New World Resources Ltd (ASX:NWC) has commenced a Pre-Feasibility Study (PFS) to further optimise the development of its 100%-owned high-grade Antler Copper Deposit in Arizona, USA.
A newly completed Antler Scoping Study has identified potential pathway to a low-impact, modest-CAPEX, high-margin underground-mining development has been identified.
Multiple opportunities have also been identified which could further enhance the development proposition.
Along with its work on the PFS, New World is now updating the initial JORC Mineral Resource over the coming months. This will be integrated into the PFS, once assays from recent deep drilling have been received.
The company is targeting completion of the PFS in Q1 2023, while the results of the Scoping Study will be utilised to prepare applications for mine permits in the coming months.
Scoping Study Production Projection
• Mining a total of 9.3Mt of material from an underground mining operation (7.3Mt of the 7.7Mt resource plus 2.0Mt mined through dilution) at a rate of 1.0Mtpa over an initial 10-year forecast operating life.
• Producing 271,240 tonnes of copper-equivalent metal-in-concentrates over the forecast initial operating life (including 136,000 tonnes of copper-in-concentrate):
- Producing an average of 30,600 tonnes of copper-equivalent metal-in-concentrates per year once steady-state production is achieved.
- Producing an average of 15,350 tonnes (and up to 18,800 tonnes) of copper-in-concentrate per year once steady-state production is achieved
- The percentage of Indicated Mineral Resources is 80% (Inferred 20%) over the first five years and 76% (24% Inferred) over the current 10-year evaluation period.
“Following the exceptional success of our exploration programs since we commenced drilling in March 2020, it is very pleasing to have completed a Scoping Study on the potential development of the Antler Project,” Managing Director and CEO, Mike Haynes, said.
“This Study provides an initial evaluation of a low-impact, high-margin operation, for a modest capital outlay. This contemplates annual production of approximately 30,000 tonnes of copper-equivalent metal in concentrates on an annual basis.
“The forecast production includes approximately 15,000 tonnes of copper-in-concentrate, which because of the substantial value of the co-products – could have a negative C1 cost for copper production. If achieved, this would make us one of the lowest-cost copper producers in the world.
“The Scoping Study is based on a 10-year initial operating life. But if we can continue to expand the Resource, which remains completely open at depth and to the south, we expect that we will be able to either extend the Project-life and/or expand the production profile, which should improve the Project’s economics.
“With Arizona being one of the most favourable mining jurisdictions in the world, we are going to continue to push to get Antler back into production as quickly as practicable. We have identified multiple areas for enhancement – which will be addressed in a Pre-Feasibility Study that we have already commenced. We will continue to target expansion of the Mineral Resource base with further exploration drilling. And we will use the results of this Scoping Study to prepare mine permit applications.
“All these activities afford us considerable opportunities to continue to realise value from Antler.”\
For further information please visit: https://newworldres.com/
