‘Could be a sizeable deposit’: New World Resources gets drills spinning at Discus
Special Report: New World Resources has been granted a permit to undertake a maiden drilling program at one of the company’s highest priority exploration targets, 75km from its 11.4Mt Antler copper project.
New World Resources (ASX:NWC) holds a contiguous series of mining claims covering 15.7km2 (3,900 acres) in a location 75km to the southeast of its high-grade Antler deposit in Arizona, an area referred to as the Javelin VMS project.
These mining claims cover roughly 10km of strike extensions of the geological sequence that hosts numerous high-grade Volcanogenic Massive Sulphide (VMS) deposits that are of similar age and style to the Antler Deposit.
VMS deposits are often associated with copper, lead and zinc, and can also produce economic gold and silver by-products.
Early-stage exploration programs kicked off at Javelin in early 2023 and have resulted in the delineation of very strong IP anomalism over a sizeable area of 1.2km by 1km.
Significant copper sulphide mineralisation was identified at surface during recent reconnaissance mapping, reinforcing the potential to discover VMS mineralisation at depth at this undrilled target.
Approvals are in the bag to commence drilling this target, with plans in place for an initial 4-6 hole program for 1,500m.
The program will test the IP anomaly over which widespread, highly anomalous rock samples have been collected recently.
Assay results include:
NWC says it will put a requisite reclamation bond in place, so drilling can kick off in late-December 2023/early-January 2024.
“We are very pleased to have been granted a permit to drill at the very high-priority Discus copper prospect within the Javelin Project – a key part of our regional growth pipeline,” NWC managing director Mike Haynes says.
“We were very excited when we delineated a very strong IP geophysical anomaly, that extends over a sizeable area of 1.2km by 1.0 km.
“The priority to test this target was increased even further when we recently received assays of up to 15% copper from rock samples collected immediately over and along strike from the IP anomaly.
“With previous production of high-grade mineralisation from six VMS deposits, all within 5km of our Discus Prospect, we have multiple indicators that suggest that the source of the IP anomaly could be a sizeable but buried VMS deposit.
“If this proves to be a big deposit, we will happily look to develop a second mining operation,” he says.
Haynes says if the NWC discovers a modest amount of high-grade mineralisation, the company expects to be in a position to monetise that too.
“We could readily truck material from Javelin to the processing plant we intend constructing 75km away at our Antler copper project,” he says.
“It would be a win-win for us, either way.”
A permit to drill for an initial 2-year period has now been granted.
NWC has immediately commenced the requisite process of submitting a bond to the Federal Government to cover the estimated cost of reclamation. Drilling can begin after this bond is registered, which is expected to take 3-4 weeks.A diamond core drilling rig is currently operating at Antler and will be mobilised to the Javelin project to undertake initial drilling as soon as the reclamation bond is registered.
This article was developed in collaboration with New World Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.