New World Resources (ASX:NWC) has entered into a binding agreement to purchase 2 parcels of mineral rights covering some 1,000 acres within its ‘high-grade’ Antler Copper Project in Arizona, US.
Managing Director Mike Haynes says the acquisition further expands the company’s portfolio of ‘high-quality’ exploration targets.
The new mineral rights include 640 acres located immediately south of New World’s 100% owned ‘high-grade’ Antler copper deposit, and 360 acres located several hundred metres due east of the Antler deposit.
In these areas, the mineral and surface rights are ‘split’, meaning the mineral and surface rights are held by different owners.
New World already holds an option to purchase 680 of the 1,000 acres of the surface rights that coincide with these minerals. The remaining 320 acres of surface rights are managed by the Bureau of Land Management (BLM), a US federal government agency.
The JORC Mineral Resource Estimate (MRE) at the Antler deposit currently comprises 11.4Mt @ 2.1% Cu, 5% Zn, 0.9% Pb, 32.9g/t Ag and 0.36g/t Au (11.4Mt @ 4.1% Cu-Eq).
New World says a concerted exploration program will commence immediately over both Private Blocks A and B to help delineate targets in advance of initial drill testing.
A diamond core drilling rig is currently operating at the Antler Copper Project.
New World controls the private surface rights that overlie the northern half of Private Block A and all of Private Block B, so permits to drill within these areas could be obtained rapidly (within days of applying) and therefore the company notes any targets arising could be drill-tested very quickly.
Write to Adam Orlando at Mining.com.au
Images: New World Resources
