New World continues to hit thick, high-grade copper at Antler
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Special Report: New World Resources has uncovered extensions of thick, high-grade predominantly massive sulphides at its Antler copper deposit in Arizona.
Extensional drilling is proving fruitful for New World Resources (ASX:NWC), with an intersection of 23m of well-mineralised massive and semi-massive sulphides grading 2.2 per cent copper equivalent.
The thick intercept included 1.7m at 3.8 per cent copper equivalent and 4.6m at 3.8 per cent copper equivalent.
The most recent hole drilled also returned a hit of 2.7m at 5.7 per cent copper equivalent.
These new hits further extend the zone of thick, high-grade mineralisation discovered recently down dip of historical workings.
Previous top intercepts included 30.5m at 3.6 per cent copper equivalent and 10.6m at 6.8 per cent.
The company has also reported that its most recent hole also intersected 23m of massive-and semi-massive sulphide mineralisation about 70m and 45m from the high‐grade mineralisation intersected in two of the earlier holes.
Results from this hole are pending, due out in mid-October.
New World secured the rights to acquire 100 per cent of the Antler copper mine in January 2020 due to the high grades achieved when it was producing.
Previous production only accessed the thickest high-grade ore and did not go below 150m of surface. The most recent holes intersected mineralisation more than 260m deeper than these workings.
A substantial historical (non-JORC) resource was delineated in 1975 and there is considerable exploration upside that makes Antler a near-term, low capex, high-margin production opportunity, New World says.
There is easy access to infrastructure including a road that provides access directly to the headframe at the deposit and the project sits just 20km from rail and an interstate highway.
Arizona is also a major copper district responsible for 70 per cent of all copper produced in the US.
New World is mobilising a second drill rig to site to accelerate the current drilling program.
The rig is expected to arrive next week.
An induced polarisation survey is also progressing well and is expected to be completed with final processed data expected in early to mid-October.
Data will be used to immediately refine targets in advance of the company’s initial drill testing along the southern extension of the Antler deposit.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.