New World Resources Limited (ASX: NWC) has unveiled a substantial increase in the JORC Mineral Resource Estimate (MRE) for its 100%-owned Antler Copper Deposit in northern Arizona, USA following 12 months of successful exploration drilling.
The updated JORC MRE substantially increases the high-grade resource base at the project, cementing its position as one of the most significant new high-grade VMS copper projects globally, and positioning it to advance rapidly towards development with an updated Scoping Study due in Q1 2023 followed by a Pre-Feasibility Study (PFS) by mid-year.
This will allow New World to target the resumption of mining operations at Antler and position the Company to become a high-grade copper producer – ready to take advantage of the expected surge in demand for the metal as a critical input for the global energy transition.
Highlights
* At a 1.0% Cu-equivalent cut-off, the updated MRE comprises:
11.4Mt @ 2.1% Cu, 5.0% Zn, 0.9% Pb, 32.9g/t Ag and 0.36g/t Au
(11.4Mt @ 4.1% Cu-equivalent*)
* The updated MRE comprises:
• A 48% increase in tonnes; and
• A 44% increase in contained metal (on a Cu-equivalent basis)
“The updated JORC Resource reaffirms our confidence in the development potential of the Antler Copper Project, delivering an impressive 48% increase in the resource base of what is one of the highest-grade copper deposits in the world,” Managing Director and CEO, Mike Haynes, said.
“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.
“I’m very confident that this updated Resource will enable us to do both.
“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.
“With modest CAPEX and a relatively short timeline to production, we are very well positioned to capitalise on these highly favourable conditions.
“We expect to be able to assess the economic impact in early 2023, by rapidly updating the Scoping Study we prepared earlier this year. This will primarily involve assessing a larger and/or longer mine plan based on the updated JORC Resource.
“This will be followed, shortly thereafter, by the completion of a Pre-Feasibility Study – which is another important step as we de-risk the development of the Antler Project and expedite it back into production as quickly as practicable.
“While we do so, we’ll continue to seek to increase the Resource base at Antler – as the mineralisation still remains completely open at depth. In addition, we have recently delineated multiple new, high-priority coincident geophysical/geochemical targets over 6km of strike to the northeast of Antler – which are yet to be drill tested. These too provide considerable upside.”
For further information please visit: https://newworldres.com/
