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Headlines
- New gold-rich mineralization discovered outside the existing resource at the Antler project in Arizona.
- Sampling reveals elevated gold grades, indicating potential for resource expansion.
- Significant impact expected on project economics as feasibility studies progress.
New World Resources (ASX:NWC) has identified a new zone of gold-rich mineralization at its Antler copper project in Arizona. The discovery, made during a geological review, presents potential for extending the project’s mineable inventory and enhancing economic returns. The new mineralization sits outside the existing reported resource of 11.4 million tonnes at a 4.1% copper-equivalent.
Currently, the project hosts one of the world’s highest-grade copper deposits on a copper-equivalent basis. The expansion through this newly discovered gold zone could potentially prolong the life of the mining operation and enhance the production profile, thereby boosting the already robust project economics.
Sampling within the new alteration zone has revealed elevated gold grades, with significant assays of 7m at 2.03g/t, 3.95m at 1.53g/t, and 1.85m at 0.68g/t among others. These findings extend over a 550m strike and 1000m dip extent, all of which are beyond the current mine plan.
Previously, a pre-feasibility study outlined a US$298 million operation capable of producing 30,100 tonnes of copper equivalent annually at C1 costs of just 12 cents per pound. This was projected over 12.2 years, delivering a post-tax net present value of US$498 million and an internal rate of return of 30.3%.
Due to its proximity to planned underground mining infrastructure, the newly identified zone will be included in an upcoming resource update expected shortly, along with a definitive feasibility study projected for completion by the end of 2025.
Resource Boost and Exploration Potential
NWC’s Managing Director Nick Woolrych noted that this discovery sets the stage for both new exploration targets and resource expansion. He highlighted that as the Antler project moves swiftly toward development, the newly identified gold mineralization provides an exciting potential new value source for the company.
Ongoing work continues to generate positive outcomes, emphasizing the project’s significant exploration potential. The firm remains dedicated to advancing the project through systematic exploration and permitting. Further assays from additional alteration zones are expected to be reported in Q1 2025 for evaluation of their extent, continuity, and grade.
With feasibility studies anticipated to conclude in 2025 and entry to production slated for 2027, New World Resources is fervently working to unlock the full value of the Antler project.
