New World Resources (ASX:NWC) has secured a third drill rig to fast track exploration and mine development activities at the Antler Copper Project in northern Arizona, US.
The additional rig, which is expected to arrive later this month, will be used for ore reserve definition drilling and resource expansion drilling.
New World, which has a market capitalisation of $102.08 million, is finalising a Prefeasibility Study on the development of the project, which is scheduled to be completed in June 2024, meaning ore reserve definition drilling can begin.
Managing Director Mike Haynes says with the mine schedule for the PFS all but finalised, the company wants to be in a position to advance ore reserve definition drilling concurrently.
“Having a third drill rig on site gives us the flexibility both to get ore reserve definition drilling underway, while also being able to swing that rig to help advance exploration drilling, as appropriate,” he says.
Haynes adds that drilling will further de-risk the project as the company continues to move towards production.
The company says ore reserve definition drilling will ensure there is a high degree of confidence in the mining inventory, which will help to secure project finance on attractive terms.
Two diamond core rigs are currently undertaking exploration drilling, with one rig drilling at Antler and the other drilling at the Javelin Project to expand New World’s resource base.
Haynes says the company has defined more than 16 untested exploration targets across the Antler and Javelin projects, which warrant concerted drilling.
The Antler project lies 15km east of Yucca in northwestern Arizona, US, with a mineral resource of 11.4 million tonnes @ 4.1% copper-equivalent.
Write to Aaliyah Rogan at Mining.com.au
Images: New World Resources
