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Base Metals: New World wants to buy a copper deposit in Arizona that’s laid dormant since 1975
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New World Resources (ASX:NWC) is on the cusp of buying a copper mine in Arizona that’s seen no exploration since 1975.
According to New World boss Mike Haynes, this deposit was mined intermittently between 1916 and 1970 with positive results, but it has been untouched for 45 years.
The mine has an historical resource estimate of 4.66 million tonnes grading 1.95 per cent copper and 4.13 per cent zinc.
New World plans to begin drilling at Antler in March or April subject to completing further due diligence.
The project lies in the state that produces 70 per cent of America’s copper and is close to road and rail infrastructure.
In addition to historical results at Antler itself, other deposits in nearby areas have produced strong results, according to New World.
One of which is the UVX Deposit, which mined 3.9 million tonnes of ore at 10.2 per cent copper between 1915 and 1992.
“This is a very strategic acquisition for the company as it provides an excellent opportunity to fast-track a high-grade copper deposit, in a very supportive jurisdiction, back to production at a time when global markets have a very positive view on copper,” Haynes said.
“We expect to be able to delineate additional, high-grade mineralisation.”
New World also has base metals and cobalt projects in New Mexico, Idaho and Nevada.
Shares rose as high as 43 per cent on this morning’s news.
Read More:
Base Metals: New World is looking to grow its copper-gold-zinc resource in New Mexico
In other ASX base metals news today:
New South Wales-focused Helix Resources (ASX:HLX) is about to restart drilling at its Collerina copper project having drilled 10 holes prior to the Christmas-New Year break. It is currently undertaking down hole electromagnetic surveys in selected holes to vector towards further zones of sulphide accumulation. The project lies in one of Australia’s copper hot spots and near projects owned by companies including Aurelia Metals (ASX:AMI) and Glencore.
Cassini Resources (ASX:CZI) discovered a new prospect at its Yarawindah base metals project in Western Australia. The Brassica prospect lies 4km to the south of the main prospect at Yarawindah. Assay results included an intercept of 1.1m at 0.5 per cent nickel and 0.1 per cent copper.
Following drilling, both showed mineralisation consistent with magmatic nickel and copper deposits, Cassini noted. The company said these results were very encouraging for a completely new target at an early stage of exploration. A third hole is being drilled.
