- New World Resources (NWC) reports a 48 per cent increase in the mineral resource estimate (MRE) at its Antler copper deposit in Arizona
- The MRE now stands at 11.4 million tonnes at 4.1 per cent copper equivalent and has been delivered using data from 12 months’ worth of drilling
- The company says the updated MRE reaffirms its confidence in the project, and it plans to deliver a new scoping study to reflect the updated and increased MRE
- In addition, New World is completing an updated mine design to be integrated into the pre-feasibility study, expected to be completed in the third quarter of 2023
- NWC shares are trading at 3.8 cents at 3:15 pm AEDT
New World Resources (NWC) has reported a 48 per cent increase in the mineral resource estimate (MRE) at its Antler copper deposit in Arizona.
The Arizona-based project’s MRE now stands at 11.4 million tonnes at 4.1 per cent copper equivalent, using a one per cent copper equivalent cut-off.
The updated MRE represents a 48 per cent increase in tonnes and a 44 per cent increase in the contained metal compared to Antler’s maiden resource announced in November 2021.
Importantly, 79 per cent of the updated MRE has now been classified in the high-confidence ‘indicated’ category, which the company said demonstrated the “robust nature” of the Antler deposit.
New World Resources completed the MRE update using exploration data from the last 12 months, during which time it completed extensive exploration drilling.
Managing Director and CEO Mike Haynes said the MRE update “reaffirms our confidence” in Antler’s development potential.
“A year ago, when we declared our maiden JORC Resource, we highlighted that was an interim, initial estimate. We were still drilling, with three rigs, to expand the resource base further, with the expectation that we could increase our annual production profile and/or extend the mine life,” Mr Haynes said.
“With a much larger resource, the potential economics of developing the Antler project could be even more attractive — at a time when demand for copper, and therefore the copper price, is increasing due to its fundamental role in the impending global energy transition as the world economy decarbonises.”
Using the updated MRE, New World will complete a new mine design and will update the scoping study it prepared earlier this year that was based on the previous Antler MRE. The company expects to deliver the updated study in the first quarter of 2023.
This updated mine design will be integrated into the pre-feasibility study which New World hopes to complete in the September 2023 quarter.
NWC shares were trading at 3.8 cents at 3:15 pm AEDT.