New World Resources stakes new claims to expand Javelin VMS project
Special Report: New World Resources has expanded its Javelin volcanogenic massive sulphide (VMS) project in Arizona, USA, staking new claims covering 350 acres including the very high-grade Red Cloud VMS deposit and the nearby Rudkins prospect.
Javelin is just one project in the company’s copper portfolio which also includes the high grade Antler flagship, where NWC recently signed a binding agreement whereby UK-listed Trident Royalties will provide $11 million in exchange for a 0.9% NSR royalty on future metal production .
The move to stake new claims over all available adjoining prospective areas comes after the company identified a very strong Induced Polarisation (IP) chargeability anomaly at the Discus copper prospect at Javelin.
Notably, the new claims include the Red Cloud deposit where VMS mineralisation was previously mined and the Rudkins prospect, where massive sulphides were previously discovered around 700m along strike from Red Cloud.
VMS deposits are often associated with copper, lead and zinc, and can also produce economic gold and silver by-products.
New World Resources (ASX:NWC) now holds a 100% interest in almost the entire 2km-long corridor that is highly prospective for VMS mineralisation that extends from the Discus copper prospect through to the Rudkins prospect.
Red Cloud is one of a cluster of six VMS deposits that are all located within 10km of each other, where production of high-grade mineralisation has been reported previously.
“We were attracted to the Javelin Project area because there had historically been high-grade production from six different VMS deposits, all located within 10km of each other,” NWC MD Mike Haynes said.
“So, we are very pleased to have now incorporated one of those six deposits – the very high-grade Red Cloud deposit – into the extents of this rapidly emerging project.
“We now hold a 100% interest in a deposit where previous production averaged very high grades of 6.4% copper, 2.6 g/t gold, 2.7% zinc and 23.6 g/t silver.
“And high-grade mineralisation is what we are looking for!
The company says there’s considerable potential to discover additional mineralisation along this entire 2km-long trend.
“Following recent claim staking, we have now secured 100% ownership of almost all of a 2km stretch of the geological sequence that hosts our very high-priority Discus copper prospect, the very high-grade and past-producing Red Cloud deposit, and massive sulphides at the Rudkins prospect,” Haynes said
“Very limited exploration has been undertaken along this entire trend.
“So, this comprises a substantial addition to our pipeline of quality exploration targets – all of which provide exceptional opportunities for resource expansion.
“Because of our high conviction, we’ve already commenced work to advance this new area so that it, too, will be drill- ready in the near-term.”
Exploration has already commenced over and around the Red Cloud deposit, with a drone magnetic survey in progress this week. Reconnaissance mapping, prospecting and sampling is scheduled for December, and an IP survey planned for Q1 2024.
It is considered likely that this exploration work will lead to the delineation of targets that will warrant drill-testing during 2024.
NWC says any such targets would provide opportunities to discover additional resources, which could be readily trucked to the processing plant it intends constructing 75km away at its Antler Copper Project.
Or, if sufficient resources are delineated, the company would assess the merits of developing a second, standalone mining/processing operation at the Javelin Project.
In the meantime, the Discus prospect is the priority, with a permit to drill that area granted last week.
NWC is now completing the process of submitting a requisite bond to the Federal Government, with drilling to commence in early January 2024.
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.