New World unearths ‘exceptional’ new exploration target

New World Resources (ASX:NWC) is working to mobilise another drill rig to its Antler Copper Project in Arizona as it unveils an ‘exceptional’ new untested drill target in the area. 

The new target, dubbed ‘Bullhorn’, lies immediately along-strike from and southwest of New World’s ‘very-high-grade’ 11.4-million-tonne Antler Copper Deposit in the project area.

New World, which has an $81.66 million market capitalisation, discovered the Bullhorn target through drone magnetic and ground induced polarisation (IP) survey work over the area. 

The company says Bullhorn is characterised by a 400m-long ‘strong’ magnetic anomaly with a coincident 400m-long ‘very strong’ IP chargeability anomaly. It’s located on the same geological sequence that hosts the Antler deposit, although the source of the Bullhorn anomalism is buried beneath alluvial cover. 

These characteristics make Bullhorn a ‘compelling look-a-like’ target to Antler, with New World reporting that Bullhorn and Antler have ‘identical’ geological and geophysical characteristics — hence the company’s eagerness to drill test Bullhorn as soon as possible. 

New World has recently launched a drilling program to test its Discus copper prospect and Javelin volcanogenic massive sulphide (VMS) project south-southeast of the Antler project, and the company says it expects drilling in these areas to continue for another several months. 

As such, the company is now planning to mobilise a second drill rig to its Arizona assets to drill the Bullhorn target. New World says based on its initial enquiries, it could get the second rig spinning within a matter of weeks. 

New World Managing Director Mike Haynes says the delineation of the new Bullhorn target is a ‘very exciting’ development for the company. 

“Bullhorn has many similarities to the Antler Deposit. And given that VMS deposits typically occur in clusters, this undrilled target — which is located in the same geological sequence as the Antler Deposit — represents an exceptional opportunity to make a new discovery in the near-mine environment.

We are very fortunate to have so many quality exploration targets to test. 

In order to expedite our exploration efforts, we intend mobilising a second drill rig as quickly as possible — so we can continue to test our other high-priority targets while also commencing testing of the very high-priority Bullhorn target.”

“given that VMS deposits typically occur in clusters, this undrilled target represents an exceptional opportunity to make a new discovery in the near-mine environment”

While the primary focus of the second rig will be on Bullhorn, New World says that once mobilised, the rig will also be used to test several other targets, including the Cowhorn anomaly further southwest of Antler and Bullhorn, and Longhorn target about 1.5km east of Antler, and potential extensions of the Antler Copper Deposit itself. 

The company also plans to use the rig to test several soil geochemistry and IP anomalies northeast of the Antler deposit. 

New World Resources says it’s ‘well-funded’ for this exploration work, with $8.3 million cash in the bank at the end of December 2023. 

Alongside its Arizona assets, New World also owns the Tererro Copper-Gold-Zinc VMS Project in New Mexico. 

Write to Joshua Smith at Mining.com.au 

Images: New World Resources
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.