Total
0
Shares
Source: New World Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • New World Resources (NWC) completes the mineral resource estimate for the Antler Copper Deposit in Arizona
  • The company has been undertaking a drilling program at the project with the results received so far used in the latest update
  • At a 1 per cent copper-equivalent cut-off, the MRE comprises 7.7 million tonnes at 2.2 per cent copper, 5.3 per cent zinc, 0.9 per cent lead, 28.8 g/t silver and 0.18 g/t gold
  • Additionally, 74 per cent of the estimate has been classified in the high-confidence ‘Indicated’ category
  • Shares in New World Resources are up 9.46 per cent to 8.1 cents per share at 10:48 am AEDT

New World Resources (NWC) has completed the maiden JORC mineral resource estimate (MRE) for the Antler Copper Deposit in Arizona.

The company has been undertaking a drilling program at the project with the results received so far used in the latest update. Results are pending for 12 holes and have not been included in the estimate.

At a 1 per cent copper-equivalent cut-off, the MRE outlines 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 (g/t) silver and 0.18 g/t gold.

Additionally, 74 per cent of the estimate has been classified in the high-confidence ‘Indicated’ category which New World said demonstrates the robust nature of the deposit.

This data follows results announced in October which New World said confirmed the continuity of mineralisation at depth.

While the company said it plans to move the project to production as soon as practical, it believes there is considerable potential to expand the current resource and three rigs are continuing to drill the area.

Moving forward, New World plans to integrate the mineral resource estimate into mine design work for the preparation of mine permit applications.

Managing Director Mike Haynes said the maiden MRE exceeds the company’s expectations for both the tonnes and grade.

“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.”

Shares in New World Resources are up 9.46 per cent to 8.1 cents per share at 10:48 am AEDT.

NWC by the numbers
More From The Market Herald

" Arcadia Minerals (ASX:AM7) commence drilling at Bitterwasser

Arcadia Minerals (AM7) has commenced its drilling program at the Bitterwasser Lithium Clays Project in Namibia.
Bulletin Resources (ASX:BNR) - Chairman, Paul Poli

" Bulletin Resources (ASX:BNR) confirms spodumene at Ravensthorpe

Bulletin Resources (BNR) has confirmed the presence of spodumene at the Deep Purple and Creek pegmatite outcrops.
M3M Mining (ASX:M3M) - Executive Director, Simon Eley

" M3M Mining (ASX:M3M) identifies high-priority targets at Edjudina

M3M Mining (M3M) has identified multiple high-priority gold targets at the Edjudina Gold Project in Western Australia.
Bellevue Gold (ASX:BGL) - Managing Director, Steve Parsons

" Bellevue Gold (ASX:BGL) completes $200m loan facility

Bellevue Gold (BGL) has executed a project loan facility totalling $200 million with Macquarie Bank (MGQ).