THE DRILL SERGEANT: New World Resources (ASX: NWC) has completed due diligence on the company’s high‐grade Antler copper deposit in Arizona, USA.
New World Resources said the due diligence allows it to commence its maiden field programs on the Antler deposit, on which it executed an agreement in January 2020 providing the right for the company to acquire a 100 per cent interest in the deposit.
New World indicated its immediate objective is to conduct confirmatory and in‐fill drilling at the Antler deposit, within areas where historical drilling has demonstrated mineralisation is present, to rapidly delineate high‐grade, JORC Code‐ compliant Indicated Resources that can be evaluated for near‐term production.
The company believes potential exists to develop a low‐OPEX/low‐CAPEX mining operation in the near‐term, given the deposit’s attributes that include:
Location in a Tier‐1 mining jurisdiction with streamlined permitting protocols;
Past production history; and
Advanced stage of exploration and development.
“After completion of the most recent mining (1970), substantial high-grade mineralisation was delineated immediately below and along strike from the historical workings ahead of the anticipated re‐commencement of production (which never eventuated),” New World Resources said in its ASX announcement.
“The company’s immediate objective is to undertake confirmatory and in‐fill drilling within this known mineralisation to rapidly delineate high‐grade, JORC Code‐ compliant Indicated Resources that can be evaluated for near‐term production.”
New World has already commenced inaugural field programs at Antler that will include an initial 2,500 metres drilling program.
Other activities will involve ground EM surveying to delineate extensional drill targets.
Samples from the drilling will be used for metallurgical testwork and a JORC‐Code compliant resource estimate is expected to rapidly follow the drill program.