New World Resources yields thickest and highest-grade copper result at Antler

An exceptionally thick, high-grade assay result has been returned for the final reserve definition hole at Antler
This result exceeded expectations from the resource model
A composite sample of representative drill core is now being assembled for advanced metallurgical testwork, commencing in coming weeks

Special Report: With its ore reserve definition drilling now complete, New World Resources will shift attention on the updated resource for the Antler project in Arizona, which is expected to be finalised in Q1, 2025.

A total of 10 ore reserve definition drill holes have been carried out within the Antler deposit for 4564m, targeting portions that are likely to be mined in the first three to five years of operations to ensure confidence in the reserve model.

The final hole intersected exceptionally thick and high-grade mineralisation in the Main Shoot, with assay results including a stand-out 18.6m at 5.9% copper equivalent (or 2.8% copper, 9.4% zinc, 0.9% lead, 41 g/t silver and 0.29g/t gold).

Other results returned were 2.4m at 1.9% copper equivalent (or 0.69% copper, 3.34% zinc, 0.89% lead, 23.5g/t silver and 0.1g/t gold from 428.9m), exceeding expectations from the current resource model.

As a result, both the tonnes and the grade of the corresponding part of the resource are expected to be enhanced because of this drilling with a sizeable component to be upgraded to the ‘measured’ category when the resource estimate is updated in Q1, 2025.

One of highest-grade copper deposits globally

The Antler project is situated within a sparsely populated part of northern Arizona, ~200km south-east of Las Vegas and 350km north-west of Phoenix.

New World Resources (ASX:NWC) bases its operations 40km to the north of the project, in the city of Kingman, which is very well serviced with large-scale infrastructure and multiple mining operations in the region.

A July 2024 pre-feasibility study evaluated the development of an underground mining operation, together with construction of a processing plant, with net smelter return revenues projected to average US$202.43 per tonne of ore milled over the 12.2-year life of mine and a project post tax NPV of nearly US$500m.

Antler currently hosts an 11.4Mt resource, at exceptional grades of 2.1% copper, 5.0% zinc, 0.9% lead, 32.9g/t silver and 0.36g/t gold (11.4Mt at 4.1% copper-equivalent) – one of the highest-grade copper deposits in the world.

Moving towards DFS and development

“The reserve definition drilling program exceeded our expectations, which allows New World to proceed confidently to DFS and into development,” NWC managing director & CEO Nick Woolrych said.

“We have started work on an updated resource, which is expected to be finalised in Q1 2025 and in parallel, have commenced other key DFS workstreams, including metallurgical testing and detailed mine and infrastructure design.

“The state and federal permitting processes are also proceeding well, and the company has received exceptional support from both the local and federal governments, including recent site visits from Congressman Paul Gosar – the recently re-elected representative of Arizona’s 9th Congressional District and therefore, our representative in Washington,” he said.

“New World is firmly on track to rapidly advance one of the world’s highest-grade and most economically robust copper development projects into production in 2027.”

A composite sample of representative drill core is now being assembled for advanced metallurgical testwork, which will begin in the coming weeks.

Key Aquifer Protection Permit application progresses

The completion of ore reserve drilling comes hot on the heels of receiving confirmation that the aquifer protection permit (APP) application was determined to be technically complete.

The APP is a key environmental permit – in this case determined by the Arizona Department of Environmental Quality (ADEQ) – required to ensure the Antler facilities are designed and operated to meet all US state and federal laws and regulations relating to groundwater management and protection.

NWC said it was hugely encouraging to receive that confirmation as the APP is the state permit that is expected to have the longest approval lead time.

The company has now submitted and received completeness determinations for all the state permits with long lead-times that are required to allow both development and mining of the Antler project to proceed.

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.