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New World’s high grade Antler copper project — a near term production opportunity with huge upside
Mining
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For 6-8 months, hard-drilling explorer New World has systematically drilled deeper holes below the historic workings at the advanced Antler deposit. It keeps hitting thicker, higher grade mineralisation.
The deepest hole the New World has drilled to date just hit +17m of very well mineralised material (within an overall 30m-thick mineralised interval) approximately 65m ‘down-dip’ from the mineralisation intersected in the Company’s previous deepest hole.
When companies talk about going ‘along strike’ or ‘down-dip’, this is what they mean:
Assay results for this new hole are expected in April.
This extends the thick high-grade mineralisation in the ‘Main Shoot’ to more than 450m ‘down-plunge’ from the deepest historical stopes (underground tunnel) and more than 600m down-plunge from outcropping mineralisation at surface.
Follow-up drilling has commenced to continue to evaluate the depth extents of the Main Shoot.
Another deepest ever hole at the newly discovered ‘South Shoot’ also hit 17m of mostly massive and semi-massive sulphide copper and zinc-rich mineralisation.
This extends the down dip extent of the South Shoot to around 250m.
Assay results for this new hole are also pending and expected in April.
Again, mineralisation remains completely open at depth.
Significantly, early results suggest that the mineralisation may be improving at depth in both Shoots.
Final assays from some of the high-grade portions of drill hole ANTRCDD202025 — which intersected more than 18m of good mineralisation in the Main Shoot in November 2020 — are expected next week.
A regular stream of assay results is expected to follow thereafter.
“In the past week, we have completed the deepest holes we have drilled so far in both the Main Shoot of thick high-grade mineralisation, which we now know extends more than 450m down-plunge from the historical workings, as well as in the recently discovered South Shoot along strike from the main workings,” New World managing director Mike Haynes says.
“These holes have both intersected more than 17m of very good-looking mineralisation.
“This bodes well for the potential to expand the resource base at Antler.
“And the thick, high-grade, nature of the mineralisation intersected should continue to positively impact the economics of our plans to resume mining operations in the near term.”
Antler: a near term production opportunity
Early last year, New World acquired the Antler copper deposit in Arizona, which quickly became the company’s main focus as a potential low capital cost, high-margin, near-term production opportunity.
Antler was discovered in the late 1800s. Sporadic production between 1916 and 1970 totalled ~70,000 tonnes of ore at a grade around 2.9% copper, 6.9% zinc, 1.1% lead, 31 g/t silver and 0.3 g/t gold.
Between 1970 and 1975, after the most recent episode of mining, 19 holes were drilled from the surface and underground to define high-grade mineralisation immediately beneath historical ‘stopes’ that could be rapidly exploited on recommencement of mining operations.
Despite the presence of this sizeable and high-grade resource, mining never resumed, and no further work was undertaken at the project – until New World Resources became involved.
New World believes there is excellent potential to rapidly develop a low-OPEX/low-CAPEX mining operation at Antler.
The company’s immediate objective is to rapidly delineate a high-grade JORC Resource – a must have for ASX listed miners and explorers — which can be utilised in mining studies to evaluate the potential to bring the Antler Deposit back into production in the near term.
Two diamond core rigs continue to drill at the Antler Project, 24-hours per day, 7 days per week.
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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