Mining

New World Resources secures $5 million investment from RCF Management

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By Robin Bromby - 
New World Resources ASX NWC investment RCF Management
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It’s been a busy opening to the week for US-focused explorer New World Resources (ASX: NWC) getting financial support from a Denver-based investment group for its Antler copper projecting, setting up drill targets at its other Arizona copper property, and welcoming a new chief operating officer.

US private equity firm RCF Management is, through its RCF Opportunity Fund, injecting $5 million in new equity into New World Resources which the exploration company says is a “strong” endorsement of its plan to develop and expand its Antler copper project in northern Arizona.

RCF has been involved on the US mining scene for 25 years.

Its Opportunities Fund will hold 6.9% of New World Resources.

Fund understands the US mining business

New World Resources managing director Mike Haynes said RCF made the investment after an extensive due diligence process, which included two site visits.

“They understand, better than most, the mining business in the US,” said Mr Haynes.

“We consider the fact that they have decided investment in us, a copper developer in Arizona, a strong affirmation of our project and our corporate strategy,” he added.

New World Resources is currently working to bring Antler into production in parallel with expanding the resource base there.

Strong anomalies detected by EM survey

At the Javelin volcanogenic massive sulphide (VMS) project, also in Arizona, drill targets have been delineated from the results of an electromagnetic survey.

These include several shallow and very strong anomalies, the company says.

In addition, a deeper and very strong anomaly was detected as expanding over 1.2km by 1km.

This latter anomaly is located just 7km southwest of Freeport McMoRan’s Bagdad copper deposit, which hosts the fifth largest copper mine in the US.

New World’s other US project is the Terrero copper-gold-zinc deposit in New Mexico.

New COO

Experience mining engineer Nick Woolrych is transitioning from being a non-executive member of New World Resources’ board to becoming an executive director as chief operating officer.

His most recent position before joining New World Resources was as chief executive office of a mining services company and, prior to that, running a non-listed underground mining company.

Mr Woolrych will now finalise a mine plan for Antler and manage that project’s pre-feasibility study.