Javelin is just one project in the company’s copper portfolio which also includes the high grade Antler flagship, where NWC just signed a binding agreement whereby UK-listed Trident Royalties will provide $11 million in exchange for a 0.9% NSR royalty on future metal production.
In July, New World Resources (ASX:NWC) identified a 1.2km x 1km strong Induced Polarization (IP) geophysical anomaly at the earlier-stage Javelin project.
During recent field work to follow up in advance of drilling, multiple rock samples were collected over and around the IP anomaly, with recently received assay results including:
- 8.1% copper, 49 g/t silver and 0.68 g/t gold;
- 4.7% copper and 0.2% zinc;
- 3.9% copper and 3.5% zinc; and
- 3.7% copper, 180 g/t silver and 2.14 g/t gold.
Considerable chalcopyrite (copper-sulphide) has been located at multiple sites, which confirms that primary, not just supergene, copper mineralisation is present in the target area.
This further highlights the potential for the undrilled anomaly to be associated with Cu-rich VMS mineralisation at depth, the company says.
“We are very excited to have discovered outcropping mineralisation over the shallowest portion of the large, strong Discus IP chargeability anomaly that we delineated recently” NWC MD Mike Haynes said.
“This is somewhat unexpected, as the strongest parts of the IP anomaly had been modelled to lie 300-400 metres beneath the surface.
“Equally, the substantial lateral dimensions of the IP anomaly – which extends over an area of 1.2km x 1.0km – together with the considerable strength of the anomaly, provide significant encouragement that this response stems from a sizeable sulphide-rich mineralised system.”
During recent field work, the company became aware that an area to the northeast of the Discus IP anomaly was ‘opn for staking’, so it secured a 100% interest in 11 new claims covering an additional 132 acres of mineral rights along strike to the north-east of the anomaly.
The claims are close to the Red Cloud VMS deposit, where 200 tonnes of ore were reportedly mined at an average grade of 6.4% copper, 2.7% zinc, 23.6 g/t silver and 2.6 g/t gold.
This is important, as VMS deposits often occur in clusters. And some of the highest grades reported from the recent rock sampling have come from these new claims, indicating additional mineralisation may be present at depth.
The company is planning to undertake IP surveying over the new claims area in the near-term to determine whether strong IP anomalism may also be present below those samples – which would help define initial drill targets.
“We are expecting our application for a permit to drill test this anomaly for the first time to be approved in the near term,” Haynes said.
“We will then get the requisite reclamation bond in place, before commencing a maiden drilling program late this year, or early next.
“With previous production of high-grade VMS mineralisation recorded from six deposits within this geological belt, this target provides us with a compelling opportunity to discover high-grade mineralisation.”
Meanwhile, the company currently has a diamond core drilling rig operating 75km away at its Antler copper project to grow the 11.4Mt at 4.1% CuEq resource.
It is anticipated this rig will be mobilised to the Javelin project to undertake initial drilling.