Australian exploration and development company New World Resources (ASX:NWC) reports it has recorded an ‘exceptional’ copper intercept from the deepest hole drilled to date at the Antler Copper Project in Arizona, US.
The company says it has received new assay results from a further 5 holes completed as part of the ongoing resource expansion drilling program at the South Shoot.
New assays from one hole has recorded the ‘highest-grade’ interval of mineralisation yet at the project, recording 10.7m @ 8.1% copper (Cu), 15.6% zinc (Zn), 3.2% lead (Pb), 107.8g/t silver (Ag) and 0.98g/t gold (Au) from 953.7m in ANT108W1.
This mineralisation is located 66m down-dip from the mineralisation intersected in the previously deepest hole in the South Shoot ANT94W3 which intersected 10.8m @ 2% Cu, 6.7% Zn, 0.7% Pb, 22.6g/t Ag and 0.20g/t Au from 934m.
New World Resources Chief Executive Officer (CEO) and Managing Director Mike Haynes says: “We are very pleased to have intersected more than 10m of the highest-grade mineralisation yet encountered, averaging 13.7% copper equivalent in the deepest hole yet drilled in the South Shoot at the Antler Project.
This hole intersected the South Shoot 66m down-dip from another recently completed hole that intersected a combined thickness of 26.8m @ 7% Cu-Eq. This shows that these ultra-high-grades are present within a substantial area.
“The project stands to deliver exceptional returns if high copper prices prevail, as forecast, later this decade… by which time Antler is expected to be in full operation”
It also reinforces our view that, because of its very high-grades, the Antler Deposit could be profitable throughout almost all commodity price cycles. The project stands to deliver exceptional returns if high copper prices prevail, as forecast, later this decade… by which time Antler is expected to be in full operation.”
New World reports drilling has now demonstrated the down-dip extent of the South Shoot is at least 960m and remains open at depth. The results from recently completed drillholes ANT94W3 and ANT108W1 indicate that the already very ‘high-grades’ seen at Antler may be increasing with depth.
The mineralisation intersected in ANT108W1 is located almost on the boundary of the mineralisation that was classified as indicated and inferred in the recent mineral resource estimate (MRE) update which comprises 11.4 million tonnes @ 2.1% Cu, 5% Zn, 0.9% Pb, 32.9g/t Ag and 0.36g/t Au. The assays from ANT108W1 were not included in the updated MRE.
New World also reports assay results have been returned from 2 holes drilling to continue defining the mineralisation at depth in the Main Shoot, with both holes intersected thick ‘high-grade’ mineralisation.
The company states this thick ‘high-grade’ mineralisation continues to be intersected in the Main Shoot, and the results continue to improve confidence in the resource base at Antler. Mineralisation here remains completely open at depth, and further drilling will be undertaken in the near-term.
In addition, New World also reports assays have been returned for 2 holes drilled in the southern end of the Antler deposit aiming to continue defining mineralisation.
New World states it is currently utilising the recently updated MRE to update the Scoping Study completed in mid-2022 to evaluate the potential development of the Antler project at higher production rates over a longer period.
The new mine design will then be integrated into the ongoing Prefeasibility Study (PFS) which is concurrently refining multiple other aspects of the project development. The company will also be drill testing multiple targets identified in soil geochemistry and induced polarisation (IP) testwork over 6km of strike to the northeast of Antler starting in early 2023.
New World Resources is an Australian company focused on the exploration and development of mineral resource projects in North America. Its projects include the Antler Copper Project in Arizona, and the Terrero Copper-Gold-Zinc VMS Project in New Mexico, US.
Images: New World Resources Ltd
