Thick, high-grade copper hits highlight potential of New World’s Antler project
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Special Report: The deepest holes drilled so far at New World Resources’ (ASX:NWC) Antler deposit in Arizona have returned thick, high-grade copper.
Top results are 30.5m at 1.99 per cent copper, 4.85 per cent zinc, 0.09 per cent lead, 11.1 grams per tonne (g/t) silver and 0.46g/t gold from a depth of 408m; and 10.6m at 4.15 per cent copper, 8.22 per cent zinc, 0.69 per cent lead, 32.4g/t silver and 0.5g/t gold from 410.65m.
New World says the results demonstrate the potential to expand the resource base at Antler considerably with further drilling. It also means the historical Antler copper mine can potentially be brought back into production in the near term.
Antler produced 70,000 tonnes of high-grade ore averaging 2.9 per cent copper, 6.9 per cent zinc, 1.1 per cent lead, 31g/t silver and 0.3g/t gold between 1916 and 1970.
The mineralisation remains open in all directions and further drilling to delineate extensions is continuing while a second rig is mobilising to accelerate drilling.
“Our drilling program at Antler continues to please, with exceptional thick, high‐grade intersections returned from the two deepest holes we have drilled to date,” Managing Director Michael Haynes said.
“We are rapidly demonstrating the deposit extends well beyond the historical underground workings, with greater thicknesses and very high grades regularly returned.
“Antler is rapidly emerging as a near‐term production opportunity for the company and, in light of our recent exploration success, we are now accelerating drilling operations with a second rig scheduled to arrive on site next week.”
An induced polarisation (IP) survey is scheduled to start this week ahead of initial drill testing on the southern extension of the Antler deposit where mineralisation outcrops over more than 750m of strike.
Meanwhile, a strong magnetic anomaly that directly coincides with the historical stopes at the Antler deposit extends for more than 1,000m of strike, which indicates that this could be associated with considerable strike extensions.
High-grade mineralisation was also intersected in very broadly-spaced historical drilling over 500m of strike and to depths of more than 400m.
Once results of the IP survey are received in late September, the company will kick off drilling along the southern extension.
New World secured the rights to acquire 100 per cent of the Antler copper mine in January 2020 due to the high grades achieved when it was producing.
Previous production only accessed the thickest high-grade ore and did not go below 150m of surface. The most recently holes intersected mineralisation more than 260m deeper than these workings.
A substantial historical (non-JORC) resource was delineated in 1975 and there is considerable exploration upside that makes Antler a near-term, low CAPEX, high-margin production opportunity, New World says.
There is easy access to infrastructure including a road that provides access directly to the headframe at the deposit and the project sits just 20km from rail and an interstate highway.
Arizona is also a major copper district that is responsible for 70 per cent of all copper produced in the US.
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.