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Mining
New World could soon be rubbing the velvet off new growth at its Antler copper deposit after drilling intersected a new zone of thick mineralisation.
While high-grade mineralisation was intersected in all five holes that the company had received assay results for, it was the deepest hole ANT62 that highlighted the new mineralisation in a previously poorly-explored area 200m to the south of the “South Shoot”.
ANT62 returned a 10.3m intersection grading 1.5% copper, 1.1% zinc, 2.1% lead, 53.5 grams per tonne (g/t) silver and 0.11g/t gold (2.3% copper equivalent) from a depth of 345.5m that includes two higher grade zones of 1.6m at 3.4% copper equivalent from 349.9m and 2.9m at 4.6% copper equivalent from 352.9m.
New World Resources (ASX:NWC) says the discovery stems from initial testing of a recently defined CSAMT geophysical anomaly that extends for about 300m south of the South Shoot.
And there’s potential for more given that 150m of strike at the southern end of the CSAMT anomaly remains completely untested by drilling.
“The discovery of thick mineralisation 200m south of the South Shoot, in our initial drilling in this area, is very promising and a significant development,” managing director Mike Haynes said.
“These results show that there is still considerable exploration upside at Antler – not only at depth but also along strike. We’ll continue to explore at the same time as we advance the Antler project through the mine permitting process.
“Having a bigger resource base can only further enhance the economics of developing a mine.”
The Antler copper deposit in Arizona was last mined in 1970, though New World’s exploration to date clearly indicates that the previous miners weren’t too thorough with their pickaxes.
Drilling to date has consistently returned thick, high-grade copper with such continuity that the company previously flagged a significant part of its upcoming resource estimate is likely to be in the higher confidence Indicated category.
For the most recent drill results, it noted that mineralisation intersected in ANT62 is potentially the upper portion of another “shoot” of thicker, high-grade mineralisation of similar nature to the South Shoot and Main Shoots that it had recently delineated immediately along strike to the north.
It shows that high-grade mineralisation at Antler extends continuously over more than 500m of strike and appears to improve with depth at the southern end.
With the deposit remaining completely open at depth, this provides considerable potential to continue increasing the resource base at Antler.
Assays are pending for a further nine additional completed holes and two rigs are still drilling at the project.
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.
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