration achievements so far,” he said.