THE DRILL SERGEANT: New World Resources (ASX: NWC) reported a maiden JORC Mineral Resource Estimate (MRE) for the company’s 100 per cent-owned Antler copper deposit in Arizona, USA.
New World Resources had the MRE prepared by an independent consultant that at a 1 per cent copper-equivalent cut-off, comprises:
7.7 million tonnes at 2.2 per cent copper, 5.3 per cent zinc, 0.9 per cent lead, 28.8 grams per tonne silver and 0.18g/t gold (7.7Mt at 3.9% copper-equivalent).
The company declared a high-level of confidence in the resource, with 74 per cent of the mineralisation classified in the Indicated category giving rise to potential for conversion to Ore Reserves.
“We are extremely pleased to have exceeded our expectations for both the tonnes and the grade of our maiden JORC Mineral Resource Estimate for the Antler copper deposit,” New World Resources managing director Mike Haynes said in the company’s ASX announcement.
“With 74 per cent of the Resources classified in the “Indicated” category, and the Resource holding together really well at increasingly rigorous cut-off grades, we are confident we have a very sizeable and robust resource that is likely to underpin development of a high-grade mining operation that should have a long and profitable life, regardless of metal prices.
“But we also see that there’s a lot more mineralisation to be discovered at Antler.
“So, while we work to advance the project to production as quickly as practicable, we’ll concurrently work on expanding the Resource as quickly as possible – as these should both be huge value drivers.”
Based on the above and results to date, New World considers there to be potential for Resource expansion and so has set a new Exploration Target, which is to endeavour to expand the MRE at the Antler deposit in the next 9-12 months to around 10-12Mt of high-grade mineralisation at grades between 3-4 per cent copper-equivalent.
The company sees potential for further Resource growth beyond that and in order to convert this Exploration Target into JORC Mineral Resources, three drill rigs are continuing to operate at the project targeting extensions.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE