New World Resources Limited (ASX:NWC) has received a maiden JORC Mineral Resource Estimate (MRE) for its 100%-owned Antler Copper Deposit in Arizona, USA.
At a 1.0% Cu-equivalent cut-off, the maiden MRE comprises: 7.7Mt @ 2.2% Cu, 5.3% Zn, 0.9% Pb, 28.8g/t Ag and 0.18g/t Au (7.7Mt @ 3.9% Cu-equivalent)
Managing Director, Mike Haynes, said there is a high-level of confidence in the resource, with 74% of the mineralisation classified in the high-confidence “Indicated” category and hence potentially available for conversion to Ore Reserves.
He said the robust nature of the Resource is evident when an even more rigorous 2.0% Cu-equivalent cut-off grade is applied, which results in only a five per cent reduction in tonnes of contained metal.
At a 2.0% Cu-equivalent cut-off, the Resource comprises: 6.7Mt @ 2.4% Cu, 5.9% Zn, 0.9% Pb, 29.8 g/t Ag and 0.20 g/t Au (6.7Mt @ 4.3% Cu-equivalent)
Mr Haynes said the robustness and high-grade nature of the Resource further supports the company’s expectation that it should be possible to re-commence mining at Antler for the first time since 1970 with:
(i) Reasonably modest capital investment;
(ii) Relatively low operating costs; and
(iii) Significant production rates.
The Ccmpany will now utilise the maiden MRE in initial mining studies, which is a critical step in the preparation of mine permit applications.
While approvals to commence mining are being sought, the company intends continuing to aggressively explore the Antler Project to continue to expand the Resource base.
“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,” Mr Haynes said.
“With 74% 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.”
For further information please visit: https://newworldres.com/
