Picture: Getty Images
Mining
New World has identified more opportunities to grow its Antler copper project in Arizona after delineating high-priority exploration targets along strike from the existing resource.
None of the three top rank anomalies, which were identified through initial surface geochemistry sampling, have been drill tested before.
New World Resources (ASX:NWC) is particularly excited about their potential because volcanogenic massive sulphide deposits – such as the high-grade Antler deposit – occur in clusters, making it likely that additional mineralisation could be found along strike.
Support for this belief comes from the multiple mineral occurrences and prospects which have previously been identified and mapped along strike from Antler, of which the small Copper World VMS deposit on privately-owned land about 5km the northeast is the best example.
The potential to find more deposits is especially intriguing as while the company has enjoyed exceptional success at Antler, this has been entirely due to finding depth extensions with its drilling covering just 700m of strike at the project.
“Geologically, where there is one VMS deposit – such as Antler – there are often two, and sometimes more, all in close proximity to each other,” managing director Mike Haynes explained.
“In light of this, we are very excited to have received very encouraging results from first-pass soil geochemistry sampling that covered more than 6km of the strike extensions of the geological sequence that hosts the Antler Deposit.”
The recent Scoping Study had found that discovering and mining additional mineralisation and processing it through standalone facilities could generate considerable value, making the mine life extensions and/or increased production rates an attractive preposition.
“So, to be delineating new, high-quality exploration targets, from our very first phase of exploration work along strike from the Antler Deposit, is very encouraging. We have engaged a geophysical contractor to conduct IP surveying over these targets as soon as possible, in advance of initial drill-testing, which we plan to undertake later this year,” Haynes added.
The soil anomalies include the area directly over and south of the Antler deposit, which rather notably extends over more than 1,000m of strike – considerably greater than the 700m at the northern end of this anomaly that New World has drill tested to date.
Soil geochemistry has also identified a strong 1,000m long zinc anomaly with a coincident strong 500m-long copper anomaly at the northern end of Antler, which is historically mapped to be offset several hundred metres to the east by a southeast-northwest trending fault.
The southern parts of these anomalies coincide directly with mapped outcropping mineralisation, making the Antler Offset anomaly a highly regarded target for further exploration.
New World’s third anomaly – Copper Knob – is a strong 700m-long copper soil geochemistry anomaly which has been delineated 3km to the northeast of the Antler deposit.
Substantial copper-oxide mineralisation over tens of metres in length and up to several metres in width has been identified during initial field reconnaissance within this area while the host rocks are similar to those that host Antler.
Three marginally lower priority anomalies – Rattlesnake Ridge, Insulator and West World – have also been identified.
New World plans to carry out an induced polarisation survey over the target areas in September/October.
This is important as drill testing of IP anomalism resulted in the discovery of the thick, very high-grade South Shoot at Antler, which has been demonstrated to have a vertical extent of at least 700m, indicating the value of IP in locating high concentrations of sulphides at these targets.
Drilling will be carried out once processing and interpretation of the IP data is completed.
Resource drilling is also continuing at the Antler deposit with three diamond rigs continuing to test for depth extensions.
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.
Mining
Mining
Mining
Get the latest Stockhead news delivered free to your inbox.
