New World Resources uncovers more wide, high-grade copper at Antler

Extensional drilling at New World Resources’ (ASX: NWC) Antler deposit has uncovered more wide and high-grade copper mineralisation at depth in several targets, which could boost the current resource and project development economics.

Assays have been received from 11 holes drilled at the Antler deposit within its namesake project in Arizona.

Mineralisation in the Main Shoot was extended 80m down dip and has now been identified 900m from surface and remains “completely open at depth”.

The deepest hole completed at the project to-date was at the Main Shoot, and returned a 18m interval grading 2% copper, 3.4% zinc, 0.9% lead, 30.8 grams per tonne silver and 0.20g/t gold from 987.8m.

Two new holes have also extended the South Shoot target a further 250m down dip, with mineralisation remaining open at depth.

Notable assays were 6.8m at 3.2% copper, 10.6% zinc, 1.6% lead, 55.6g/t silver and 0.20g/t gold from 794m; and 3m at 3.9% copper, 8.2% zinc, 1.5% lead, 65.3g/t silver and 0.33g/t gold from 842.4m.

A 10m interval was also hit grading 4.87g/t gold from 798m.

Additionally, deep drilling between the Main Shoot and South Shoot targets unearthed high-grade mineralisation with best results of 3.8m at 4.6% copper, 8% zinc, 0.7% lead, 40.9g/t silver and 0.27g/t gold from 946.2m.

Resource update expected

New World managing director Mike Haynes said the company was “very pleased” to continue intercepting more high-grade mineralisation during ongoing drilling at Antler.

“We’ve extended the Main Shoot by at least another 80m – so it now has more than 900m of continuous down-dip extent – and the South Shoot by more than 250m, to more than 700m of dip extent.”

“That should have a materially positive impact on the mineral resource base. And mineralisation remains completely open at depth.”

Mr Haynes said the company’s priority is to continue growing resources to enhance project development economics even further.

Assays are pending for a further 11 holes, and New World expects to reveal an updated resource “in the coming months”.

The Antler deposit remains completely open at depth with three diamond rigs continuing resource expansion drilling.

Scoping study

Today’s news follows positive scoping study results earlier this week that identified US$2 billion in potential revenue for the project over an initial 10-year mine life.

The study was based on a resource from November last year of 7.7Mt at 2.2% copper, 5.3% zinc, 0.9% lead, 28.8g/t silver and 0.18g/t gold.

Based on current commodity prices, Antler has a net present value of US$539.9 million (A$771 million) and a 42.7% pre-tax internal rate of return.

A pre-feasibility study is already underway and due for completion in the March quarter of next year.