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Highlights
- New World Resources (NWC) achieves significant copper intercepts in Arizona project.
- Resource upgrade campaign progresses towards development and updated Resource by early 2025.
- Antler Deposit emerges as a key underground mining target for the project.
New World Resources (ASX:NWC) has revealed significant copper drilling results from its Antler Project in Arizona, boosting market confidence and leading to a notable rise in its share price. The recent drilling campaign marks a pivotal moment as it aims to upgrade resources, pushing the project closer to development.
On Friday, the company highlighted an exceptional drill intercept of 18.6 meters with a 5.9% copper equivalent (CuEq) grade. The breakdown includes 2.8% copper, 9.4% zinc, 0.9% lead, 41 grams per tonne (g/t) silver, and 0.3 g/t gold. This outcome is a testament to the project's potential to deliver high-grade results, further solidifying its position as a robust copper venture.
Another drill result, though more modest, reported an intercept of 2.4 meters grading 1.9% CuEq. Historical results also underscore the Antler Project’s mineral richness, including previous hits of 10.2 meters at 10.8% CuEq, 8 meters at 8.3% CuEq, and 5.3 meters at 6.8% CuEq. These findings contribute to a growing body of evidence that the Antler Deposit is emerging as a critical underground mining target for the company.
Drilling efforts remain concentrated around the Antler Deposit, which is expected to serve as the initial underground mining zone. These activities are part of a larger resource definition drilling program aimed at increasing the project's JORC-compliant resource base. The company anticipates delivering an updated Resource by the first quarter of 2025, with a significant portion upgraded to the Measured category.
Managing Director Nick Woolrych expressed optimism, stating, “The reserve definition drilling program exceeded our expectations, which allows New World to proceed confidently to DFS and into development.”
New World Resources has already initiated preparations for its Definitive Feasibility Study (DFS), with the updated Resource expected to play a vital role in advancing the project. The announcement has sparked enthusiasm among market participants, as the company moves closer to making a final investment decision (FID).
With its strategic focus and promising results, New World Resources (ASX:NWC) appears well-positioned to capitalize on the Antler Project’s potential, contributing to the broader growth of the copper sector. The company last traded at $0.02 per share, reflecting strong market interest following the announcement.
