Exploration of New World’s copper portfolio in Arizona is ramping up. Pic via Getty Images.
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Special Report: A third diamond rig has now joined in a drilling campaign across 17 high priority targets at New World Resources’ high-grade copper projects in Arizona, USA.
New World Resources (ASX:NWC) is using 2024 for resource expansion and to increase the confidence in developing its copper projects into production.
It recently secured a low-cost option to acquire the high-grade 630,000t Pinafore copper deposit – 75km from its flagship Antler project, which seems like a timely purchase with three-month copper prices hitting an all time high of US$11,104.50 last month on the London Metal Exchange.
Pinafore is a previous producer with ore grades that averaged 5% copper and 11% zinc while the current resource hosts average grades of 3.4% copper and 7.1% zinc.
NWC currently has a high grade 11.4Mt @ 4.1% copper-equivalent JORC resource base at just its Antler Copper Deposit (not including Pinafore), where it is currently drilling to expand the resource and to increase ore reserves.
For several months, New World has had one rig drilling at the Antler Copper Project and another drilling 75km away, at Javelin. But with so many targets to test, and to accelerate progress, two diamond core rigs are now spinning at the Antler copper project, while another rig continues to drill at Javelin.
New World has delineated >11 high-priority exploration targets directly along strike from the Antler Deposit, where there is considerable potential to discover additional volcanogenic massive sulphide (VMS) mineralisation, similar to that at Antler.
To date, the company has completed four holes along strike from the Antler deposit to begin to test for extensions of the mineralisation to the south-west, including drilling holes at the Bullhorn and Cowhorn targets.
Assay results are pending for all holes, and drilling continues.
In conjunction to exploration drilling at Antler, NWC says it will also intermittently use these drilling rigs over the coming months to conduct ore reserve definition drilling to ensure there is a high level of confidence in the project’s resource/reserve base, and consequently the mine plan.
NWC says this is important as it advances Antler through a definitive feasibility study and towards production; and will assist with securing project finance on attractive terms.
To date, eight holes have been completed at Javelin over and around the Discus IP Anomaly and the Red Cloud Deposit. Drilling is ongoing and assay results are expected in late June/early July.
And, having recently secured the rights to the high-grade Pinafore deposit, the company is now preparing drill pads to commence drill testing this high-priority target.
“With more than 17 high-priority exploration targets delineated across our high-grade Antler and Javelin copper projects in Arizona, we are very pleased to have mobilised a third diamond rig to help accelerate our exploration efforts,” NWC managing director Mike Haynes says.
“We’re now well underway with an accelerated drilling program to test our pipeline of targets, with the aim of rapidly expanding the 11.4Mt high-grade resource base we’ve already defined at an impressive grade of 4.1% copper-equivalent.
“Any new discoveries should further enhance the already very robust economics of developing a new mine and processing centre at Antler.”
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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