New World calls in extra drill rig following ‘best ever’ copper strike at Antler
Link copied to
Special Report: An exceptional, best-ever intercept at New World Resources (ASX:NWC) Antler deposit in the US – 23.3m at 6.7 per cent copper equivalent (CuEq)– indicates that metal grade is increasing with depth.
New World drilled two holes to check if mineralisation intersected previously – including 30.5m at 3.6 per cent CuEq — kept going deeper ‘down dip’.
Where a deposit containing several metals, ‘equivalent grade’ is used to convert them into a single metal, usually the most dominant (in this case, copper).
Copper equivalent grades were based on current metal prices and expected metallurgical recoveries.
Drill hole ANTDD202020 hit a 23m-thick interval of continuous massive- and semi-massive sulphides from 445m depth, ~ 45m down-dip from mineralisation previously intersected.
On a grade-thickness basis, this is the best intersection ever returned from the Antler Project, New World says.
The explorer has now tracked a continuous zone of thick, high-grade mineralisation that extends more than 300m down-dip from historical stopes, and more than 450m from surface.
This mineralisation remains ‘open’ at depth and along strike.
This further supports New World’s view that there is considerable potential to restart high-grade mining operations at the Antler Deposit “in the near-term”, it says.
Two ore drillholes are in the lab and are expected back in mid-to-late November.
One of these — ANTDD202021 – intersected more than 16m of massive-and semi-massive sulphides, ~25m down-plunge (deeper and slightly north) from the high grade, 23m interval mentioned above.
New World has also nabbed a third drill rig which will arrive on site within the next two weeks.
With mineralisation open both at depth and along strike, a third rig will accelerate drill testing of the multiple geological and geophysical targets New World has delineated during recent months, New World managing director Michael Haynes says.
“In terms of contained metal, [ANTDD202020] is the best intercept ever returned from the Antler Project,” he says.
“Significantly, we have now demonstrated that thick, high-grade mineralisation extends, continuously, more than 300m below the historical stopes, and both grade and thickness appear to be improving with depth.
“We continue our aggressive approach to exploration with a view to near-term production, with two rigs continuing to drill and a third expected on site soon.”
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.