New World Resources (ASX:NWC) has secured a third diamond drill rig to expedite testing high-priority copper targets across its Antler and Javelin projects in Arizona, US.
The $99.24 million market capitalisation company currently has two rigs drilling at Antler, while one is drilling at Javelin, which lies 75km away from the Antler project.
At Antler, 11 high-priority exploration targets have been delineated directly along strike from the Antler deposit, where there is potential to uncover further volcanogenic massive sulphide (VMS) mineralisation.
Drilling at Antler began in May to evaluate these targets. To date, New World has completed four holes to begin testing for extensions of the mineralisation to the southwest.
Assays are pending for all holes and drilling is continuing.
Managing Director Mike Haynes says the company is well underway with an accelerated drilling program to test its pipeline of targets, aimed to expand the 11.4 million tonne resource base.
“Any new discoveries should further enhance the already very robust economics of developing a new mine and processing centre at Antler,” he says.
In conjunction with drilling at Antler, New World will intermittently use these 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 and reserve base.
The company says this is important to advance Antler through a Definitive Feasibility Study (DFS) towards production and will support it with securing project finance on attractive terms.
Meanwhile, at Javelin, eight holes have been completed to date over and around the Discus induced polarisation (IP) anomaly and the Red Cloud deposit. Assays are pending and expected in late June or early July.
New World is preparing drill pads to begin drill testing the Pinafore deposit, which has a historical resource estimate of 630,000 tonnes @ 3.4% copper and 7.1% zinc for remaining unmined mineralisation.
In the coming weeks, once the current hole at Javelin is completed, the rig will be deployed to Pinafore to conduct confirmatory then extensional drilling.
New World Resources is an Australian explorer and developer focused on its assets in Arizona and Mexico. The company’s projects are considered prospective for copper, gold, zinc, and VMS.
Write to Aaliyah Rogan at Mining.com.au
Images: New World Resources
